Selecting the right partner

Listing down your objectives is of course the first step. But you also need the right investment consultant. Your advisor must be competent enough to understand your objectives and translate them into a plan. It is essential that the person is a certified professional. Insurance agents require an IRDA (Insurance Regulatory and Development Authority) certification, while agents investing in mutual funds on your behalf need an AMFI (Association of Mutual Funds in India) certification. Your consultant should be objective and provide the best possible advice at all times, in the interest of your plan. The advisor should provide value added services like alerts, trackers, research findings, tools and calculators from time to time. Even after you have made your investments, your advisor should provide ‘after-sales service’ i.e. constantly update you on the performance of your investments and solve your queries as and when they may arise.