A Financial Planner helps you to develop and create a plan that will assist you to achieve your dreams in a specific time frame. This does not give any guarantee on returns.
Yes, a research from investment researcher Morningstar Inc. gives investors an idea of the added value of financial planning: An extra 1.82% per year. That’s not some random figure, but rather the results of a groundbreaking study that Morningstar conducted in 2012 (Source: Wall Street Journal).
A Financial Planner does more than just telling you where to invest. He understands your goals and dreams and prepares a plan that will help you achieve them without strenuous planning. A CA, on the other hand, helps you in the fulfillment of government regulations such Tax computation, filing of ITRs, audits and other formalities.
Fund Advisors have one goal and that is to sell a product of the company. And while they do talk about how these investments can change your life, it’s often to push their products. Financial Planners look at your needs and what suits you the best, not what suits them the best.
An Agent or a Broker takes a narrow view focusing on one or two products or goals. He /She shall help you with paper work, submit documents & complete other modalities but often miss-sells products, promoting those that suit their needs more than yours. Although he/ She will not charge directly; the commission is built into the product.
Although a Wealth Manager would have a broader view of overall finances, but focuses on investments and also as they would be having their targets to achieve would only push products which are more profitable to them. Also their range of brands & products would be very limited. The recent instances of miss-selling and fraud by the Wealth Mangers of a few reputed MNC Banks have made them infamous.