There are several perceptions and ideas for crafting the perfect roadmap that guarantees financial freedom and well-being. While every such intellect does not lead us to the desired outcome, the complexities lie in availing the right financial planner. For decades, the personal financial advisory offered by different platforms and institutions has been influenced by vested interest, exploiting an individual’s financial goals. Several platforms pivot toward promoting a financial product of their creation or one that benefits them more rather than the individual seeking financial freedom.
The lack of comprehension toward personal finance is the primary reason behind an individual’s inability to discover and adapt to healthy and appreciable habits leading to financial well-being. The wrong guidance can lead to adverse effects that render one’s diligently earned money futile and lead to a downward spiral in their financial liberation journey. The right advisory acts as a beacon light that propels an individual toward excellence by discerning their financial personality and formulating an ideal financial plan that aligns with their behaviour and goals.
The Elements Of An Ideal Financial Advisory Services
While several certified individuals in the market offer financial advisory services, handpicking the right institution that places your interests above theirs is imperative. The right choice not only arms you with the right financial knowledge but also with the concept of wealth management, instilling productive habits. Below are a few elements an individual should look for while selecting an institution or a platform.
Proficiency
Your ideal financial advisor should be aware of all the financial instruments available in the market. They should have the technical prowess to devise financial planning by considering all aspects, such as asset management, liability management, emergency instances, etc. A majority of advisors focus on the investment segment; however, your ideal financial advisory institution would offer comprehensive advice with a profound understanding of changing market trends.
Customised Financial Plan
Tailored financial plans are the gateway toward the acclaiming of financial goals that an individual yearns for. Your financial plan is not based on the widely-used packages offered by the certified individual; the financial steps are determined based on your financial personality and habits. Every individual has a distinct capacity and perception towards risk, goal, time period, and market volatility. These certified advisors curate a personal financial plan that parallels the individual’s choices and caters to their needs.
Absence Of Biasness
Being a victim of biases can be detrimental to your financial goals and plan. The right financial advisory institution would provide unbiased guidance, offering research-backed opportunities and investment ideas that add value. This eliminates any conflict of interest and emphasises the aspirations and needs of the individual over any monetary objectives of the institution.
Finance:
With the holistic approach of 1 Finance, individuals can sigh with relief and assurance as Qualified Financial Advisors from 1 Finance take the lead toward attaining the common objective of financial wellness for their clients. The proficiency in 1 Finance’s services is reflected from the first stage itself, wherein they help to identify the financial personality of every individual with their patented assessment tool called MoneySignTM.
MoneySign™ approach is intended to educate the financially victimised Indians about the importance of understanding their own self before taking financial decisions in life and to avoid the mistake of trusting that an agent/broker will select a financial product that is in their best interest. Further, the framework is designed to be a recommendation-cum-warning system that covers all the facets of personal finance – asset allocation, expense & liability management and emergency planning. Learnings from the assessment will help in curating a qualified and hyper-personalised solution, rather than following a one-size-fits-all approach where the most popular or most recent options are provided as a blanket solution for any financial planning requirement.
