Sonesh Dedhia has several years of experience in the financial services industry and now with IFANOW has attempted an innovative service. Almost like a social network for advisors and investors, IFANOW seeks to bridge the gap in networking for both sides.
Dedhia spoke to MoneyPuzzle.in about how they go about facilitating this network and why investors should think seriously about professional help in financial planning.
Here is what you can look forward to in the 20 minute video interaction above.
Q. What does IFANOW do to help investors?
A. Its like social network for advisors and investors. It also enables advisors with the right tools for financial planning and effective communication through a mobile app.
Q. Why do we need a financial advisor?
A. Advisors can assist in more complex financial product decisions and accurate asset allocationAsset allocation is essentially an official term for what you intuitively know is a healthy investment practice. For starters most households are likely to own some property and gold. That is diversification in asset allocation. You allocate the money you... More. Along with that, they can also help manage emotions and behaviour with do it yourself apps won’t be able to assist with.
Q. Do you need an advisor if your savings and earnings are low?
A. Dedhia says that it is perhaps most important to have an advisor when savings and earnings are low. Advisors can help with keeping borrowings at bay and working on effective ways to increase savings.
Q. Are advisor fees affordable or too high?
A. According to Dedhia, the perceived cost of advice is a misconception. The cost of not getting the correct advice can be detrimental to one’s financial health.
Q. Why are financial advisors not popular among investors?
A. The multiplicity of advisors can be confusing. Investors should know what type of advisor they are seeking.
Q. How can we identify the right type of advisor?
A. One has to consider various factors like an advisor’s area of expertise, experience and also fees before selecting.
Q. How does IFANOW help in guiding investors?
A. Both advisors and investors can get registered on www.ifanow.com to see the benefits and get connected.
Q. Is there a minimum qualification for advisors and how much monetary information do investors have to reveal?
A. At the moment IFANOW supports registered mutual fund distributors and SEBI registered investmentAn investment is made to give you a return. You make an investment if you use your money to buy either physical assets like property or financial assets like bonds and equity with an aim to receive income or gains... More advisers. Investor registration is like signing up for LinkedIn.
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