Who Is A Financial Planner?
Financial planners deal with all the financial issues of a client including tax planning, future investments and budget and risk management.
They collect data about the client’s finances, analyse data, develop a plan for investments, implement it and monitor the progress of the plan.
What It Takes?
There are no specific eligibility criteria to being a FP. However, the National Stock Exchange (NSE) and the Insurance Regulatory and Development Authority of India (IRDA) conduct certification tests, which are mandatory for dealing with financial insurance.
Education providers under the Financial Planners Standard Board of India (FPSB) are based all over the country to provide assistance for prospective financial planners. Official student membership to the FPSB is Rs. 5,000.
The average cost for study material and tutorials provided by various education providers is Rs. 32,000 for all six modules. There are seven exams, for each of which the examination fee is Rs. 1,500.
Some financial planners also sell insurance to their clients. For this, IRDA training for 100 hours in life and general insurance is mandatory after which they get a license to practice. The fee for issuing this license is Rs. 250.
The Association of Mutual Funds in India has a certification and registration programme for a license to sell Mutual Funds (MFs). This license is made mandatory by the Securities and Exchange Board of India (SEBI) for anyone dealing in MFs. A fee of Rs. 500 for the advisors’ module is to be paid to the NSE.
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