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Financial Advice for Physicians

You know I am a preferred customer of that XYZ bank. I have dedicated relationship manager. My banker takes care of my finances. No doubt, you are pampered well. But, the question is whether your money is working for you are not? In Financial industry lot of people misuse the words financial planning, investment advisory just to sell what they want to sell. Every sales guy comes with fancy designations, brochures and well-articulated sales pitch.

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Financial Advice for Physicians

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  1. Financial Advice for Physicians You know I am a preferred customer of that XYZ bank. I have dedicated relationship manager. My banker takes care of my finances. No doubt, you are pampered well. But, the question is whether your money is working for you are not? In Financial industry lot of people misuse the words financial planning, investment advisory just to sell what they want to sell. Every sales guy comes with fancy designations, brochures and well-articulated sales pitch. Well established doctors are prime targets for all. Physicians face unique opportunities, challenges and enjoy increasing cash flows. Any Tom, Dick and Harry can’t be a financial advisor for physicians. There is simple way to know that you’re getting the best financial planner for physicians to your needs and solutions/products offered are in your best interest. Ask them ‘Are you a fiduciary advisor or a suitability advisor?’ In India only SEBI registered Investment advisors can give comprehensive personal financial advisory. They are mandated to put client interest first (Fiduciary Standard) and charge client. Advisory should be on record and need to maintain all relevant records. Corporate Individual RiA licensee barred from getting any remuneration from manufactures directly or indirectly. Corporate RIA Licensee should keep arm’s length distance between advisory and execution. They should explicitly mention any conflict of interest and can’t insist to execute through any particular route. On the other hand, there exists another method called suitability standards. Agents can sell only after ascertaining whether it is suitable to the customer or not. It’s nothing better than rituals. We haven’t come across any instance refusing to take investments. One or another way they take it. Suitability standards merely checks whether you are qualified and allowed to invest in it or not. It’s not necessary to check that, it is the right or best solution for you. You would have come across they projecting how much you need in future by simple future value calculations and take you through standard risk profile questionnaire before giving product under the guise of solution. They get paid by the manufacturers. Relationship manager can’t be in job, if he continually misses his sales (Revenue) target. It’s not about how much investments he brings in but how much revenue it generates. Suitability advisors are not legally binding to do anything on your best interest. Never mix advisory and execution. Decide on them separately. Choice is yours! Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034. info@wealthtraits.com / www.wealthtraits.com

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