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Financial Planning

Nowadays Financial Planning has become a buzzword in the financial services industry. Banks, insurance agents, mutual fund distributors, etc use this term a lot. An insurance agent will call himself a financial planner & a big bank may offer financial planning services. But what are they providing under the term financial planning. Most of them just use the term financial planning very superficially & are actually just selling financial products. So an insurance agent will just sell you another Unit linked insurance plan saying that this is offering best returns, giving tax benefits & it is the best financial planning you can get. The question of insurance is usually omitted, ironically.

 

Banks which offer financial planning are actually just selling mutual fund schemes, portfolio management schemes or any new scheme which they can get their hands on. There are some who do give you a written document known as a financial plan but this usually does not give you any insight on your finances but is usually a more polished way of telling you what to buy. The reason for this is that most of them earn good commissions on sales made. The question of good, practical & unbiased advice for consumers is very much absent.

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So what is true financial planning?


A mutual fund advisor, stock broker or portfolio advisor will usually advice you only on your investments, ignoring insurance needs, tax angle & goal-planning. A tax advisor will just show you how to save tax, not realising that just blind tax-saving is not right. An insurance agent goes a step ahead. He will most probably advice you on your retirement needs, investments & tax-planning but he somehow fails to advise you properly on the main reason you came to him, insurance! A financial planner keeping in mind all the above factors i.e. your financial goals, insurance needs, investments, cash flow, etc shows you the full picture of your finances or in other words the elephant!

 

Financial planning is thus, a systematic approach to your personal finances. When you have a target, you tend to work towards it. Thus when you write down your financial goals such as comfortable retirement, childs education or even a dream vacation, you have visualised a target. Then you need to see where you stand. This means seeing your current  financial status i.e. income, expenses, assets & liabilities. These are just like the four legs of a table. The table being in this case, your financial plan. The next step is to bridge these two i.e. where you are & where you want to be. An unbiased approach is of importance here. You may or may not need a product. If you need a product, the best should be advised.

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This brings up the question- why sign up for Personalised Financial Planning services with us?

 

1. We offer unbiased financial advice & product recommendations in your financial plan.

 

2. Our plans are made with full integrity & honesty.

 

3. The financial plan made for you is fully customised. This is not a stock plan or basic plan. We will deliver the plan in 21 working days. If it was just a stock plan, we could give it in 1 day.

 

4. Data provided by you is private & confidential. We do not display your data on our site nor do we pass it on to anyone. Even your plan is not uploaded on the site.

 

5. Our Services are fee-based. Financial plans are usually made for a fee, which is right as it shows that the advice given is unbiased. In this fee-based service we personally meet clients & advise them on their personal finance. Its a more of a hands-on approach. As the name suggests we are coaching & educating the client in all aspects of financial planning. This in turn builds a life-long relationship based on mutual trust & respect.

 

6. This will be a yearly service & includes the financial plan, investment advice, product advice, semi-annual review meeting & telephonic support. Most importantly the advice will be un-biased & made with only your financial goals in mind.

 

If you are looking for a financial planner who is really keen on educating you & backing their advice with strong reasoning, look no further! We believe in not giving you a fish, but teaching you how to fish!

 

These are some of the reasons for making a financial plan through us. Ultimately our goal is to show you the right path towards your financial goals as well as educate you on personal finance. We feel an educated customer is a long-term customer. Only with a proper financial plan will you be able to understand what needs to be done to achieve financial nirvana. This is true financial planning!

 

If you would like to sign up for our Personalised Financial Planning service you may write in to us at samparkonline@yahoo.co.in or call us on 091-9333100221.

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FREE FINANCIAL PLANNING CLASSES :


It is a initiative started with the aim of educating each individual in dealing their financial life, making aware about mis-selling which may come into your life at any time through any means. Ignorance is route cause for all such bad practices. Hence to protect yourself you need financial literacy which can grow your financial life and protect from bad advises and thus bad investment.

 

FINANCIAL PLANNING :


We provide comprehensive financial planning services which include-

> Analysis of your current financial position

> Emergency Fund analysis

> Protection Planning

> Investment Planning

> Retirement Planning

> Planning for Accumulation goals (kids education etc..)

> Tax Planning

> Estate Planning

> Debt management


Online Services :


We provide each and every client a unique ID with a unique password, through which he can get his entire investment portfolio in a single page, benefit from customized advice and even make transactions, on our website, just a click away! Whats more, you can keep track of your dividends / bonus / rights issues with paperless tracking. So you always know how fast your investment is growing.

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The Financial Planning Process :


The financial planning process consists of the following six steps:


1.Establish and define the client-planner relationship.

The financial planner should clearly explain and document the services that he or she will provide to you and define both his/her and your responsibilities during the financial planning engagement. The financial planner should explain fully how he or she will be paid and by whom. You and the planner should agree on how long the professional relationship should last and on how decisions will be made.

 

2.Gather client data, including goals.

The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.

 

3.Analyze and evaluate your financial status.

The financial planner should analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.

 

4.Develop and present financial planning recommendations and/or alternatives.

The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as appropriate.

 

5.Implement the financial planning recommendations.

You and the financial planner should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals such as attorneys, accountants or stockbrokers.

 

6.Monitor the financial planning recommendations.

You and the financial planner should agree on who will monitor your progress towards your goals. If the planner is in charge of the process, he or she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.

The Financial Planning Process

The financial planning process consists of the following six steps:

  1. Establish and define the client-planner relationship.

    The financial planner should clearly explain and document the services that he or she will provide to you and define both his/her and your responsibilities during the financial planning engagement. The financial planner should explain fully how he or she will be paid and by whom. You and the planner should agree on how long the professional relationship should last and on how decisions will be made.

  2. Gather client data, including goals.

    The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.

  3. Analyze and evaluate your financial status.

    The financial planner should analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.

  4. Develop and present financial planning recommendations and/or alternatives.

    The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as appropriate.

  5. Implement the financial planning recommendations.

    You and the financial planner should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals such as attorneys, accountants or stockbrokers.

  6. Monitor the financial planning recommendations.

    You and the financial planner should agree on who will monitor your progress towards your goals. If the planner is in charge of the process, he or she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.

- See more at: http://www.fpsb.org/learnaboutfinancialplanning/financialplanningprocess.html#sthash.fzHeOtN9.dpuf

The Financial Planning Process

The financial planning process consists of the following six steps:

  1. Establish and define the client-planner relationship.

    The financial planner should clearly explain and document the services that he or she will provide to you and define both his/her and your responsibilities during the financial planning engagement. The financial planner should explain fully how he or she will be paid and by whom. You and the planner should agree on how long the professional relationship should last and on how decisions will be made.

  2. Gather client data, including goals.

    The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.

  3. Analyze and evaluate your financial status.

    The financial planner should analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.

  4. Develop and present financial planning recommendations and/or alternatives.

    The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as appropriate.

  5. Implement the financial planning recommendations.

    You and the financial planner should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals such as attorneys, accountants or stockbrokers.

  6. Monitor the financial planning recommendations.

    You and the financial planner should agree on who will monitor your progress towards your goals. If the planner is in charge of the process, he or she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.

- See more at: http://www.fpsb.org/learnaboutfinancialplanning/financialplanningprocess.html#sthash.2tpKOwt6.dpuf

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