Some critical criteria to consider when choosing a financial planner:

When it comes to choosing a financial planner you need to be very careful. Any mistake in selecting a financial planner can cause massive financial loss. Also you will not be able to reach your goal. Here are the most important characteristics that every good financial planner must possess.

1. Qualifications: This criterion is very important from the legal perspective. Ensure the financial planner is qualified and registered with the respective bodies governing the corresponding investment options like AMFI and IRDA. These bodies conduct tests before approving the agents. This ensures the agent is well-versed in all aspects of investment avenue.

2.Capability: A good financial planner must understand that nowadays it is not enough to just get the application forms filled. The old method of “one-size fits all” doesn’t work anymore with the opening up of many new and innovative investment options. A good financial planner should be adept at finding out the most suitable ones for his clients. For this, he needs to conduct in-depth research in the avenues available.

3.Value added services: Does your financial planner provide any value added services? Does he provide you with periodic updates about your investments? Does he keep you updated about the latest happenings in the market through newsletters and online tutorials? This is important to prevent an investor from panicking when the going gets tough.

4.One stop place for your investment needs: Does the financial planner provide you with various investment options? This is important to meet your changing life situations. E.g. if you are young, you would be more interested in equities. But as you approach retirement age, you should concentrate more on debt products. When you are married with kids, a term insurance should play an important part in your financial plan. A financial planer should act as a one stop shop for all your investment requirements by dealing in all these investment options.

5.Unbiased advice: The success of any financial plan lies in the unbiased advice given by the financial planner. Unfortunately these planners today have become rare, as most of the planners today care more for their commissions than for the welfare of their clients. While initially it may be difficult to judge if the planner is really difficult, you will understand this from your subsequent interactions with him. You can also ask your friends, relatives and colleagues for their references. Always remember, a planner’s top priority is the welfare of his clients.

6. Easy to access: You have a major crisis and need your planner’s help. But he is busy with other clients or has relocated to some other place. This is sure to create problem for you. Since you are building a long-term relationship with the planner, he should be easily accessible to you. Normally this is common in an organization when the planner operates individually. If he is not easily accessible, it creates problems for his clients.

If you aim to achieve your financial goals, choosing a right financial planner is the most important step. He should be qualified, competent, easily accessible and able to meet all your financial needs. He will be your partner in helping you reach your financial objective. So choose wisely to achieve your goals successfully.