We’re completely happy to announce that we now have revamped our Price Solely Monetary Planner service to cater to those that are prepared to study and discover the trail of Do It Your self (DIY). Allow us to share the method and what are the brand new issues we now have added.
After we first launched our service to start with of 2018, the response was overwhelming from our weblog readers and we’re grateful for his or her belief and perception in us. Nonetheless, these 4 years had been a studying curve for us and our service.
We strived loads to provide our greatest and on the identical time study one thing new from every of our purchasers. Therefore, after an intensive interplay with our reliable purchasers, we now have provide you with these new adjustments that are extra of an educative course of relatively than only a robo-advisory sort of course of.
After taking suggestions from a lot of our trusted purchasers, we designed this course of which is able to assist them to coach and information them in a greater method. The first goal of this complete new module is to EDUCATE first after which IMPLEMENT relatively than the BLIND following of a planner.
Price Solely Monetary Planner service – We create Do It Your self (DIY) Traders
The whole course of is already defined intimately on our webpage “Price Solely Monetary Planning Service“. Nonetheless, we thought to replace these adjustments by way of a weblog and current a movement chart for higher understanding to our readers and new purchasers.
The entire fee-only monetary planner service is split as beneath.
We’ll arrange a Google Assembly at a time that’s handy for each events. This assembly shouldn’t last more than half-hour. On this session, we’ll work to grasp your wants whereas introducing the Objective Primarily based Monetary Planning Strategy and outlining the steps we take.
When you agreed with the method and charge, then we ship you three paperwork.
a) “Consumer Engagement Letter” – It’s a formal engagement letter (which is mandatorily required as per SEBI Rules). When you agree with the phrases of engagement, you shall take print of the letter, signal, and mail us the scanned copy.
b) “Pattern Monetary Planning Report” – It is a template of the monetary plan we are going to present on the finish of Step 3. This can assist you perceive what the monetary plan seems like.
c) Consumer Questionnaire – It’s a template in excel format. Right here, you’ll share all of your present monetary standing like household particulars (monetary dependents), targets, belongings, liabilities, revenue, and bills. In the identical sheet, it’s a must to reply the danger tolerance questions. It’s a must to pay the total charge (financial institution particulars and UPI particulars shared with you in e-mail). It’s a must to ship the scanned copy of the Consumer Engagement Letter and crammed Consumer Questionnaire sheet. We’ll arrange a 30-minute follow-up appointment as quickly as you ship these paperwork. We’ll work to higher comprehend your information throughout this assembly, and we’ll additionally do our greatest to deal with any questions you could have.
# Planning Course of
This course of includes three steps. Educating, Planning, and Go-ahead.
a) Educating – Usually, we meet for 3 classes of an hour every. In our preliminary assembly, we are going to undergo the concept of asset allocation and the practises we make use of. We’ll assist you comprehend the merchandise and find out how to construct a portfolio within the second session. We’ll discuss to you about insurance coverage and tax planning at our third assembly.
b) Planning – Following these classes, we are going to start working along with your information. The method of making ready and sending you the plan sometimes takes 1-2 weeks.
c) Go-ahead – It’s a must to undergo the plan shared and record your questions or doubts. The following assembly will go not than one hour. We’ll do our greatest to reply any questions or doubts you could have all through this session. As soon as every thing is known, you could start implementing.
# Observe up and Evaluate Course of
a) Observe Up
We’ll organize a dialog that lasts not than half-hour as soon as each three months (after our dialogue on planning). We attempt to determine your wants throughout this dialog and tackle any questions or considerations you could have. Because of this, we are going to plan three follow-up calls throughout the course of the engagement. Please take observe that this isn’t a portfolio overview. However to help you for those who run into any implementation-related issues. You’re welcome to get in contact with us at any time throughout the yr when you have any doubts, inquiries, or adjustments to your monetary scenario.
We observe the yearly overview course of. Despite the fact that we conduct follow-up conferences throughout the yr, the overview of the plan will likely be every year.
Notice – After the monetary plan is delivered, you may contact us to debate something associated to non-public finance, investing, and your monetary planning throughout this one yr of engagement.
In case your monetary or life scenario adjustments and there’s a want for modifications within the plan, we are going to do extra classes.
We tried to clarify these steps with beneath two photos on your higher understanding.
FINANCIAL PLANNING PROCESS –
FOLLOW UP and REVIEW PROCESS –
Revised Price Construction
Contemplating the trouble we put in by educating you and doing the follow-up conferences, we now have revamped our charge. Earlier the charge for resident Indians was Rs.15,0000 + GST (@18%) = Rs.17,700 and for NRIs, it was Rs.20,000 + GST (@18%) = Rs.23,600 for the primary yr.
Now we now have revised this to Rs.25,000 (inclusive of 18% GST) for resident Indians and Rs.30,000 (inclusive of 18% GST) for NRIs for the primary yr.
From the second yr onwards, the charge will likely be 12,000 (inclusive of 18% GST) for resident Indians and Rs.15,000 (inclusive of 18% GST) for NRIs.
The rise within the charge was crucial for us contemplating the virtually 10 hours of effort we put in within the first yr in the entire course of of training, delivering the plan, and doing the follow-up duties with you.
When you seen, we now have launched the idea of training the purchasers and in addition doing follow-up conferences as soon as in 3 months with the purchasers. These are value-added companies that will actually assist our purchasers to decide on their Do It Your self (DIY) path on the earliest.
Conclusion – Our thought of monetary planning is that purchasers should not observe planners BLINDLY. Quite than that, they have to perceive the entire idea of this monetary planning by way of the method like training. Then they might be in a greater place to implement the plan.
Therefore, if you find yourself hiring us, your fundamental goal ought to be to
- Clear up your earlier mess,
- Perceive the method and easy steps of managing the cash in a greater method,
- Implement in such a method that it ought to be easy, simply implementable, least guide intervention, and keep away from errors.
- Lastly, be your individual planner as early as doable.
- Rent us with this correct planning and make it possible for when to disengage with us as soon as you’re assured of managing your individual cash. As a result of we firmly imagine within the DIY idea. What number of years have you ever depend on another person to handle your cash? Ultimately, it isn’t a ROCKET SCIENCE just like the monetary trade forces us to imagine. Monetary Planning is extra of commonsense, habits side and threat administration than chasing the merchandise, returns, information, or noise.
LOOKING FORWARD TO WORKING WITH YOU!!
NOTE – This new charge construction is relevant to new purchasers. For outdated purchasers, the prevailing outdated charge construction is relevant for renewal.