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Posted 2 years ago.
See this poll on: http://www.jagoinvestor.com/2009/08/why-to-open-ppf-account-e…
Financial Planning, as we all know, is very vital in one's life. A Financial Planner devotes his valuable time in many sittings with the Customers and spends many hours for framing a Finance Plan for the benefit of his Customers.
Apart from framing a Plan, he also carries out changes/modifications in the plan as per Customer's preference. A Professional who spends his valuable time in framing a Plan for his customer and suggests various alternative investments in different fields through his knowledge in the Finance Industry, cannot be expected to get a peanut sum as fee for framing a Plan. He should get much above Rs.15000/- for framing the Finance Plan.
Once the Finance Plan is made, it would always look as if it is very simple on going through the same by many customers. But in real sense, the Plan is made as per the needs of each and every individual, depending on what he is, where he is, where he would like to be in few years, and pathway on how to reach the place where he wanted to be in.
My sincere suggestion is that once you hire a Financial Planner, it is better to hire the same Planner to execute and implement the Plan. You cannot afford to think that any particular Planner will have bias towards specific investments. I totally disagree with this idea. You know that you need to have a total trust with the Financial Planner you are hiring. Once you are satisfied the the Financial Plan which is made by the Planner, the Planner is in a better position to handle the investments and take care of the implementation aspect of the Plan. Also the Planner is going to review atleast once in a quarter about the status of the investments made.
Thus, a Financial Planner is to be adequately compensated for the following :
1) For making a Financa Plan on a fee based;
2) For handling the investments on a percentage basis on the portfolio value;
3) A quarterly fee for review of the portfolio and make necessary changes.