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ARTI ARORA CFP CM | HEAD FINANCIAL PLANNER

When one faces health related issues, consulting a doctor is an obvious choice; law related issues or concerns, we try and refer to the best lawyer but when it comes to our finances and investments, we are ok referring to friends, reading newspapers or even investing on hearsay.

How fair is this approach and how fair is it to undermine the importance of professional advice when it comes to our finances?

It is our finances that give us the headway for hiring any form of expert service when needed but we do not attach as much importance to referring to professional advice when it comes to our own financial planning & investments.

In the earlier days when the financial products were basic, double digit returns were easy, financial space was not as complex and the world wasn't literally a global village, one could still do without expert professional advice. Today, the scenario is fast changing and dynamic. There are numerous investment opportunities available and financial engineering has taken a whole different meaning.

In a scenario like this when the suitability of an investment avenue must not only be well found but is also fast changing, the importance of professional advice has increased by leaps and bounds.

A professional who understands you and your goals, has a good grip of available investment avenues, understands the market dynamics, is certified to give advice and has the relevant experience is an asset to oneself whose value one tends to realize only over time.

Every individual / family / unit is different and so are their aspirations and goals. A financial product that fits in for one individual may be a complete misfit for the other. This may be due to different risk profiles of the individuals or their goal time horizons.

The last one and a half years of pandemic have brought forth quite a few life lessons and one of them is certainly about not taking our finances and money matters for granted. The importance of planning is evident as those who did have been able to fare through these very difficult times at least financially and those who didn't are still having a difficult time meeting the challenges that the pandemic has brought about.

Last but not the least, a scientific, personalised & holistic approach to one's financial life is the need of the hour and this can only be carried out by finance professionals with the needed experience and qualifications and of course with the necessary behavioural traits to understand your personal situation better, empathize with you and offer you investment solutions best suited to your specific situation.