|| Rich Preach || A financial liberation movement

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Rich Preach is a compendium of financial awareness. This is an attempt to ignite financial literacy and demystify the tricks of making money. The approach is not a short cut but knowledge driven. The author has tried to keep the vital information crispy and understandable to a common individual.

These days we come across a myriad of wealth management products. Banks and other financial companies are more than eager to manage your money and promise handsome returns. Wealth managers and relationship managers of these companies may not be ethical and trustworthy always. You should equip yourself to judge their capability and knowledge about their own products. The idea is to prepare a checklist and be fully satisfied before investing. Commit only if the wealth manager/ relationship manager scores to your satisfaction.

1. Qualification and experience: Nothing really can beat a good experience. Pick a manger who has gone through multitudes of troughs and crests of the money market. Ask their methodology to handle such situations. A certified financial planner or any degree/ diploma/ certification which is recognized internationally shall be evident of his/ her professional and ethical demeanor.

2. Value added services: Shortlist only those managers who have end-to-end financial planning services, comprising of tax planning, diverse investment avenues 9equity, debt, commodities, insurance, real estate) and financial education programs/ seminars. The plan offer complete solution under one umbrella.

3. Personified plan: every individual has different financial goals, income generation, family size, liabilities, lifestyle and expenses. The plan should be flexible enough to suit your needs. The manager should not push a product from a limited pool.

4. Commission and fees: Identify all the scopes from where the manager charges you. It could be regular fees, commission on capital gain or a combination of both.

5. Investment avenues: Ask for the areas where the manager plans to invest your money. It should be diverse enough that risk can be minimized while achieving the maximum capital gains possible. Manager must be transparent enough to tell you the avenues, expected capital gains and risks associated.

6. References: Can your wealth manager give you some references of his/ her clients? Ask. If you get the reference ask question to these clients on the similar lines we discussed above.

7. Exit criteria: If you are dissatisfied, the exit route must be smooth. Get clarification on exit process too.