Frequently Asked Questions about TheWealthWisher (TW2) & its Services
First, let me tell you in a nutshell- What We Do?
We make a Comprehensive Financial Plan first.
Here we take income expenses asset liability risk coverage previous investments every financial data. We derive 3 things for you here. Goal Planning, Risk Assesment & Asset Allocation. We come out with a strategy on how much to invest in what proportion of equity and debt and in what kind of schemes. Previous investments are checked on these parameters and recommendations consist of checking all financial aspects like Insurance, Budgeting & Taxation… This is part one.
In Wealth Management Service the portfolio is constructed, all transactions are done online. These are monitored and reported on an ongoing basis. We also do periodical asset rebalancing of your portfolio. Taxation (return filling) etc are also taken care at extra cost if required.This is a long-term association and we manage your future portfolio as per asset allocation strategy and goals planned.
Now some questions & their answers:
Question 1 : Do I need to be locally placed to do my Financial Planning or Wealth Management?
Answer : No. You can be geographically located at any place in the world to do your financial planning or wealth management. We have basic to advance tools, technology, and mechanisms to communicate, share data & implement your financial planning. All these methods are process driven. All you need is an email ID, a working internet connection, and smartphone with Whatsapp/Skype.
However, if you are based in Jaipur, we would love to meet you in person to provide our services. It is always good to put a face to a name.
Question 2 : Why are the charges so cheap?
Answer : Please look at the next question for an answer.
Question 3 : Why are the charges so expensive?
Answer : Advisory services can be considered cheap by some investors and/or expensive by others. It is human psychology not to pay for whats we think is available free and get everything for free. An investor would rather walk into a bank and buy a product unsuitable for him/her than paying a financial planner advisory fees for valuable advice. Having said that, our charges are based on the quality time and effort we put for each client. We are fees-based planners. We are in the fiduciary role. Your interest and goals are our prime concerns/
Question 4 : Can I haggle/negotiate the charges?
Answer : No. We advise you not to negotiate your charges with doctors, lawyers and financial planners/wealth managers.
Question 5 : Will your plan cover ways to get me out of debt ?
Answer : Yes. The financial plan covers all your loans and how to deal with them. Advice is given on whether to close or retain various loans you have.
Question 6 : Do you also monitor the investments you recommend ?
Answer : Yes, all investments implemented through us are monitored by us. All funds/schemes recommended are closely watched and updates are provided. This is covered in the reporting part of Wealth Management Services.
Question 7 : Is my data secure with TheWealthWisher Financial Advisors ?
Answer : We use some basic security mechanisms to ensure your financial data is secure with us. Remember we are fee-based financial planners so we do not take physical possession of your money to invest in stocks and mutual funds. Everything is in your name. We help you manage your money which stays with you. You have nothing to lose by joining us.
Question 8 : How much time will my financial planning take ?
Answer : Overall, it could take 15 days to close out on your overall plan. Another 10 days to implement the plan. You need to be aware that your time availability will be a critical factor in the time taken to complete the plan.
Question 9 : What is your measure of success ?
Answer : We believe that if you, the investor, can live your everyday life without compromising on its quality and are able to achieve all your personal aspirations (goals) in life, we have succeeded as a team. While we plan meticulously for each and every goal you have, we do not control nor are responsible for the performance of products we recommend. Products are managed by professionals of brokerage houses, AMCs, banks, insurance companies and other firms and financial institutions and their performance is outside our scope of work.
Question 10 : Can we buy products through TheWealthWisher Financial Advisors ?
Answer : Yes. Since we are fee-based financial planners, we first advice. As part of your financial plan, we recommend stocks and mutual funds for you to invest in. We can also recommend which life and general insurance products to go with, however, this is purely on a need basis. We do not earn any commission out of any products we recommend.
Under direct plans we do not get any commissions or benefits. For regular plans, we have the tie-up with an implementation manager. With implementation manager also we get fees limited to what client is supposed to pay. In that way, we are fully fee driven only.
Question 11 : I have a Chartered Accountant (CA), a broker, a life insurance advisor and a relationship manager. Do I need a financial planner ?
Answer : A CA will concentrate on your taxation without connecting tax saving investments with your overall financial planning. A broker will always want you to buy and sell frequently so that he can earn through commissions. A relationship manager and a life insurance advisor will always want to meet their monthly targets. None of them will understand all your goals and connect them to provide a holistic overall financial advice. Only a financial planner can do that.
Question 12 : Does TheWealthWisher Financial Advisors offer tax filing and estate planning as services ?
Answer : No. As we are not accountants, however, we can point you to the right tax consultants/CAs who can do your tax filing and to qualified lawyers who can do your estate planning. Charges for them will be extra/work based.
Question 13 : Do you guarantee a higher rate of return ?
Answer : There is nothing called “Highest Return” or “Best Product” .As financial planners, we help you master your money by better management of it. Better management of finances will lead to better outcome however, that does not mean we guarantee a higher rate of return on products. We help you achieve all your financial goals and aspirations in life in the desirable timelines.
Question 14 : Do I have to pay upfront or payment in installments is allowed ?
Answer : You will have to sign up first with us to avail of our services. The sign-up process expects payment upfront for financial planning. No installment of payments is allowed. The fees for Wealth Management is payable yearly-basis, hence don’t worry.