Frequently Asked Questions (FAQs)

Here are some of the common questions that I get asked frequently.

Does the financial plan recommend specific mutual fund names where I should invest?

Yes, "My Financial Plan" would not just contain suggestions for investing in an asset class - it would contain recommendations for specific instruments and MF schemes (scheme names) where you should invest.

Can a financial plan be made without discussions over the phone? Is it possible?

Yes, definitely! The web based forms are designed in such a way that they capture all relevant financial information. You don't have to remember to include all information - the forms ask for all relevant details in a step-by-step manner!

On top of that, there are two draft plans prepared before finalizing your plan. This consultative process ensures that you have enough opportunity to provide your feedback.

(Please see "The Process" to learn more about the entire process)

Finally, in case you have any doubts or queries, you can always email me!

Still not convinced? Check out the "Client Testimonials" to see what others have to say about this. (Hint: They don't think talking over the phone was necessary!)

Am I obliged to buy the yearly monitoring service if I get my financial plan prepared using "My Financial Plan"?

Of course not! The yearly monitoring service is not mandatory. You can choose to get your financial plan prepared through "My Financial Plan", and not continue for subsequent years. It is entirely up to you. You are not charged upfront for the subsequent years.

However, I highly recommend the subsequent yearly monitoring so that we can track your progress effectively. In fact, once you see the financial plan prepared through the "My Financial Plan" service, I am confident that you would want to continue!

Please see "After the initial financial plan" for more.

How much do I need to pay for the subsequent years? Do I need to pay the financial plan preparation fee every year?

For subsequent years, the fee is Rs. 1,999 (Cheque) / Rs. 1,899 (Online payment) per year.

Please see "Pricing and Payment" for more.

Is "My Financial Plan" an automated product that generates a plan automatically from my details? Or do I get personalized advice?

"My Financial Plan" is not automated. I would personally look at your details, and would prepare a financial plan that is unique, and is specific to you.

Do you have standard plans according specific categories (like singles, married but no kids, married with kids, etc), or do you provide personalized financial plans?

I do not have any pre-defined, standard financial plans. I prepare each financial plan that is specific to the person for which it is being prepared. Each client would get a financial plan that is created keeping in mind his or her unique situation.

Would you be asking me to spend less and save more? I would hate that.

No! Your lifestyle is your choice - I would never interfere with it.

As a part of the planning process, I would analyze your income and expenses, and would arrive at your investable cash flows.

As a planner, my job is to make sure that this surplus cash is invested in the best possible manner so that you are achieve all your financial goals.

My income is quite average. Would "My Financial Plan" be useful for me?

Yes! In fact, you would greatly benefit from "My Financial Plan", because it would explain to you how your savings should be efficiently invested in order to achieve all your goals even with moderate savings.

Please read Is "My Financial Plan" service right for you? for more.

I have very high income. Would "My Financial Plan" be beneficial for me?

Yes. I agree that a high income means you can easily achieve your goals. However, your goals would also tend to be more ambitious - in line with your income. So, a well-thought-out, details path would only help you achieve those goals faster.

Also, with your high income, the cost of the plan as a proportion of your income would be quite minuscule - so, lesser impact on the pocket!

Please read Is "My Financial Plan" service right for you? for more.

Is my data secure? What about privacy?

Please rest assured that all your personal data is safe. It is accessible only to you, and no other user.

However, your data is only as secure as your password. The data is stored using your login, so it can be retrieved or changed only if someone knows your user name and password. Therefore, please ensure that you create a strong password, and do not share it with anyone.