ARTICLES

Financial planning is the most important aspect of one’s life. Especially for women in our country who are financially stable, independent and growth-oriented. In many cases, they are even more than men in their houses. Amidst donning all the roles and responsibilities, women often refrain from understanding finances and investments. They either depend on their husbands, friends or family. Considering the pace at which we are evolving, financial literacy and systems are evolving too. Hence, there is a dire need to hire an advisor. Who is a financial advisor? Someone who can guide us and help us in taking one of the most important decisions in our lives. 

Ever thought about why we trust our closest friends or family members when it comes to discussing the simplest things and seeking advice? Simply because we trust them and believe that they also care for us as much as we do. And, especially when it is related to finances, we definitely need someone who cares for it as much as we do. 

But how to do so? 

1. Work with someone you can trust: Search for references or trustworthy organizations. Because it is a long-term decision and very personal. Amidst the fraud, we need to be cautious about the person we are talking to. Yes, I agree that trust builds with time but it is about how we choose our doctors or therapists. 

2. Converse: Try to communicate as openly as you can. Share your interests and fears towards finances. This will help the advisor understand your perspective and needs. Also, ask as many questions as you want., small or big, simple or difficult.  Do not fear being judged. 

3. Build a strong relationship: It is equally important to empower ourselves to build a strong relationship with the advisor too. 

4. Deadlines: Focus on having a person who believes in deadlines and details. This will help you understand that person’s diligence and seriousness towards his work. Your advisor should be proactive towards the changing environment and financial ecosystem. 

5. Language: Language often helps in building a connection. Always opt for an advisor who uses simple language and not jargon. Simplicity is the key. This will help you ease your difficulties.  

How will it help?

We need to understand the fact that the role of a financial advisor is much more than investments and daily budgeting. He or she would be helping plan your future better by helping you invest smartly. This would indeed help you manage your crisis even. They would play a major role in mapping your financial journey when in crisis and even help you avoid reaching a crisis standpoint. It starts from the simplest of things like buying a house, or selling a property etc. 

Unfortunately, women in India as well as across the globe do not get into financial matters until necessary. For us, along with so many roles and responsibilities, having the right financial advisor is a must. Unfortunately, financial literacy is almost at the bottom line in our country, a financial advisor is a boon.

Interestingly, we women are by default good managers and financial keepers but ironically we shy away from getting into the nitty-gritty of it. And, when we decide to stay independent, we ought to take financial empowerment steps in the end. And, here the advisor plays the most important role.  

Hence, choosing the right one is very crucial. But, also equally important to not make a  decision based on gender but on how you feel about the person managing your financial future. Knowing the right questions to ask can help you efficiently whittle your pool of potential advisors down to a few strong candidates. Use well-researched information and your gut instincts to find the one who checks the most boxes for you.

As it was wisely said in a movie titled, Dear Zindagi - Hum itni kursiyan dekhte hai ek khareedne se pehle phir apna life partner choose karne se pehle options dekhne mein kya problem. The same is the case with an advisor, keep exploring until you find that connection and trust.