The most important factor in choosing a fee-only advisor

The most important factor in choosing a fee-only advisor

We recently ran a survey for clients of fee-only advisors who are part of Freefincal’s curated list and fee-only India – 964 clients have participated.A healthy trend has emerged that warrants our attention, and we strongly believe any further response would only strengthen it. We shall discuss answers to two survey questions in this article. Other questions will be discussed in subsequent articles.Question: What are the factors that helped you finalize your decision? Choose as many as relevantOptions:Advisor’s education/qualificationsAdvisors experienceFeesAdvisors’ articles or social media posts, or commentsRecommendation by a friend or relativeRecommendations on social mediaRecommendation by Ashal JauhariThe advisor spoke in my mother tongueThe advisor lives in my cityThe introductory call with the adviserMy expectations matched the adviser’s style of adviceResult:Fee-only advisor’s client survey results: What are the factors that helped you finalize your decisionNotice that the advisor living in the same city as the client is largely irrelevant! Which is fantastic! Fee-only advisory is essentially an online business. Most clients are mature enough to appreciate it.Advisor speaking in clients’ mother tongue is also surprisingly a small factor. This means most of the clients are comfortable with English.Advisor experience is the most important factor, as is the case before engaging any professional like a doctor, CA, lawyer etc.“My expectations matched the adviser’s style of advice”, a factor suggested by SEBI RIA Swanpil Kendhe, comes in second and outranks “Advisor’s education/qualifications” and “Fees”. “The introductory call with the adviser” is related to expectation-advisory style overlap.These results show that clients are largely erudite with some basic understanding of the financial planning process.The nearly 35% share of “Advisors’ articles or social media posts, or comments” and the expectation-advisory style match offers a bright ray of hope for new/young advisors to compete with older/experienced advisors.New advisors must have crystal clear clarity on their financial planning process and style of operation. They must consistently showcase their competence via articles and videos in different fora but primarily on their own website. Those looking for assistance in going about this can consider our course: Increase your income by getting people to pay for your skills!Next, we asked: “If you had to choose ONE option (among the above) as the most important before choosing an advisor.”Results:If you had to choose ONE option as the most important before choosing an advisor, it isIt is fascinating that the advisor experience and “My expectations matched the adviser’s style of advice” are now on par! Good reviews and recommendations by another client come in next. Fees and qualifications are not as important!In summary, the survey results show that the typical client of a fee-only advisor is fairly knowledgeable and does not choose advisors based on fee, location, or language. Wavelength match with the advisor and advisors’ experience are the key factors.The future of fee-only advisory in India is quite bright, and clients are willing to take a chance with a new advisor if she can impress them. More power to both parties!Do share this article with your friends using the buttons below. 🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥 Use our Robo-advisory Excel Tool for a start-to-finish financial plan! ⇐ More than 1000 investors and advisors use this! New Tool! => Track your mutual funds and stocks investments with this Google Sheet! Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincalJoin our YouTube Community and explore more than 1000 videos!Have a question? Subscribe to our newsletter with this form.Hit ‘reply’ to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question. Get free money management solutions delivered to your mailbox! Subscribe to get posts via email! Explore the site! Search among our 2000+ articles for information and insight!About The Author Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice. Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free!  One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence. Our new course!  Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts you and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!    Our new book for kids: “Chinchu gets a superpower!” is now available!Both boy and girl version covers of Chinchu gets a superpower. Most investor problems can be traced to a lack of informed decision-making. We have all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision making and money management is the narrative. What readers say!Feedback from a young reader after reading Chinchu gets a Superpower!Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. – Arun. Buy the book: Chinchu gets a superpower for your child! How to profit from content writing: Our new ebook for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only! Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new Tactical Buy/Sell timing tool! 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Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained) Connect with us on social media Our publicationsYou Can Be Rich Too with Goal-Based Investing Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now. Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel This is an in-depth dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. 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