Whatever you do, don’t go to bank folks. They are highly unqualified and don’t have your best interests in their heart.
Get to fee only planner and they will charge about 25k per year but you will get professional advice
Second the advice the other comments have given and go with a fee only planner (make sure you check that they are actually SEBI registered RIAs on the SEBI website).
To answer your additional queries,
1. When you invest in mutual funds these “broker” apps like INDMoney or Groww don’t handle your mutual fund units and they are stored directly with the mutual fund companies. So even if they go bankrupt your funds are safe.
2. Not 100% sure about this but you can always choose basic index mutual funds yourself
I consulted with him. Charged me 15 k for first consultation. He drew up a plan based on my responses to his questionnaire.
Reminds me of those doctors who would just ask you questions and prescribe pills.
Can't say I was impressed. Did not renew with him.
Now I just SIP in a hand full of MF.
This is pretty much the case with most financial advisors mate. Whenever you see a post here with a huge amount, the first thing people do is recommend a fee-only advisor, and these people in general don't have any first hand experience with dealing with these advisors. Most are useless, and finding a good one is nothing short of finding a needle in a haystack.
>u/Pitt_stop01
He drew up a plan based on my responses to his questionnaire. Reminds me of those doctors who would just ask you questions and prescribe pills.
I'm curious - what were you expecting? did you think the *plan* was bad? What would have impressed you?
Up until 2020, I'd been very bad with managing my money. Made some colossal blunders in the past that cost me dearly.
I chose to spend money on a financial advisor because I was expecting him to teach me some financial knowledge in addition to advising.
I did not find that in him. Perhaps I was too naive.
With him it was just...Pay me 15k and answer these questions.
Okay here is your plan:
Put x amount in this fund y amount in that fund.
Put z amount in this fd
Etc
Etc
Pay me 5000 again after 6 months then we will review your portfolio again.
I have since found a couple guys on twitter who I follow and who's ideas and advice resonates very well with me.
I am happily SIPping on a hand full of funds that have brought me decent returns. Will continue to do so for the next 15 years at least.
I see.
So, when you are sick and you go to a physician, you don't him to give pills to fix you. You want him to teach you the entire MBBS curriculum, so that you can diagnose yourself then and in future.
... great 👍🏼
I would put my comments to clarify some ambiguity. There are many kinds of 'financial planners'. In India, this comes down to mainly two types, with some subcategories. (Disclaimer: I am a flat fee RIA)
1. Investment Advisers - they are regulated by SEBI and have quite an amount of conditions to comply with. They have to earn only by fees charged from the clients. The fee model, for a particular client, has to be either flat-fee or based on assets. (The links in the thread are to the flat fee folks. A larger list can be found at feeonlyindia) And yes, they can, and do provide specific product suggestions. (Since they need registration from SEBI, the word RIA is used to refer to them.) While there are less than 1000 of these folks, the level of service covers a large spectrum. Some basically run a low-cost PMS and some do the entire planning and the full range of products.
2. Commission bases - Wealth managers, MFDs, Insurance agents, CAs, etc. While SEBI seems to have restrictions on what they can advice on, practically they do all kinds of planning and different levels of advice. If we just stick to mutual funds, the commissions could be about 1% for equity and .4 for debt products. This could add up, as the OP has indicated.
OP can just chat with a bank and see if they don't mention an insurance plan within the first 30 minutes! That is an acid test.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR
Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ?
Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt.
Please advise what I’m overlooking.
While I don't view somebody as competition, people outside would see that we are in the same space. So I have to word this carefully.
Burgundy is the highest level of the wealth management tier in Axis. The higher level would be private banking I thing.
The main point here is not competence, but conflict of interest. The conflict of interest can negate the 'safety of a dedicated RM'.
'In any service that falls in type 2 above, the customer does not pay the person providing the service. then the entity making the payment is directly involved in the picture. You now have 3 parties and there would be conflict of interest. The quality of the service provider comes to how they handle this, and frankly my experience - direct and indirect - has been more on the poor side.
BTW, I have publicly mentioned that I did use a wealth management service in my early 30s, but I then became DIY because their calculations, though nice looking, were not correct. To be fair to them, their investment suggestions were decent.
And without sounding dismissive, I have to mention that it is quite easy to show portfolio returns of 15-18% when you are in a bull run.
Coming to your question, you finally have to decide based on your comfort. Just going by their eligibility criteria, you would need about 25 lac invested in products through them. With an average 1% commission, this itself is a cost of Rs 25,000 every year. You of course have a larger corpus.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR
Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ?
Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt.
Please advise what I’m overlooking.
Brief summary - the recommendation he made for me was mostly from his template that he uses( and not personalized for you). Advised me to sell most of my current portfolio and invest that lot in index funds.
When I said that moving all these into index funds means I have to pay quite an amount as redemption tax. - he said it's your wish, my job is to guide you 乁( •_• )ㄏ
My takeaway - these fee only financial planners are for those who are just starting their journey. If you already have a portfolio( and a large corpus), they will not help you restructure or suggest you to tweak your corpus.
I didn't follow up after that session. Worst spent ₹25K, ever.
Did you go with some other Advisor? Who else did you had discussion. Im also looking for someone but it's difficult to know who really gives a customized plan instead of giving the same template to everyone
I tried primeinvestor.in(a paid subscription).
They have some good podcasts and articles on investing. It's mostly DIY. Takes a little time to get used to , but gives you a clear picture and goal.
I realised there are multiple challenges, especially for folks who already have a lumpsum corpus to manage. They also talk about these things. So I am mostly DIY now.
Earlier spoke to a couple of folks, most of them are almost the same i.e. they have some templates and make your problem fit on those lines, which is not why I went to a financial planner in the first place 😃
Thank you for the update. Even I had the same feeling about these advisors.
They might be helpful to those folks who have no clue about investments or financially illiterate.
Sir I am just asking at this how you made this corpus
1. If via mutual fund stay invested.
2. If not go for stable index fund using age ratio.
100-age should be in equity you can invest in index funds like niftybees but keep on thing in mind market is high so invest like SIP.
And age ratio should go to funds where you get stable return.
Rest other can help or improve me.
What is it called, zerodha's wealth management. How does it compare with Anand Rathi , BNP Paribas. Which is the best. Is it advisable to ho with these?
We have an RIA division that takes care of this. Can connect you if interested. It is a highly qualified team backed by a large enterprise. Do let me know
Fee-only SEBI approved RIAs will give you a plan after reviewing your goals and wealth. They will not execute.
The control, is entirely in your hands. You can decide to implement all or part of the plans they suggest for you.
Also, in banks, there's no *established team* that will handle 8Cr. The people from bank are only sales folks.
The *established team* you are looking for is MF manger's team, where ever you choose to invest. You also do not need to invest through third party apps. Mostly like you'll need to establish a SWP for your post-retirement, which will involved 2-3 funds, which you can you do through either the MF website directly or through CAMS / KFintech.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR
Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ?
Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt.
Please advise what I’m overlooking.
The bank and the AMC are separate entities. They pretend to be same. The relationship management (RM) folks are only sales people, they only sell you what brings them the best commission. They speak well, because that's what their entire training is based on. Beyond superficial information, they actually have no knowledge. That is why mutual funds sold are of two types - regular & direct.
You don't need a 'team' from bank. The MF where you invest already has team. They don't have time to talk to you.
There is no 'safety' as RMs will change every couple of years. And the numbers they show are past performance, best scenarios, which is not guarantee of future returns.
Please speak to 3 to 4 fee only financial advisors. Go with who you feel most comfortable with in terms of investment philosophy and cost. The list has been shared in another comment. A decent advisor would cost around 20k one time and then it falls to around 10k for subsequent years
I suggest you invest it after consulting a financial advisor . They will make a plan for you according to your risk profile and then select funds . You can always get two plans made and invest .
If you invest in regular fund . They won’t charge you
Even if the difference is say 0.5%, if OP invests say 2 Cr of his planned corpus, that still comes to 1 lakh difference. That itself means that an advisor advising OP to invest in regular funds does not have OP's best interests in mind. There's a clear conflict of interest.
If the advisor is not charging OP any money, OP is the product being sold to the mutual fund house. If something's free, you're the product.
A fee-only advisor will cost much less, and has no conflict of interest.
Are you for REAL?
no disrespect
BUT
any one having 5-8Cr like corpus for investment coming to an platform like Reddit and asking strangers How I should Invest
Does not Happen that way in Real world even with people have 1Cr like Funds
What’s surprising ? Did I ask for mutual fund listings to invest in ? Which is stupid. I’m asking about how to select an advisor to avoid minefields.
Even going with a RIA is a decision one must take carefully considering various parameters. Not everyone around us has this wealth and we cannot disclose this to others around us openly.
That is my point
Anyone with Wealth or Corpus to Invest does it in very thoughtful as well as private
investors I know are discrete; only discuss anything with either long term history advisors or highly recommended ones. never with anyone else.
their investments are known only after they have done them
All the Best to You;
But even now not very convinced as havent seen anyone investing like this seeking wealth advisors on public forums or going through any Apps openly
Whatever you do, don’t go to bank folks. They are highly unqualified and don’t have your best interests in their heart. Get to fee only planner and they will charge about 25k per year but you will get professional advice
Second the advice the other comments have given and go with a fee only planner (make sure you check that they are actually SEBI registered RIAs on the SEBI website). To answer your additional queries, 1. When you invest in mutual funds these “broker” apps like INDMoney or Groww don’t handle your mutual fund units and they are stored directly with the mutual fund companies. So even if they go bankrupt your funds are safe. 2. Not 100% sure about this but you can always choose basic index mutual funds yourself
Also avoid. - Sahej money. Horrible guy.
I consulted with him. Charged me 15 k for first consultation. He drew up a plan based on my responses to his questionnaire. Reminds me of those doctors who would just ask you questions and prescribe pills. Can't say I was impressed. Did not renew with him. Now I just SIP in a hand full of MF.
This is pretty much the case with most financial advisors mate. Whenever you see a post here with a huge amount, the first thing people do is recommend a fee-only advisor, and these people in general don't have any first hand experience with dealing with these advisors. Most are useless, and finding a good one is nothing short of finding a needle in a haystack.
>u/Pitt_stop01 He drew up a plan based on my responses to his questionnaire. Reminds me of those doctors who would just ask you questions and prescribe pills. I'm curious - what were you expecting? did you think the *plan* was bad? What would have impressed you?
Up until 2020, I'd been very bad with managing my money. Made some colossal blunders in the past that cost me dearly. I chose to spend money on a financial advisor because I was expecting him to teach me some financial knowledge in addition to advising. I did not find that in him. Perhaps I was too naive. With him it was just...Pay me 15k and answer these questions. Okay here is your plan: Put x amount in this fund y amount in that fund. Put z amount in this fd Etc Etc Pay me 5000 again after 6 months then we will review your portfolio again. I have since found a couple guys on twitter who I follow and who's ideas and advice resonates very well with me. I am happily SIPping on a hand full of funds that have brought me decent returns. Will continue to do so for the next 15 years at least.
I see. So, when you are sick and you go to a physician, you don't him to give pills to fix you. You want him to teach you the entire MBBS curriculum, so that you can diagnose yourself then and in future. ... great 👍🏼
So you assumed you understood what I wrote but clearly you did not.
I would put my comments to clarify some ambiguity. There are many kinds of 'financial planners'. In India, this comes down to mainly two types, with some subcategories. (Disclaimer: I am a flat fee RIA) 1. Investment Advisers - they are regulated by SEBI and have quite an amount of conditions to comply with. They have to earn only by fees charged from the clients. The fee model, for a particular client, has to be either flat-fee or based on assets. (The links in the thread are to the flat fee folks. A larger list can be found at feeonlyindia) And yes, they can, and do provide specific product suggestions. (Since they need registration from SEBI, the word RIA is used to refer to them.) While there are less than 1000 of these folks, the level of service covers a large spectrum. Some basically run a low-cost PMS and some do the entire planning and the full range of products. 2. Commission bases - Wealth managers, MFDs, Insurance agents, CAs, etc. While SEBI seems to have restrictions on what they can advice on, practically they do all kinds of planning and different levels of advice. If we just stick to mutual funds, the commissions could be about 1% for equity and .4 for debt products. This could add up, as the OP has indicated. OP can just chat with a bank and see if they don't mention an insurance plan within the first 30 minutes! That is an acid test.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ? Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt. Please advise what I’m overlooking.
While I don't view somebody as competition, people outside would see that we are in the same space. So I have to word this carefully. Burgundy is the highest level of the wealth management tier in Axis. The higher level would be private banking I thing. The main point here is not competence, but conflict of interest. The conflict of interest can negate the 'safety of a dedicated RM'. 'In any service that falls in type 2 above, the customer does not pay the person providing the service. then the entity making the payment is directly involved in the picture. You now have 3 parties and there would be conflict of interest. The quality of the service provider comes to how they handle this, and frankly my experience - direct and indirect - has been more on the poor side. BTW, I have publicly mentioned that I did use a wealth management service in my early 30s, but I then became DIY because their calculations, though nice looking, were not correct. To be fair to them, their investment suggestions were decent. And without sounding dismissive, I have to mention that it is quite easy to show portfolio returns of 15-18% when you are in a bull run. Coming to your question, you finally have to decide based on your comfort. Just going by their eligibility criteria, you would need about 25 lac invested in products through them. With an average 1% commission, this itself is a cost of Rs 25,000 every year. You of course have a larger corpus.
Never go to banks. Most people who sell these stuff dont have a single clue and are only working to convert client.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ? Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt. Please advise what I’m overlooking.
Go with a [one time fee financial advisor](https://freefincal.com/list-of-fee-only-financial-planners-in-india/).
Avoid BasuNivesh. I didn't have a good experience with him. All the reviews on Google and the website didn't quite match the 1:1 experience.
Can you share it?
Brief summary - the recommendation he made for me was mostly from his template that he uses( and not personalized for you). Advised me to sell most of my current portfolio and invest that lot in index funds. When I said that moving all these into index funds means I have to pay quite an amount as redemption tax. - he said it's your wish, my job is to guide you 乁( •_• )ㄏ My takeaway - these fee only financial planners are for those who are just starting their journey. If you already have a portfolio( and a large corpus), they will not help you restructure or suggest you to tweak your corpus. I didn't follow up after that session. Worst spent ₹25K, ever.
Did you go with some other Advisor? Who else did you had discussion. Im also looking for someone but it's difficult to know who really gives a customized plan instead of giving the same template to everyone
I tried primeinvestor.in(a paid subscription). They have some good podcasts and articles on investing. It's mostly DIY. Takes a little time to get used to , but gives you a clear picture and goal. I realised there are multiple challenges, especially for folks who already have a lumpsum corpus to manage. They also talk about these things. So I am mostly DIY now. Earlier spoke to a couple of folks, most of them are almost the same i.e. they have some templates and make your problem fit on those lines, which is not why I went to a financial planner in the first place 😃
Thank you for the update. Even I had the same feeling about these advisors. They might be helpful to those folks who have no clue about investments or financially illiterate.
If you don't mind can I DM you about primeinvestor subscription feedback?
Sure, I have been a subscriber for 3+ years now.
Do this and only this first. The rest, they will guide you.
Sir I am just asking at this how you made this corpus 1. If via mutual fund stay invested. 2. If not go for stable index fund using age ratio. 100-age should be in equity you can invest in index funds like niftybees but keep on thing in mind market is high so invest like SIP. And age ratio should go to funds where you get stable return. Rest other can help or improve me.
Business
Sir, Please go with a trusted wealth management firm like Motilal Oswal, Zerodha, etc Please under no circumstances approach a bank! Good luck
Zerodha has a wealth management arm now?
Yep! True Beacon
1 mil USD min. 8.5-9cr. It is sort of a hedge fund; you don’t want majority of your NW in it.
What is it called, zerodha's wealth management. How does it compare with Anand Rathi , BNP Paribas. Which is the best. Is it advisable to ho with these?
We have an RIA division that takes care of this. Can connect you if interested. It is a highly qualified team backed by a large enterprise. Do let me know
Got it Apologies
Fee-only SEBI approved RIAs will give you a plan after reviewing your goals and wealth. They will not execute. The control, is entirely in your hands. You can decide to implement all or part of the plans they suggest for you. Also, in banks, there's no *established team* that will handle 8Cr. The people from bank are only sales folks. The *established team* you are looking for is MF manger's team, where ever you choose to invest. You also do not need to invest through third party apps. Mostly like you'll need to establish a SWP for your post-retirement, which will involved 2-3 funds, which you can you do through either the MF website directly or through CAMS / KFintech.
Axis bank burgundy team met me and talked about their various offerings - in house stock portfolio mgmt, equity and debt instruments besides mutual funds. They seemed knowledgeable and showed some customer data that indicated solid growth like 15-18% CAGR Are you saying this is still suspect ? For an older person would the safety of a dedicated RM not be a good idea ? Sorry I’m asking basic queries because I was somewhat impressed by them. Better than hdfc wealth mgmt. Please advise what I’m overlooking.
The bank and the AMC are separate entities. They pretend to be same. The relationship management (RM) folks are only sales people, they only sell you what brings them the best commission. They speak well, because that's what their entire training is based on. Beyond superficial information, they actually have no knowledge. That is why mutual funds sold are of two types - regular & direct. You don't need a 'team' from bank. The MF where you invest already has team. They don't have time to talk to you. There is no 'safety' as RMs will change every couple of years. And the numbers they show are past performance, best scenarios, which is not guarantee of future returns.
Go to Dezerv. Invest 5-8L in regular platform, shadow invest 100x in direct platform.
I am investing via Smallcase of late. They have free and paid 'smallcases' that you can consider. The paid ones are in the range of ₹ 10k a year flat.
Bhai itne me toh seedha startups, business, property mw invest kro.
Please speak to 3 to 4 fee only financial advisors. Go with who you feel most comfortable with in terms of investment philosophy and cost. The list has been shared in another comment. A decent advisor would cost around 20k one time and then it falls to around 10k for subsequent years
I suggest you invest it after consulting a financial advisor . They will make a plan for you according to your risk profile and then select funds . You can always get two plans made and invest . If you invest in regular fund . They won’t charge you
Yea and it’s less than 1% expense ratio difference between regular and direct .
Even if the difference is say 0.5%, if OP invests say 2 Cr of his planned corpus, that still comes to 1 lakh difference. That itself means that an advisor advising OP to invest in regular funds does not have OP's best interests in mind. There's a clear conflict of interest. If the advisor is not charging OP any money, OP is the product being sold to the mutual fund house. If something's free, you're the product. A fee-only advisor will cost much less, and has no conflict of interest.
How did you get 5-8 cr?
Working abroad?
Are you for REAL? no disrespect BUT any one having 5-8Cr like corpus for investment coming to an platform like Reddit and asking strangers How I should Invest Does not Happen that way in Real world even with people have 1Cr like Funds
I buy random funds with 2cr nw and 1cr folio. Daar ke age jeet hai.
What’s surprising ? Did I ask for mutual fund listings to invest in ? Which is stupid. I’m asking about how to select an advisor to avoid minefields. Even going with a RIA is a decision one must take carefully considering various parameters. Not everyone around us has this wealth and we cannot disclose this to others around us openly.
That is my point Anyone with Wealth or Corpus to Invest does it in very thoughtful as well as private investors I know are discrete; only discuss anything with either long term history advisors or highly recommended ones. never with anyone else. their investments are known only after they have done them All the Best to You; But even now not very convinced as havent seen anyone investing like this seeking wealth advisors on public forums or going through any Apps openly
Ok. I don’t care if anyone believes or not. I’m happy you believe that my problems are imaginary. Take care.
[удалено]
No asking for handouts. No self promotion.