#MoneyTalks: Do you need a financial advisor?

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#MoneyTalks: Do you need a financial advisor?

Since the invention of currency, money has talked.

But when she talks, money listens.

Presenting Hansi Mehrotra, the financialguru and.

who's minting her own rules.

And, Mr.

Sikka who ironically dislikes change.

In BigDecisions presents Money Talks with Hansi.

In association with Motilal Oswal Mutual Fund.

Today's episode is about role play.

No! Not those kinds.

And, what do financial advisors have in common with.

bodybuilders.

Aur sab kaisa chal raha hai Bhojwani ji? Sikka! In case you haven't noticed, the show's begun.

Ok han.

Today, we shall be discussingfinancial advisors and how integral they are.

You mean how useless they are.

And so it begins.

Absolutely, financial advisors areinstruments of.

Satan? Arre! It's all.

a bloody.

Scam? I mean.

Sikka, predictable bafoon.

Arre, you're trying to tell me that you.

rather trust a stranger with yourhard-earned money than trust your own instincts? Arre madam, this is personalfinance not a film review.

Precisely! You.

need more than just opinions to make aright decision.

Not if your own opinion is informed.

Youcan just go and educate yourself on your.

own, by doing your own research.

I know a lot of girls in India who suffer from ill.

Not everyone is as interested in or obsessed by personal finance as you are, Sikka.

Need I remind you that everybody elsehas a life.

Need I remind you that I am money.

I am like.

A financial advisorcan play many roles in your life.

A vampire, a dementor, a blood-sucker.

Afitness coach, a family doctor, or a.

specialist, depending on your financialhealth.

Doctor who? Ahahaha.

Alright Mr.

Smarty Pants.

When was the last time you visited the gym? That was below the belt.

Your paunch definitely is.

My physique doesn't need work.

Plus I will.

start.

Tomorrow? That's what everyone thinks.

People tendto procrastinate about their finances as.

much as their fitness.

It's the perfect metaphor, Sikka.

Fitness and finance? Hahah.

What next?.

Body building? Now you're gonna askArnold Schwarzenegger to come do your.

taxes? If you don't want your finances tosag like your health, you should get.

someone to help you stay in shape.

Thatis level one of financial intervention, a.

good coach.

He should be able toinculcate good habits in you, like making.

a budget and helping you stick to it.

Yeah, I'm sure we'd all like to hiresomeone to keep yelling at us.

And that.

is particularly useful for young peoplewho have no money or physical issues.

Yes of course, he'd love to do squats onmy money.

Huh! Or if you're as mistrustful as my dear Sikka here; you could go the.

robo-advisory way.

Watch out ladies and gentlemen, herecomes the Terminator.

We're not talking.

robots.

But, online financial tools thatare aimed at people who don't need.

personal attention.

Mostly they serve up investmentportfolios.

suited to your age and risk.

profile.

Haha! So one can look up andlearn everything online.

That's what I said.

Tell me Mr.

Sikka.

Doyou keep researching online when you fall sick? What are these preposterous questions? Are you playing kindergarten cop? I'll make your head jingle all the way ifyou don't shut up.

Robo advice works.

if you have some basic needs.

When you're older and have responsibilities, you need.

a real financial advisor like a familydoctor.

Level two of financial.

intervention.

A family doctor? Like Munna Bhai CFA? Just like a medical doctor knows.

your medical history.

A trusted financial advisor knows yourfinancial history.

And therefore.

understands your relationship with money.

Trust me, every financial advisor is apredator.

Eyeing your money 24×7.

Arre baba, hetells you those FDs you have are.

not enough.

and guides you towards better medicine AKA the stock market.

Let me.

humor you for a moment.

Even your family doctor has limitedknowledge.

He can advise you about.

the same markets: debt and equity.

The same old sugar pills.

What if you want to go to the next level? Fair point.

Which brings me to the final role the.

financial advisors play.

That of a specialist.

Third level of financial intervention.

Hah! A con man who fools you with True Lies? Game over madam! You'll have more issues than.

Time magazine, if you don't let me finish.

A specialist in this case could be.

anyone who helps you to grow and protect your wealth for a specific need.

Like a.

personal inheritance or playing theoptions in the futures market.

And, you're going to trust.

anyone who comes along? This is the message you're gonna give to our viewers?! Noo you don't.

For example for investments you checkthe investment philosophy and you ensure.

that they have the right qualifications.

Like the CFA Charter.

Or an MBA in.

finance.

Personally, I don't trust MBAs in finance.

But whatever.

And the second point is, get.

everything in writing! But, why go through all that trouble? Don't they charge a bomb? Just.

remember this one rule until judgmentday.

There are two kinds of financial advisors.

The first, is a broker that charges commissions.

Soundslike a nightmare.

Therefore, I would go for.

the second one.

registered investmentadvisors who charge by client fees.

Still you're.

a little unclear to me.

Yeah, this whole sector is new anddeveloping but I see great things in.

store for this sector.

Yeah.

even i'm veryexcited.

Sikka.

you're not paying attention to.

the show.

I'm sorry I'll have to takethis han.

I'll have to excuse myself.

What's going on? Yes yes Mr.

Bhojwani.

No, we'll have tomeet for a financial check up.

Your portfolio.

is going down.

Sikka! You're a financial advisor? You hypocrite! What the.

Sorry I'll be back.

Hello! Show? And now, for the finalfinancial word.

Financial advisors can.

help you keep a check on your financialhealth.

But make sure you do your research.

and pick a good one.

Remember the checklist.

qualificationsand always get the advice in writing.

Especially, if you have a shitty one like Sikka.

Log on to bigdecisions.

Com Or.

tweet at TheMoneyHans to find find out how.

Mutual fund investments are subject tomarket risks, read all scheme related.

documents carefully.