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Things to know before choosing an investment advisor in India


choosing-an-investment-advisor-in-india

Things you should know before choosing an Investment Advisor. ✓ Beyond education ✓ Experience ✓ Growth Data ✓ Client base ✓ Alternatives ✓ Planning.

Your financial advisor is your Guru. Any kind of investment—be it stocks, mutual funds or real estate—require personal attention and experience which s/he should be able to provide. And this is more important for you as a Non-Resident Indian. The advisor can help you navigate the economic/financial developments and other regional laws that affect your investments. Here are five things you should look for when choosing an investment advisor.

Beyond education

Financial dealings require qualifications, certification and experience. It is best to know and verify your advisor’s educational qualifications before hiring him. For instance, if the advisor is helping you with insurance, does he have the requisite certification.

Relevant sector expertise

Market knowledge and experience matter. Ensure your advisor has been through most phases of market cycles like a recession. It will give you an insight into his efficiency and expertise.

Client base

Asking your advisor for references helps verify his authenticity, integrity, relevance and specialization. If you are young, it is not advisable to hire an advisor specializing in senior citizen financial plans.

Alternatives

Your financial planner must have an idea about the multiple investments available, especially those that suit your needs. As an NRI investor, your options are wide open. If oil or commodity prices rise, an Indian investor cannot invest in much. But being an NRI, you could invest in oil-based financial products abroad. The advisor must be able to provide you with all such alternatives and options.

Planning

If you may want to return to India one day, your investment advisor should be able to help you make a smooth transition. He must know enough about taxation laws outside the country to advise you if you choose to shift your investments at any point in time.

What to Look into a Financial Planner

You should watch out for following things in Preference

  • Competence or Knowledge
  • Confidence
  • Your level of Trust and comfort with Financial Planner
  • Frankness

What to not look into a Financial Planner

  • Promise of Returns
  • Magic (financial planner is not some magician who will fix all your problems and will make a financial plan which will try to achieve all you want)
  • Instant Performance

Everyone needs some help when it comes to money matters. This is more so for an NRI who often deals with investments from great distance. In such a case, an advisor is more than essential. But, choose wisely—your advisor can be the difference between good and average returns.

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