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Frequently Asked Questions
It is useful to everyone. Very few can consider themselves too rich to engage in Financial Planning. There are many instances of highly paid employees who came to financial grief merely because they did not plan for their post-career years. Similarly, even people earning small amounts of income should undertake this process, as it will help them in prioritizing their goals so that their limited income can be used more efficiently.
Cash Flow Management, Insurance Analysis, Asset Allocation, Investment Planning, Retirement Planning, Taxation Management, Estate & Will Planning
Wealth management means taking care of the needs of affluent clients, their families and their businesses as part of a long-term, consultative relationship. While this sounds similar to Financial Planning (FP), it differs in the sense that Financial Planning is for one and all while Wealth Management (WM) is only for a select few. WM relates more the management of plenty, while FP aims at getting the most out of limited resources.
Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you save adequately to finance your child’s higher education or it may provide enough for a comfortable retirement. You can also adapt more easily to life changes and feel more secure that your goals are on track.
A financial plan should include a review of your net worth, goals and objectives, investment portfolio, cash flow, investments, retirement planning, tax planning and insurance needs, as well as a plan for implementing your goals.
The best plan is useless unless it is put into action. Your financial planner will assist you completely in implementing the plan.
It is good to review the plan when there is a lifestyle change such as marriage, birth, death or divorce. Any change in financial position should be evaluated as well. Most people have an annual update that reviews how the plan is being implemented. The review also considers changing goals and circumstances.
It is hard to apply a rule of thumb toward savings, because it varies with age and income level. About twenty to thirty percent of your income is a good start. If you find that is too high for you, don’t let that deter you. You can start by putting a little aside each month and then slowly increasing it.
A financial planner is someone who uses the financial planning process to help you determine how to meet your life goals. The key function of a financial planner is to help people identify their financial planning needs, their present priorities and the products that are most suitable to meet their needs. The planner can take a ‘big picture’ view of your financial situation and make financial planning recommendations that are right for you.
Some personal finance software packages, magazines or self-help books can help you do your own financial planning. However, it is advisable for you to seek help from a professional financial planner if: You need expertise, which you don’t possess in certain areas of your finances. For example, a planner can help you evaluate the level of risk in your investment portfolio and revise your asset allocation; You don’t feel you have the time to spare to do your own financial planning; You know that you need to improve your current financial situation but don’t know where to start; you feel that a professional advisor could help you improve on how you are currently managing your finances.
Consider a visit to your doctor. Without complete and fully accurate details, your doctor cannot prescribe the best course of action. The same applies to financial planning. In order to obtain the best service for your ‘financial health’ all details and specifics must be disclosed.
Typically, information regarding investments held, number of dependants, income and expenditure details, savings and financial planning needs, etc. The more accurate information you give, the better the quality of advice can be.
Face-to-face meeting is recommended but it is not a must. Comprehensive financial plan can be prepared from the detailed data gathered from you. We have provided a questionnaire for you to fill out, which requires details on various aspects of your financial status, goals etc. Based upon your responses, we will be able to prepare a financial plan customized for you.
The areas where we as Financial Planners can help you are:
- Helping you in better understanding your present financial position
The questions contained in the Financial Questionnaire require you to list down your assets, liabilities, incomes and expenditures. This is a process of virtually drawing up your own Balance Sheet and will help you gain a better grip on your present financial position. - Cash Flow and Debt Management
Incomes and expenditures can be better matched through the Plan. It also will assist you in identifying whether your borrowings are within prudent limits. - Risk Management
We can help you in identifying your life and property insurance requirements. Evaluating your insurance needs is part of personal financial planning. Insurance usually takes care of your unpredictable needs and as these needs can arise at any time, insurance is extremely important. - Achievement of Financial objectives
Various financial objectives, whether it is financing our child’s education, a house of our own or our post-retirement phase can be better met through systematic investing. A properly laid out investment plan, prepared after considering your risk appetite, time horizons etc. go a long way in helping face the future more confidently. - Taxation
Often investors invest with the sole objective of saving tax. We believe that this is not the most desirable method. Investments should be in sync with your requirements, the tax angle being secondary. However, we do not ignore the tax aspect. Optimum Post tax returns are what all investors should be concerned about and that is what we too strive for. It is important that financial plans are tax efficient. The financial plan should help you in minimizing your tax liability and also maximizing your after-tax returns from your investments. - Inter-generational transfers
Estate planning is arranging for the transfer of your property to your heirs and to other beneficiaries, in a way that will, as much as possible, achieve your objectives. The most common vehicles for this purpose are the drafting of Wills and setting up of Trusts.
The quality of the Plan depends on the quality of information provided by you. You can help us by providing the requisite information in as detailed manner as is feasible and also sparing the time to meet us at least a couple of times for the same. On our part, we will guarantee complete confidentiality of the information you will provide and also assure you of the requisite due diligence in plan preparation. We realize that no two clients’ needs are the same and will take care to tailor our plans accordingly.
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Client Success Stories: Hear What They Have to Say
Anshul Chrungu
One of the plus points about dealing with Prudeno Wealth team is transparency. They never push you for anything. While onboarding was done patiently. It took close to 2 months I guess before I fully came onboard and there was no push. Constant follow-ups were done even though I was located in another city. They are good feedback listeners too. Another one.. these guys are always reachable over phone and E-mail, so that touch of personalization is there always.
Namrita Adhikari
My journey with Prudeno Wealth has been fantastic and very smooth. the amount of effort the team has taken to understand our financial goals and plan our investments accordingly is really commendable. They take care of the smallest details and explain why and how for everything. Super-efficient team!!!
Roopesh Subramanian
Team Prudeno Wealth is quite knowledgeable, authentic, supportive, structured and trustworthy. There are quite a few eyeopeners which I get from them and could uncover many of my blind spots related to my finances.
Vipin Bhasin
Most important factors for me, when it comes to finance management, are trust and smooth operations. With Prudeno Wealth Advisors, I have both. In addition they have a very structured approach to help you understand your targets and how to meet them. Highly recommend to anyone looking for financial advisory services. Please keep up the good work!
Wasim Kazmi
Its been a fantastic experience with Prudeno Wealth. I trust them and their advise. They are really knowledgeable group of people who wants to understand your requirement and risk taking capacity before suggesting any investment strategy. They always give you more than one option to choose from and make decision. They are available whenever you need them and are very prompt in responding to your queries.
Parth Kapadia
The team is very professional & really helpful. I have found their services really useful. They help you create a financial plan, based on your goals & then help you achieve them. They are very amicable & always available for answering any queries. Thanks a lot Guys!!
Rahul Bhide
It's a very fantastic experience!!! The team is best with good understanding and knowledge on financial planning and solutions. Regular meetings and planning helps to keep the track of portfolio. Best services and timely follow up. Keep up the good work!!
Deepak Kumar
Very detail oriented and a proper care taken through-out the process. Very satisfied with the recommendations from Team Prudeno Wealth. I don't have to worry too much about my finances knowing they are in best hands. Hope our relationship continues to strengthen and we only get better and better. Keep growing Prudeno Wealth team and help us grow.
Anshul Chrungu
One of the plus points about dealing with Prudeno Wealth team is transparency. They never push you for anything. While onboarding was done patiently. It took close to 2 months I guess before I fully came onboard and there was no push. Constant follow-ups were done even though I was located in another city. They are good feedback listeners too. Another one.. these guys are always reachable over phone and E-mail, so that touch of personalization is there always.
Namrita Adhikari
My journey with Prudeno Wealth has been fantastic and very smooth. the amount of effort the team has taken to understand our financial goals and plan our investments accordingly is really commendable. They take care of the smallest details and explain why and how for everything. Super-efficient team!!!
Roopesh Subramanian
Team Prudeno Wealth is quite knowledgeable, authentic, supportive, structured and trustworthy. There are quite a few eyeopeners which I get from them and could uncover many of my blind spots related to my finances.
Vipin Bhasin
Most important factors for me, when it comes to finance management, are trust and smooth operations. With Prudeno Wealth Advisors, I have both. In addition they have a very structured approach to help you understand your targets and how to meet them. Highly recommend to anyone looking for financial advisory services. Please keep up the good work!
Wasim Kazmi
Its been a fantastic experience with Prudeno Wealth. I trust them and their advise. They are really knowledgeable group of people who wants to understand your requirement and risk taking capacity before suggesting any investment strategy. They always give you more than one option to choose from and make decision. They are available whenever you need them and are very prompt in responding to your queries.
Parth Kapadia
The team is very professional & really helpful. I have found their services really useful. They help you create a financial plan, based on your goals & then help you achieve them. They are very amicable & always available for answering any queries. Thanks a lot Guys!!
Rahul Bhide
It's a very fantastic experience!!! The team is best with good understanding and knowledge on financial planning and solutions. Regular meetings and planning helps to keep the track of portfolio. Best services and timely follow up. Keep up the good work!!
Deepak Kumar
Very detail oriented and a proper care taken through-out the process. Very satisfied with the recommendations from Team Prudeno Wealth. I don't have to worry too much about my finances knowing they are in best hands. Hope our relationship continues to strengthen and we only get better and better. Keep growing Prudeno Wealth team and help us grow.