Khota Paisa

Looking For A Financial Advisor?

Posted in General by khotapaisa on August 7, 2009

When I was looking for an advisor, I talked to many of them. After a long search, I got an honest advisor. Infact, the most difficult part of trying to fix your finance is actually getting a good financial advisor. Though there is no set of fixed rules, I would try to list down some filters you can use while selecting an advisor.
For all the questions listed below, you score one point if the answer is YES & zero if it’s NO.

Does your advisor
1. know your financial goals?
2. discourage you to buy NFOs?
3. discourage you to churn(buy/sell) your porfolio more than once every 6 months or an year?
4. ask you buy term insurance before any other insurance?
5. tell the risk associated with your various investments?

If your total score is 5, you are the lucky one. And if you scored less than 4, you may look for another advisor.

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2 Responses

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  1. samaddar said, on January 29, 2010 at 4:05 am

    Wish u a very happy new year.

    My D.O.B. is 19-March-1968.

    (1) I’m a late starter having only 1 investment made in LIC Jeevan anand in 2006 with an annual premium of 79k for 16 yrs. How much LS Amount I’ll get after 16 yrs, which I can use as a corpus at that time?

    (2) Is it better to invest in one pension plan or in Multiple plans of different companies thus spreading the hard-earned money in different portfolios?

    (3) Kindly Advise me the best PLANs to invest and the amount to invest for getting a monthly income of Rs.50,000 after 15 yrs (i.e. from age of 57 yrs).
    I badly WANT A PURE PENSION PLAN WITH NO INSURANCE RIDERS.
    KINDLY ADVISE BY EMAIL.

    Thanking you in anticipation.
    Warm Regards,
    Samaddar

    • khotapaisa said, on January 29, 2010 at 11:04 am

      Mr. Samaddar,
      To answer your questions –
      1. Though the bonus for Jeevan Anand (similar products) is not fixed, you can expect between 17-19 lakhs after 16 years. Not a good investment if I may tell you.
      2. Though putting money across different ULIP based pension plans may look to be good on paper, it is not easy to do it practically. One or may be two plan(s) is what you should go for. I guess a single pension plan is enough for pension needs.
      3. 50,000/- after 15 years means 14-18K in today’s money, if that is sufficient for you and your wife. To calculate how much you need to save you can try out this retirement calculator. For your figures, it comes out to be 21000/- per month. For a comparison of pension plans, you can click here.


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