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The work undertaken by a financial planner is called personal financial planning. India is a large country with millions of investors who want to genuinely want to see their wealth grow. But due to the lack of financial literacy and a proper framework, there has been a lot of mismanagement in the investment sector. But things are changing as of now. There is a whole lot of change going on in the financial sector. Personal Financial Planning is one of the biggest changes that have been brought. Personal Financial Planners in India are the best by the grace of God. They have helped a lot of people to get a healthy return on investment. Mumbai, Gurgaon and Delhi have the maximum number of financial advisors and investment companies. Due to the increasing number of financial planning companies in india, now there is a lot of scope for investors. What is personal financial planning all about? Basically the work of a financial planner for your personal finances consists of the handling your personal finance in an effective manner. Given below is the scope for financial planning of an individual: > Risk Management > Insurance planning > Strategy for Investment in various financial plans • Portfolio management • Retirement plans • Tax plans • Estate plans for your land and property • Management of liabilities • College Plans • Cash flow statements A financial planner strategizes and formulates the correct plan according to your financial needs. Every financial investment company cannot create tailor made for every individual. Otherwise it would have to create as many plans as its number of customers. Financial planners and advisors are the people who actually assist you in the customization of a financial vehicle for healthy returns. Difference between financial planners and financial advisors Though the difference between a financial planner and financial advisors is not overwhelming, there is a distinction between the two: • Financial Advisor: Anybody can choose to be a financial advisor. They help in the management of wealth. They can only advise the client as to how they should invest. Rest depends upon their expertise. It is up to the customer to establish the financial advisor’s authenticity. He could be holding a certification or not. It is better to choose a certified financial planner (CFP). Financial Planner: This is the person whom one should look out for. They are usually employed by financial planning firms. Any reputed firm in Mumbai, Gurgaon and Delhi will be having the best personal financial planners. What should you look for in a financial planning company? Before choosing a company, you should have a look at the kind of investment options they have. If the investment tools are of your choice, then you should pick up the plans which suit you the most. You should also know whether you need an individual plan or a family plan.
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