We have already discussed the analogy between a financial planner and a doctor.

Most people I meet have had a bad experience with their previous financial planner, albeit, their reasons are different.

I am citing one such incident.

Midway through a meeting, my prospective client who was a doctor confided in me that her experience over the past five years had taught her, that most financial planners were not concerned about their clients.

I asked her to share her experiences.

Dr Priya: I wanted to invest in IPOs, but never got the information from my advisor. He always recommended products that were either too risky or with no returns at all. He did not try to advise me personally.

He categorised me, as a client who expects less returns and has little risk appetite. We never discussed my goals; he never pushed me to invest in products that were apt for me.

Me: I have not met a good doctor so far. The last time I suffered from fever, I bought a tablet. I was told to have it thrice a day for three days and was assured that I would be fine once the course was over.

On the second day, I discovered I developed an allergy to the tablet and my condition got worse.

It took me a total of 15 days to recover, which could have happened in three days had I been given the right course of medicine.

Dr Priya: You should have considered going to someone who could examine you and prescribe the right treatment, which would be effective and take care of your allergies.

Me: I am tempted to repeat the same comments as far as your finances go. 

Dr Priya understood my train of thought.

We are now working on her financial plan where she is setting her goals and prioritising her needs.

She has now realised that the onus is not only on the financial planner but also on her as a client, to make her voice heard.

It is important that she subjects herself to a complete financial check up, so that her financial advisor can prioritise her goals and help her achieve financial independence in her golden years.

This can only happen if she invests in the right products that suit her risk profile and are in line with her financial plan.

Money matter mantras

• Financial planning is the ideal way to start investing.
• The sooner you start working towards your goals, the easier it gets.
• Inform your Financial Doctor of all symptoms, allergies and aims.
• Treat your FP like you would your doctor, and see how it work.
• Trust him (or her)!

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