Jan 08, 2012 06:35 PM
6092 Views
In 2008-09, I went for the Financial Planning exercise with the help of PersonalFn. I paid close to Rs 11, 000 for Initial subscription of 1 year.
This amount in my opinion was too high given my net-worth, the total AUM of few laks in MFs, my pretty simple financial profile and financial goals.
When I asked specifically, I was surprised to know that there are only TWO executives in PersonalFn to support the~400 clients in Chennai/Bangalore/Hyderabad.
When I compared the data for Annual charges for Financial Planning services, PersonalFn's charges are relatively on the higher side.
After few initial hiccups in getting a proper Financial plan, finally I escalated to the Head of the Division and PersonalFN CEO. With his intervention, complete rework was done and I got a very good Financial Planning Document which had,
Cash Flows till my retirement
All my long term goals during my lifetime including Retirement, Kid's Education, Child's Studies and marriage etc.
The money to invested year on year and in what avenues like MFs, FDs etc.
My income levels and the increments needed year on year to meet the requirements.
Later I did not go for Financial Planning Service renewal, given the high annual fees they charge. Rather I opted for FundSelect Plus - MF Portfolio Service for a reasonable annual fee. This has both Equity and Debt MF Portfolios.
Right now, I am referring the one time Financial Plan generated and use their MF Recos to pick the funds for my long term investments. So far so good.
I would recommend giving a try with Personalfn if you are very serious about your financial planning & long term investments.
