The last discussion we had on the cost of a financial product prompts me to ask the question today – how much should financial planners charge for financial planning of their clients ?
In India, there are different charges which financial planners levy and they vary by a great margin. It is confusing for the investor to understand why this is the case and what value added services are offered by the financial planner.
But who is to blame ? Who is supposed to make things clearer in such a scenario ? Is it the investors responsibility or the planners to make things easier for everyone ?
We need some solid arguments if you say less than Rs 10,000 or Rs 5,000. Try to calculate with those figures how much a CFP will earn and whether in today’s world – can he survive. Is this a volume based game ? Are you standing in Big Bazaar wanting to buy pickles ?
Try to check what you will lose if you buy a crap product from an agent; see how much you lose when you buy and sell stocks recommended by your relationship manager and decipher how much you will have to pay per month if you go to a CFP who will make your financial life healthy and then answer the below poll.
And if you think you can do this yourself, then that would be great – you are possibly giving me a run for my money.
I know people are going to have strong views here, but please justify your comments in the comments section as to why you chose your answer.