Today every T, D, H and his aunty has become a financial planner. Largely it means they will provide you a cookie cutter questionnaire (if at all), mouth some brilliant one liners ( equity is for the long run, Hdfc Equity fund has a good long term track record, you must have a child plan for your children’s education….etc)…and charge you a fee.

Now how much should the fees be? Rs. 9000, Rs. 30,000, Rs. 50,000 ?

Well it depends on what the planner does?

What if a planner were to ask you:

What is your attitude towards money?

Did your parents fight over money?

Do you and your wife argue about money?

If you are really so smart, why are you not money rich?

Does it matter how your friends and relatives are financially – vis-a-vis how you  are?

Do you support your parents financially? Or do they support you financially?

If you have all the money that you need, why are you still working?

With the kind of piddly retirement kitty that you have, did you need that European holiday?

You are doing too much of ‘Entitlement’ spending – are you ready to downsize?

Sure you are doing well, but do you realize that you have only 3 months expenses in a liquid account?

Do you realize that if your company were to transfer you NOW, you are too financially committed to be able to move?

…..etc. etc.

Sadly if your financial planner has no experience handling money, law, people, relationships from the past jobs, bad luck.

Just because i can do a cut n paste, I cannot become a good financial planner.

Sure, I can mouth some good axioms, down load some plans, and hey charge you a fee.

How much fees your planner deserves is a question that YOU have to UNDERSTAND……….