Q: What is it cost to hire a financial planner? I heard a lot of financial planner say that people will go to a doctor when they are ill, they will go to the lawyer with legal issues but when it comes to planning their finances, aligning their goals with their money they hesitate to get to a financial planner?
A: The need has not been so pronounced. There are two different kinds of generations that we are living in. We find that people who are 50 plus are not very happy to pay unless they have a pronounced reason to do so versus the younger generation who believes that should. They have not been born in an environment where everything was free for them. Therefore, they find it perfectly justifiable and alright to pay. One has got these two distinct divisions- how much it cost would depend on the city and the expenditures and within a city where somebody is sitting, maybe a Nariman Point would charge versus somebody in Borivali would be different. Broadly speaking expect to pay at least about Rs 10,000-15,000 as a bear minimum which is not too much. One probably spend on your house help more than that during the whole year. So, Rs 15,000 for the whole year is not a lot of money to pay.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
