Mumbai: I went to a doctor to treat my fever. When he was midway through my examination, I realized he wasn’t qualified to be treating me in the first place.
He wasn’t even a Science graduate, he wasn’t even a graduate; but he consoled me saying, "Don’t worry, I have my diploma. Besides, none of the 200 odd patients I have treated so far have ever asked me for my qualification." Did I continue my treatment?
You are absolutely right in guessing that I took my bag and ran.
This made me wonder why people go to advisors who are not qualified to advice- with their hard earned money. Then it becomes a case of your guess is as good as his and you pray with all your heart that his is the right guess or you lose all your money.
Here are a few reasons why your financial advisor/planner should be qualified:
If you agree with the above points there is no doubt that you will not go to a broker with your hard earned money, but visit a CFP (Certified Financial Planner) and trust him not only with your money but with your money related problems and phobias. You have to trust the financial planner as much as you trust your doctor or lawyer. You have to keep the long-term goals in mind before investing.
So the next time your friend tells you that he made a killing in the market based on some ‘inside’ tips, just smile and think: ‘Slow and steady wins the race’.
Money Matters Mantras:
The author, Lovaii Navlakhi, is a Certified Financial Planner and the Managing Director of International Money Matters Pvt Ltd.
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