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Finance,

Five reasons why life insurance is far more important than what you expect it to be

Time will come that you will notice white hair starts to grow more and more and wrinkles start to put a frown on your face. You are growing older. Your responsibilities grew bigger and your outlook on life has totally changed.

As people grow older, their outlook in life is geared towards having security that is why a lot of us want to get life insurance which is an indispensable and also a fundamental way to plan out financially.

For many years, life insurance has given a lot of people around the world the peace of mind considering that the money is always available to secure their family and their assets in different ways. If you are doubtful about getting a life insurance, maybe this post from https://www.iselect.com.au/life/ will convince you to inquire for the best life insurance you can get now.

  1. Enables you to pay the final expenses– It is inevitable that you will carry the financial burdens of a funeral and burial of your loved ones or even for yourself which costs you tens of thousands of dollars in minimum, and you do not want to be caught off guard when this unfortunate event happens to your family that is why a life insurance is very important to cover this kind of problem.
  2. Cover’s your children’s expenses– Parents want to make sure that their children are well taken care of and have a secure future for their education, particularly in college that is why part of a life insurance is also education which is an additional coverage that absolutely considered as an essential way for your children to have quality education and a secured future.
  3. Alternative income for your spouse– In case you die unexpectedly or your spouse passed away and your children are still young, you would have needed to maintain or replace the income of your spouse or yours to keep your family secured financially and provide the much-needed financial support that is essential for their needs and their lifestyle.
  4. Payment for debts– Another coverage that life insurance can provide you is to help you pay off your debts such as mortgages and loans so that you would not have to sell or declare your assets as collateral for the debt that you are paying.
  5. Used to purchase shares from your business partner– In terms of business, life insurance can be used for purchasing the interest from your business partner in case the latter passed away unexpectedly. This can be done by purchasing the interest from your business partner’s heirs and pay your business partner’s share of the company’s obligations without the need to sell the company itself.
Finance,

iFOREX is More than a Robust Trading Application

The iFOREX trading app goes well beyond providing customers with a robust trading application. The company offers a web based and mobile platform that is strait forward. Their platform is offered in several different languages. They have nearly 90-currency pairs that are traded on the iFOREX platform. Their research and trading tools are a strong point, and they provide excellent educational tools.

Investment Product

The iFOREX trading platform offers nearly 90-currency pairs, along with commodities, indices, cryptocurrencies and ETFs.The ETFs are trading in CFD format and allow traders to invest in different equity sectors including financials, technology and energy shares. Unlike other brokers in this space, iForex also offers a range of soft commodities including soybeans, wheat, corn, cocoa, coffee, and cotton.

Reliable Customer Service

iFOREX prides itself on providing top of the line customer support. One of the most important features is their remote support assistance. This allows customer support technicians to share your screen and help you with any issue immediately. Online chat is available for both new and existing clients. All clients can receive customer support and technical assistance. The company offers phone support globally.

Investment Research

The research that iFOREX offers provide insights into investment decision. The iForex research is quite comprehensive. They offer a news and analysis section that provides real-time breaking news along with fundamental and technical analysis. iForexhas an economic calendar with important macroeconomic  and monetary policy releasees that can affect markets. They offer sentiment date which provides confidence related to financial products.

Educational Portal

A good education section is important for both novice and expert traders. Topics that range from risk management to trading execution are available. The iFOREXapp educational products information for major trading products such as CFDs. There is also information about technical analysis and several videos that beginning traders which can help you get started. iFOREX also has a resource section that offers a wide variety of informative resources suitable for all investors. The articles cover many topics, from trading basics to advanced trading strategies. The trading topics that are covered range from “what is a stop loss” to “how do you trade CFDs”.

Platforms

iFOREX offers a web-based trading platform, as well as a mobile platform. The mobile app, looks a lot like the web application, and most of the functionality is similar. Each provide provides real-time market rates and execution capabilities. This allows you to seamlessly manage your risk while you are in your office or if you are on the go. Some of the key features include access to real-time balances, equity and margin details.  The charting capabilities on both platforms are robust. Additionally, you can use a demonstration account on both platforms allowing you to test drive your trading strategy before you begin to risk your capital. The demo account also allows you to fine tune your execution capabilities and learn from mistakes without losing money.

Finance,

RBL credit card application process simplified. Here’s all you need to know

A user generally uses a credit card as a payment card. It enables the cardholder to make purchases on credit. There is a pre-set credit limit which users can utilize to make purchases effortlessly.

To put it simply, through the credit card one can borrow a loan from a bank while purchasing a certain item. A credit card is issued depending on your financial ability. If the bank finds a certain person capable of redeeming the borrowed value, then only a credit card is issued to the person.

But applying and getting an approved credit card can be a real pain. For this reason, RBL has introduced a system where the customers can check their RBL credit card application status online. RBL Bank offers a number of credit cards which hosts amazing benefits for the customers. It has a wide range of credit cards. It offers low-interest rates on loans and credit cards, thus making them quite a competition in the credit market.

Depending on your lifestyle, the amount of credit you borrow differs. Depending on customer habits, RBL provides various credit cards like Shopping card, Cashback card, Travelcard, Rewards card, Lifetime free credit cards, Business card, Lifestyle card, Entertainment card etc.

Eligibility to apply for a RBL credit card:

  • Age criteria:

RBL bank sets an age limit for the customers applying for credit cards. Customers of age 21 to age 65 are eligible for credit cards. Add on, credit cards are provided to customers of age 18 or above.

  • Income criteria:

This is the highlighted criteria which must be fulfilled to be eligible for a credit card from RBL Bank. The cardholder must have a regular source of income to avail RBL Bank credit cards. The income value differs from various card specifications. You can apply for your credit card by showing your fixed deposit and minimum income as set by bank specifications for the card you chose. Income requirement varies for different cards depending upon the features and conditions of your chosen card. The customer is expected to provide a proof of his regular source of income to avail the credit card from RBL bank.

  • Credit history of the applicant:

The bank often asks for a credit history statement to get clear proof of how the customer manages his/her credits in the past. A good credit history without any signs of delay in payment of a debt can highly increase your chance to get a credit card.

  • Nationality:

Only Indian applicants or non-residential Indians are eligible for credit card applications.

RBL asks for the following documents compulsorily for credit card application:

  1. Address proof (passport, driving license, Voter ID etc)
  2. Identity proof (bank statement, voter ID, Driving license, Pension book etc)
  3. Income proof (Bank statement, Payslip, Income tax return)
  4. PAN Card
  5. Passport size photo.

There are some steps to follow if you are applying for RBL credit cards.

For new customers:

  • Visit the ‘credit cards’ web page of RBL Bank official website.
  • Enter your personal information and contact details.
  • After the procedures of verification, a representative from the bank will contact you and guide you through the entire process of issuing credit cards.
  • Submit your Know Your Customer (KYC) documents and income proof to avail an RBL Bank credit card.

Or just visit the nearest RBL Bank branch to apply for credit cards of your priority.

For existing customers:

  • Visit the web page ‘Credit Cards’ on the official RBL Bank website.
  • Enter your net banking customer ID along with your phone number.
  • Directly apply online for credit cards.

RBL credit cards offer amazing interest rates and free credit period up to 50 days. Getting a credit card can ease your lifestyle.

If you have already applied for an RBL credit card, then you can know how to check RBL credit card application status here.

Finance,

Here’s how a Personal Loan in Mumbai can help a Salaried Middle-Class Individual with Unforeseen Financial Emergencies

Mumbai, the commercial capital of India, is regarded as the most expensive metropolis for Indian immigrants. According to a survey conducted by Mercer, the city of dreams ranks 55th in the list of the costliest cities in the world.

In the past few decades, Mumbai has seen a rapid increase in inflation due to which sustaining life here and facing unforeseen needs has become a challenge for middle-class people.

However, with a personal loan in Mumbai, it is easy to manage all your emergency expenditures.

An instant personal loan in Mumbai will help you to handle any shortcomings that you face while purchasing a vehicle, a home, for the education of your child or for any other unforeseen medical emergency, and much more.

Let us now look at why a personal loan is an ideal option to benefit the salaried middle-class living in Mumbai.

What do you mean by a personal loan?

A personal loan is an unsecured loan than you can obtain from a bank or NBFCs to fulfill your financial goals.

The Credit Bureau sanctions the loan only after considering factors like your salary, employment history, credit profile, repayment capability, etc. The creditor won’t ask you for any collateral like cash, property, or shares for security purposes.

The greatest benefit of a personal loan is that you will get a comparatively low rate of interest than home loans or car loans.

How will a personal loan help me?

As a salaried middle-class individual who is struggling to live a happy life in a city like Mumbai, you should apply for a personal loan due to the following reasons: –

  • It will help you repay your debts-

A personal loan can help you repay your old arrears and efficiently manage various accounts without any hassle or stress.

  • Paying off your credits becomes easy-

One of the biggest advantages of a personal loan is that you can easily repay your credits at a low rate of interest. As a result, you will be able to clear your dues in a short period.

  • Home remodeling-

If you wish to get your home renovated, then a personal loan is a perfect choice for you to pay for the remodeling costs.

  • Catering to unforeseen medical emergencies-

Medical emergencies is the most common reason for middle-class people to opt for a personal loan. You can easily finance surgeries, operations, medication, and aftercare expenses with the help of a personal loan.

  • Purchasing a car or a house-

The property rates in Mumbai are generally very high, due to which affording a house here becomes almost impossible for the middle-class population. However, a personal loan can assist you in covering your huge expenditures like buying a car or a house.

  • Paying for Wedding expenses-

A personal loan can be used to pay for various wedding expenses like the venue, decorations, bridal dress, pre-wedding photo shoots, wedding planners, etc.

What are the features of a personal loan in Mumbai?

There are variety of features associated with a personal loan in Mumbai such as: –

  • The loan has a short period.
  • No complex paperwork is involved.
  • It can also be processed online
  • The loan can be used for various purposes.
  • You can conveniently repay a personal loan.

Therefore, a personal loan is a boon for middle-class people to get instant financing for managing any kind of unforeseen exigencies. It is currently the most-promoted and easy to use credit product in the financial sector.

mAadhaar App
Finance,

Did You Know These Benefits of mAadhaar App?

As India is gradually moving towards a more digitised economy, your Aadhaar number gains significant importance. A unique 12-digit identification number – Aadhaar number is provided through the initiative of the Indian Government.

Today, it has become a critical document used for almost every public services present in India. Hence, with the increasing number of services getting linked to Aadhaar, UIDAI has introduced a mAadhaar online application that acts as a digital copy of your original Aadhaar card. Targeting the humongous Android user base in India, mAadhaar app is currently available on the Google Play store.

What mAadhaar app has to offer?

The benefits of mAadhaar app are numerous like –

  1. Seamless synchronisation

This online facility allows you to sync your Aadhaar data with the mobile application. Thereby, it makes it easier for users to carry their Aadhaar information anywhere, anytime in their mobile devices.

  1. Biometric protection

The app comes with a useful feature of locking and unlocking of biometric data. Once you havemAadhaar app and activate the biometric locking system, your biometrics will remain locked till you open it.

  1. TOTP generation

Instead of generating an OTP, this app creates a Time-based OTP (TOTP) which provides short-lived OTP value. This proves beneficial in providing users with enhanced security. After registering the update request, you can view your Aadhaar details by downloading the data from UIDAI.

  1. Easy data sharing

Among other benefits, sharing your updated Aadhaar information using a QR code is the most innovative approach. It helps you share your eKYC documents with the service providers.

  1. Multiple profile options

This mobile application also allows you to store a maximum of 3 profiles provided the registered mobile number is the same for all.

The benefits of mAadhaar app don’t stop here. With ‘Aadhaar in your pocket’ – you can benefit from numerous financial subsidies and services. For instance, if you’re facing a financial crunch, you can avail a personal loan with the help of your Aadhaar details and other nominal documents. Such loans are available from NBFCs like Bajaj Finserv and can help you fund your short-term requirements like –

  • Business-related expenses.
  • Bear emergency medical expenses.
  • Pay for your child’s education.
  • Bear your family member’s wedding expenses, medical expenditures, etc.

Furthermore, you’d benefit fromindustry-first features such as:

  • Attractive interest rates.
  • Flexible repayment tenor.
  • Instant loan approval and quick disbursal.

However, you must check personal loan eligibility and documents required before applying for one.

How to get mAadhaar?

First, download mAadhaar app from the Google Play store and follow the instructions below –

  1. Once the app is downloaded, it will redirect you to an interface which asks for your Aadhaar number.
  2. Initially, the app sends you a TOTP to your registered mobile number. However, you may also scan the QR code on your Aadhaar card.
  3. Then the app will initiate a validation process to check the user’s identity. It might also ask for a few permissions to avoid any loopholes that could result in a security breach.
  4. After the verification is completed, you’ll be asked to set a new password for your profile.

Then the app will redirect you to your home screen where you can see your Aadhaar card details.

The mAadhaar online app will go a long way into catapulting India towards a digital economy. It will significantly help in improving the efficiency of public distribution systems, reduce corruption and curtail black money.

accounting system
Finance,

Are Your Accounting Transactions in Order?

The best way to stay up to date with your accounting transactions is to implement the right software. You can more easily do this when you work with a network that provides help for practitioners in the manufacturing, finance, and trading fields. By taking this approach, you can cut costs and enjoy much better returns and profits.

Set Your Eyes on Success

That is why the addition of an accounting system IFRS in Thailand is instrumental to a company’s success. This type of software program will help you stay in control of the accounting in your particular industry. That is because the software is specialized so you can adapt it easily to your workforce and staff needs.

Learn More About Spending and Income

By taking this type of approach, you will be able to communicate better with customers in Thailand and beyond. Not only that, you will be able to get more work out of your employees. When you know what transactions are being made and the monies that are paid, you can decide with more wisdom and insight. That is the key to conducting business today — activities that will help you succeed.

Are You on the Same Page with Your Peers?

When the right software program is used for accounting purposes, everyone seems as if they are on the same page. That is because you are more aware of your income and outgo. You no longer have to conduct business by guesswork. You have the accounting evidence in front of you. It is easier to decipher reports so you can make the types of business decisions that lead to successful outcomes. You don’t have this type of latitude if you are doing accounting manually.

Do You Want to Cut Costs?

Do you want to cut staff costs and reduce disputes? If so, you need to learn more about networked accounting for your business operations. Doing so will enlighten you and give you the incentive needed to stay on top of all of your company’s needs. When you can translate an accounting report, you know that you have added the right software package.

Learn More About the Language of Business

Accounting is the language of business. Therefore, it should not be difficult to read or decipher. That is why an accounting program will help you be a better manager or executive. Use today’s technology to help you communicate better with your employees and other businesses. This can only be done when you include a software package that can help you in various ways. A good accounting software program will help you stay ahead of competitors in your current field.

Think about the goals for your business or industry. How do you want to set up your accounting system so you can better read these objectives? By partnering with the right software provider, you can make a difference in your field of expertise. Don’t let others get ahead of you. They also have access to this type of package. Make sure that you stay well informed so you can stay on top of all of your company’s accounting transactions. Learn how to read the reports.

Finance,

Your guide to Invest in ELSS Funds Online

ELSS or Equity linked savings scheme is one of the best tax saving product available in the market, it has the lowest lock in, easy to cash, managed by a professionally employs  and you can even do SIP with a starting amount of Rs. 500 per month. It’s always worthwhile to start saving for taxes as early as possible so that you can enjoy the power of compounding and have enough time to choose right fund. You can save upto Rs. 1, 50,000 under section 80 C.ELSS not only helps you to save taxes under section 80C but also help you use the same amount for your future needs. You should always link some goal to you investment.

Steps to Invest in ELSS:

Once you have decided to save taxes via ELSS, now you much have questions like how to invest in ELSS or which is the best ELSS available in the market or what the steps to follow to invest in ELSS are.

Step 1: Control your Tax slab and taxable income – It’s really important that you have a clear idea about your taxable income and tax slab. This will make clear that under which units you can save taxes and which products are useful to you.

Step 2: Pick the best ELSS – Let’s know how to pick best ELSS funds. You can look into below steps to select it. Past Performance and Age of the fund: Past performance speaks terrific about one’s ability and likelihood for success. Absolutely past performance can’t guarantee future returns, but it gives you suggestion of how the fund manager was able to generate returns during ups and downs of market cycle. Constancy: This is very important for the people who have an investment time limit of medium or long term, a fund can’t be judged based on its 1 year or 6 months returns. XIRR of the fund: XIRR helps in calculating the internal rate of return for planned cash flows. Many of us don’t have lump sum amount to invest hence choose to invest intermittently. By calculation of the XIRR we can further filter best funds.

Step 3: Invest in ELSS onlineIf you are on step 3 this means you have already chosen the fund. Now it’s the turn to invest. Online mutual fund investment is a trend which you can skip to follow.

  • Go to create an account
  • Fill in all the required details in personal profile and FATCA form
  • Fill in bank details
  • Upload a cancel cheque
  • YES you have successfully opened an account and now you are ready to invest.
  • Click on invest now option on home page and select the fund chosen fund using step 2.

In case you were having some trouble choosing the best ELSS fund. We even have a list for best funds available on our website also.

Best tax saving mutual funds for investment in 2019:

Fund Name 1 Year Returns 3 Year Returns 5 Year Returns Net Assets

( Rs. Crore)

Tata India Tax Savings Fund 9.89% 15.32% 16.53% 1,770
Axis Long Term Equity Fund 7.43% 15.21% 17.03% 18,852
Kotak Tax Saver 13.41% 15.82% 15.47% 888
ICICI Prudential Long Term Equity Fund 10.72% 13.91% 12.12% 1,992
IDFC Tax Advantage Fund 1.95% 15.74% 15.10% 6,193
Invesco India Tax Plan 5.06% 14.59% 15.67% 835
Aditya Birla Sun Life Tax Relief 96 1.19% 13.55% 15.75% 8,599
Franklin India Tax shield Fund 3.59% 10.75% 13.73% 4,025
L&T Tax Advantage Fund -0.16% 13.20% 12.42% 3,338
DSP Tax Saver Fund 9.44% 14.74% 14.20% 5,413

Finance,

Review: Paxful VS. Local Bitcoins

Today, it’s about buying Bitcoins you usually access a Bitcoin broker (for example, Coinbase and Coin mama) or a Bitcoin trading platform (e.g., Bit stamp and Kraken). However, some of these exchanges do not reduce it – either because of their accepted payment methods or geo-restrictions (for example, Coin abase does not accept people from many countries of the world).

In this case, you can always use something that can be better described as “the eBay to buy Bitcoin”. Networks of Bitcoin vendors around the world that allow almost all Bitcoin buyers. Today, there are two platforms that provide this type of service: Paxful review and local Bitcoins. I reviewed local Bitcoins in the past and today I want to take this opportunity and look at Paxful too.

In his heart, Paxful review is very similar to local Bitcoins. You choose the number of Bitcoins you want to buy and your payment method, then you receive the available sellers. Each seller has a reputation for past transactions and each time specifies its Bitcoin exchange rate.

The exchange rate is much higher than what you will find on regulated trading platforms like Bitstamp and this is explained by the fact that sellers are much more at risk when selling Bitcoin to foreigners. Since Bitcoin transactions are irreversible, if someone pays the seller and refuses to make the transaction, the seller can end up without Bitcoins and no payment.
In addition, some sellers allow you to buy Bitcoins with less traditional payment methods (for example, Amazon gift cards, Skype gift codes), so they tend to charge more.

Finally, the seller will also display specific details that he deems relevant for the transaction. You will see if the seller is currently online so that you can discuss the transaction once it is in progress.

The process is quite simple.
• Choose the number of Bitcoins you want to buy
• Choose the currency to which you want the exchange rate to be
• Select a payment method (there are dozens)

Then you have the opportunity to search the complete list of sellers or simply the best possible sellers according to the criteria of Paxful.
Once you have chosen a provider and click “redeem”, you will be redirected to the business page and you will be able to chat directly with the seller via live chat. Once they respond to you, follow their payment instructions, click Mark As Paid and wait for them to release bitcoins directly on your Paxful wallet.

Most transactions are instant, but it depends on the payment method and if the seller is online. Paypal and gift cards, for example, are instant. Cash deposits from the bank and CO-OP, Western Union, Moneygram take time because you have to leave your house at their branch and deposit cash. Usually, they occur in less than an hour.

When trade begins, the seller’s bitcoins are automatically transferred to the secure escrow of Paxful and at this point, the seller can not cancel the trade. Only a buyer can cancel a trade at any time and bitcoins will be transferred from escrow to the seller’s wallet. If the buyer has not delivered the payment and has not marked the payment as completed within the payment window, a transaction will be automatically canceled and the bitcoins will be transferred to the seller’s wallet.

Loan Against Property
Finance,

What Are The Factors One Should Consider While Availing A Loan Against Property?

Today, you can conveniently meet various big-budget financial requirements via a loan against property. It gives you access to a large amount of funds without liquidating assets you own. All you need to do is mortgage your residential property, commercial property, land or any immovable property to avail this loan at low loan against property interest rates.

However, along with the fact that it comes with benefits like affordable loan against property interest rates, a few factors need consideration. So, before you secure this high-value finance, make sure you are well-informed about the market scenario and the factors that affect your financial capacity after you avail this loan.

Factors To Consider While Availing Loan Against Property

1.Loan Amount To Be Sanctioned

Loan against property, a type of mortgage loan, can be availed by both self-employed as well as salaried individuals. While the former can get a maximum of up to Rs. 3.5 Crore as a loan against property in India, the latter can avail this loan up to Rs. 1 Crore.

However, the maximum of this loan one will be eligible to avail depends on the mortgaged property’s valuation. Lenders calculate this amount in the form of Loan to Value ratio or LTV. It can be defined as the percentage of loan a person is eligible to avail based on the current market value of his/her existing property.

In India, this value can range anywhere between 50% and 75% of the property’s market value. It is arrived at after considering factors like the property’s age, its geographical stability, infrastructure, etc.

It is best to go to lenders who offer the maximum LTV for a loan against property. It increases the chances of availing a significant amount against mortgaged property.

2.Availability Of Repayment Tenure

While loan against property is a long term credit option, its repayment tenure may vary from one lender to another. It is advisable to go with the longest tenure as it minimises the burden of the monthly payment in the form of EMI. Longer tenure means repayable amount gets divided for a longer duration, thus reducing EMIs. From the available lenders, you may sort the ones that offer a period of up to 20 years or so. Also, if you have available funds in lump sum anytime during the tenure, you may choose to part-prepay the loan or foreclose it altogether, thus reducing the cost further.

Next comes the consideration for a loan against property interest rate.

3.The Applicable Rate Of Interest

Rate of interest is another primary concern to be pondered on. Loan against the property being a secured loan carries a lower risk for the lender. Hence, its cost of borrowing that a person has to pay is low too. Comparatively, if you avail other loans like personal or business loan, you will have to pay more in the form of interest.

Nevertheless, the interest rate charged by borrowers may differ. In that case, you need to choose the one whose loan against property interest rate is the lowest.

Lenders like Bajaj Finserv offer a Loan Against Property with an affordable rate of interest, which are the lowest in the market.

4.Quick Processing Of Application And Loan Disbursal

Situations like medical emergencies require immediate funding of large amount. At such times, loan against property comes to the rescue with its large pool of funds. Here, however, what you need to see is whether the lender you are availing this loan from offers immediate approval and quick disbursal or not. Some of the best who do so also require you to meet minimum loan against property eligibility. Apart from these, you must also consider things to avoid when availing a loan against property to ensure you get the best deal. One can also use the loan against property calculator for calculation purpose.

Additionally, some lending institutions like Bajaj Finserv provide quick and easy finance in the form of pre-approved offer. These offers are available on secured loans like home loans as well as unsecured loans like personal loans and business loans along with many other financial products.

Consider these offers along with the factors mentioned above to zero in on the best property loan. Apply for it and submit loan against property documents required. Make sure you know how loan against property is processed to increase your chances of the immediate approval.

Finance,

Here’s What to Know About Financial Planning Services

To reach your financial goals, it pays if you have some guidance. This guidance can be given by financial planning services through financial planners or financial advisors. You must understand that a financial planner can help people with any financial issue from buying a house to budgeting, investing and superannuation.

To help you get started, here are things you need to know about financial planning:

There are three types of financial planners

If you decide that you need a financial planner, it is crucial that understand the three types.

  • Company-owned: you must know that about 45% of financial planners operate under a license, which is mandated by 10 largest financial institutions.
  • Independently licensed: there are other small to medium businesses that have ASIC (Australian Securities & Investments Commission) licenses.
  • Truly independent: there are a few truly independent financial advisers who are members of IFAAA (Independent Financial Advisers Association of Australia).

Do your research before showing up

You can’t just show up to an appointment without any knowledge. This is like walking blindly and this can be quite terrifying. At the onset, it is practical to choose a service provider from referrals or recommendations. The next thing that you need to do is check if they are registered with ASIC. At the very least, the financial planning services should have a current license.

There are different fee models

Keep in mind that there are different fee models – some may require you to pay a percentage of assets under their management or some might charge an upfront fee. According to the FPA (Financial Planning Association of Australia), the average upfront cost is about $2,500 or $3,500 per annum.

There is a complimentary introductory meeting

The right financial planner offers a complimentary introductory meeting. During the meeting, you should ask plenty of questions. You can consider the following questions:

  • What qualifications do you have? At the very least, the financial planner should be a member of FPA and is a Certified Financial Planner.
  • What experiences do you have? You should basically ask how long the financial planner has been in practice.
  • What do you specialise in? There are some financial planners that have limited areas of expertise. It is important that you look for planners with specific expertise to get the best result. Ultimately, you need to make sure that the planner has the right skills and experience that match your needs.
  • How do you charge? Financial planners are required by law to disclose all forms of payment and fees. Everything will start with an initial fee to identify your needs as well as develop strategies. There could also be ongoing service fees or administration fees.

An accountant is not a financial planner

You should understand that an accountant is not a financial planner. This means that your accountant cannot give financial advice – unless they are licensed as a financial planner with ASIC.

Bottom Line

You should think of financial planning services as something that enables you to live the life that you want to live. When you decide to avail of their services, you should make sure that you feel comfortable with the planner’s professional experience or credentials.