5 Questions That Will Lead You To The Right Financial Planner

Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner

- Anuradha Mishra

You want to save and invest diligently, but are at a loss about where to invest, which instruments to choose, and how to apportion the investments for various goals. Or you may have an idea about all of that but are just too busy to put things in order and follow up your portfolio regularly.

You realise it's time to seek professional help, but how do you find the right advisor? It's not just about picking someone with impressive credentials or the right qualifications; it is about entrusting your financial future to someone who understands your goals, values, and the intricacies of the financial world.

There's no right time to start a financial plan, but the earlier you start, the better. Says Abhishek Kumar, a Securities and Exchange Board of Indiaregistered investment advisor (Sebi-RIA), and founder, SahajMoney, a wealth management firm: "Just like there is no right age to be physically fit, likewise there is no right stage to be financially fit. One should always start early so that they don't commit errors, such as mixing insurance with investment or taking loans to fulfil their wants. Correcting these mistakes won't be that easy later?"

So, here are five fundamental questions you should ask yourself; the answers to these will guide you in the right direction.

Do you need a financial advisor?

Each stage in life comes with a different set of financial goals. Events, such as buying a new vehicle or new home, wedding and marriage, childbirth and education, medical expenses, and retirement plans, often require a skilled and qualified professional to help you navigate your planning to meet the financial requirements unique to each event.