Earning money and wealth creation are 2 different things and former does not guarantee the latter. Only when the earned money is “invested” in suitable avenues as per one’s risk profile, financial goals and considering the tax efficiency, can wealth be said to be created.
Usually, those working abroad earn well but due to staying away from India, lose a connection to dynamically changing tax and investment landscape in India. As a result, they either park the money in low return avenues like fixed deposits or rely on unscrupulous agents/ third parties and end up investing in toxic products like endowment policies, ULIP plans, structured products, guaranteed return products, company fixed deposits, FMPs, closed ended funds etc.
By the time they return back in India & re-focus on their finances, damage has already been done and it is difficult to get out of rigid products like insurance policies, FMPs, closed ended funds etc.
While you are out of India, I am your trusted knowledge link to Indian landscape and because I am a pure fee-only advisor, I provide you unbiased and personalised advice on where to invest & how to align investment plan to your broad financial goals which includes your R2I plans.
I construct a detailed financial plan for NRI/PIO families where I piece in different puzzles of the client’s financial life and prepare a holistic & completely personalised and tailor made financial plan, keeping in mind the family’s current financial situation, risk profile, financial goals, R2I plans, etc.
A detailed financial plan involves the following:
- Detailed understanding about your family details, existing financial situation, financial goals, R2I plans (spread over a couple of calls)
- Contingency funds analysis: How much should be set aside for emergency & where should it be deployed
- Insurance analysis: Whether all risks are covered, review of existing insurance policies & suggesting any new insurance products
- Investment Risk Profiling
- Financial goals listing & mapping investment to the respective financial goals
- Review of your existing investments, tax efficiency, asset allocation and suggesting changes to bring it in line with the assessed risk profile
- Preparing a systematic investment plan for each of the financial goals
- Creating a transition period cash flow statement
- Helping you transition to direct plans of mutual fund schemes with minimum impact by way of exit load, capital gains tax etc.
- A check for existence of proper nominations across insurance policies & investments
- Identifying the right avenues for tax planning and succession planning
- Identifying gaps in tax and FEMA compliance which can cause notice/adverse comment from Indian tax and revenue authorities
- Generating a date-wise “Action Plan” to help you take the right actions