Online financial
planning is
a fairly new concept but it is soon catching up with Indian customers too. As
Indian customers have switched to Internet for every small little need that
they have, they also look out for options in place of regular, full-time
financial planners who charge heavy fee in return of their services. Fee is
still a bearable part as long as you are getting a good and a genuine financial
advisor but finding somebody who is really genuine and good at his or her work
is a challenging task. The advent of online financial planners has solved all
these worries. Now, there is no need to run around and hunt for a money market expert.
You can just sit at home, log in and start working with your online financial
planner.
Online financial planning
covers almost all the aspect of life, such as college funds, estate planning,
insurance investments, long-term investment management and retirement. As you
log in to some updated financial planning software, you can analyse your financial
situation and run scenarios to cover ‘what if’ questions about your financial
future. The concept of online financial planning is beneficial for those
customers who don’t want to relay too much of their personal and professional
income details to any third party. The information that you enter in the site
are stored securely. The best part is that it saves time. As you deal with a
traditional financial planner and ask for some past or present numbers or some
calculations that might be helpful for you in taking investment decisions, your
financial planner is bound to ask some time. But this is not the case with your
online financial planner who provides you updated data on all your cash inflow
and outflow. There is no need to rely on somebody else for getting your
details. Isn’t that so much quicker and easier.
The online financial planning services
were started with an aim to help common men and women with their finances.
There were days when financial planning was considered a service for a handful
of big, hefty and rich clients. And there were solid reasons behind it. First,
only rich people had money to invest and secondly, the service rates of wealth
management firms or financial advisory firms were so high that only wealthy
individuals could afford personal financial planners. But as times changed and
the technology made its way in the financial services industry, few brains came up with the idea of providing online financial
planning services to one and all and that too at affordable rates. Also, with
the increase in disposable income of middle-class working men and women, people
felt the need of hiring somebody who can assist them plan their disposable finances.
In addition to this, as people became more and more technology savvy, it
eliminated the need of full-time advisors. Most of the information is available
through online resources and people are more than happy to access all there
details at the click of a button rather than going to the offices of their
advisors. Neither does most of the individuals have time nor do people want to
go through all the hassles. Why not use the easy and good form of online
financial planning rather than hiring a full-time advisor who are manipulative
and act pricey at times.
There are a couple of online financial planning service providers who offer diversified portfolio for investments.
They also offer recommendations on life goals, insurance, loans, expenses and
tax. All this is done via virtual meetings which are much more productive as
compared to when you spend half of your spare time in driving to the advisor’s
office and looking for the parking. And needless to mention that online
financial planning is much cheaper than your full-time financial planning.
Calculate and see for yourself!
