FAQ’s: Our customers often ask these questions. If you have one of these coming to your mind, you can find the answer here.
Q1: I want to understand how Financial Planning is different from Wealth Management.
Financial planning is a process to find out where you are now (financially), determine where you want to be in the future, and what you are going to do to get there. It is a guide which helps you reach the exact destination in the desired time by properly utilizing the available resources. It is one step ahead of Wealth Management. Financial planning is a series of goals or steps that you achieve in order to meet your life goals.
Q2: What kind of data or information I need to share for Financial Planning?
For an effective financial plan, all qualitative and quantitative data of your financial and non- financial assets & liabilities, income & expenses, dependent details, financial goals etc. will be required.
Q3. Why do I have to provide so many personal details? Will you keep my personal financial information confidential?
Just as a doctor’s prescription and diagnosis is based on observations and health issues you share with him, a financial health is based on the details and accuracy of your complete data and information which you provide.
As a financial advisor, Manek Financial believes in assurance of protection of client confidentiality and Data Security. All information provided to us will be held strictly confidential and not disclosed to third parties, except as agreed upon in writing or required by law.
During the period of your engagement with us, it may be required to consult with other third party professionals like chartered accountants or lawyers. At this time we would obtain your written permission to disclose your personal information to the third party.
Q4: How will Manek take me through the Financial Planning Process?
Post your confirmation of enrollment with us, you will be proposed a suitable service based on your data provided. On payment of fees based on invoice or/& Statement of work and signing Letter of Engagement (LOE), our financial planners will begin drafting your financial plan.
Establish the goal/relationship
Develop a plan
Implement the plan
Monitor the plan
Q5. How will be I Charged?
We are a fee-based SEBI Registered Investment Advisors (SEBI RIA) and our source of compensation for your financial planning will be fees calculated on the basis of Quantum of work depending on your data and on your Asset under Advice (AUA) / Assets under Management (AUM).
Q6. How long will it take to complete my financial plan?
Creating a financial plan takes a lot of customized analytical calculations. Hence, post submission of your complete data, it generally takes 15 days to complete the plan. The speed of plan delivery may vary on case to case basis depending on the volume of data & speed with which you provide us the same.
Q7. My plan is completed, what’s next? I understand the advantages of Fee Only Financial Planning, but in addition to that I might need to get financial products? Is it possible?
The success of any plan is highly dependent on its implementation/execution. Manek is a one-stop-shop for financial planning & execution. It is not compulsory that you will work with us on both directions. We offer product selection & recommendations of various financial instruments being advised in the financial plan for execution all under one roof.
You may choose us for :
1) Planning and Execution both, or
2) Planning Only
Q8. Why should I choose Manek Financial for my Financial Planning requirements? Do you believe in transparency? Who is the Team?
Manek Financial is a one-stop SEBI Registered Investment Advisory company for individuals, families and foundations catering for over 15 years, fiduciary responsible to serve you in your best interest.
Our recommendations are unbiased and target the best utilization of your resources to achieve your financial goal.
We give professional advice on your most pressing financial challenges and also provide implementation guidance.
We are a Single Source Solution Provider and handle all types of investments & insurances. We bring about a unified, 360° view to our clients’ finances and apply sophisticated strategies to ensure fulfilment of their Financial Goals, in a manner that is transparent, tax friendly and efficient.
Our specialists are highly dedicated and committed to providing financial planning services to our clients. All our personnel are qualified financial planners who have undergone rigorous training to give you the best possible experience while working with us.
Q9. Does financial planning guarantees the achievement of my financial goals?
Financial planning will tell you what is required to achieve but the achievement of your financial goals would highly depend on implementation and many dynamic circumstances beyond our control such as inflation, taxation, recession, political changes, change in your individual circumstances, etc. which might deviate your financial plan. Therefore, periodic review & monitoring of the plan is essential.
Q10. What services do you provide to your clients?
We help our clients with financial planning as well as purchase of all investments & insurance products under one roof.
Financial Planning is a comprehensive process which helps in
· An in depth assessment of your current financial condition
· Creating a roadmap that shows how to accomplish your future goals and objectives
It incorporates Risk Profiling, Risk Management, Goal Based Investment Advisory, Taxation Planning, Asset Allocation review & Net-worth Analysis, Budgeting & Cash Flow Management, Life Cash Flow, One Year Action Plan, Product Selection & Recommendation.
Products that we deal in are Insurance, Mutual Funds, Equity & Derivatives, IPOs, Fixed Deposits, Bonds, Commodities, Currency, Loans, Real Estate, and Structured Products & Portfolio Management Services.
Q11. Can I appoint Manek Financial to do some sections of my financial planning goals or do I have to consult you for a complete plan?
Usually a comprehensive financial plan is advisable and advantageous, but we also shape our services to suit your definite needs such as goal based investment advisory for retirement, house purchase, Children’s education & marriage, taxation, succession, charity or gifting, risk & debt management.
Q12. I am newly married and have begun to realize the importance of building a secured financial future for my family. Can you help me? / I am young and have just started earning. I want to start planning for my financial future early on...
Absolutely. At Manek Financial, we understand that everyone has different financial knowledge, needs, requirements and goals. We believe in working with individuals from all age groups & income levels. The earlier you start financial planning, the sooner you can achieve your goal of being financially free. We believe, there are four clear cohorts for financial planning – young adults (20 – 35 years), peak earners (36 – 55 years), seniors (55 years +) and individuals in crises. We have created four distinctive and purposeful approaches to planning based on needs of each age group.
Q13. How can your Financial Plan help me, when I already have an established Financial Professional who helps me out with my insurance & investments?
Our financial planner does more than just telling you where to invest. He understands your goals and dreams and makes a plan that will help you achieve them with minimum obstacles.
Instead of adopting a skewed product centric approach and dealing with only products & its features, financial planners prefer to have a client centric approach to look at your needs and what suits you the best. It is a process of first understanding your requirements, drawing up your current financial position and then recommending a product, if necessary. Hence it is the most efficient and effective system of planning your finances.
Q14. Does Manek Financial also provide Legal / Tax advice?
Manek Financial is not qualified to render any legal/tax advice or to prepare any legal/tax documents. However, we can refer you to certified and licensed specialists who are better qualified to provide advice appropriate to your situation.
Q15. What if I have queries or updates once the plan is implemented?
An effective financial planning requires constant monitoring and reviewing to make sure that the plans don’t deviate. This is an ongoing process. Hence, you can come back to us any time around year to get your doubts cleared.
Q16. How often my financial plans will be reviewed?
Ideally we recommend at least annually. It may, however, differ on a case to case basis.
Q17. What are the additional benefits if I enrol for your services?
Our business does not stop at financial planning; but we also believe in offering research based insights of the financial market.
To keep our clients’ on the top of the learning curve, we conduct investor awareness workshops & seminars.
Q18. My question is not in the list above, how can I get my answer? How can I get Started?
Contact us at firstname.lastname@example.org or +91 9004936663