When to ditch your financial planner: If all he does is sell various insurance schemes and home loans

On March 6, 2012 By thesuccessmanual Topic: Personal finance, Financial planners

When all your financial planner does is to sell various insurance schemes (mostly the evil ULIP types) and home loans, then you know he is more interested in making his commissions from the financial companies than in your own financial benefit - basically, when your financial planner is behaving more and more like a distributor of financial products.

From a related article about a bad financial planner:

What got the client’s goat was the following suggestion made by the planner:

  • a) Invest in a MIP (short term) for 2 years to meet your short term goal.
  • b) buy a ULIP pension plan for your DAD (Dad is 53 years old) at a premium of Rs. 2Lp.a.
  • c) buy a ULIP for yourself (for 30 years) premium of Rs. 1 L p.a
  • d) take a Home loan of Rs. 40L for buying a Rs. 50L house

The Success Manuals

The Career Advice Bible

100+ Most Important Career Questions
Finally Answered

318 Pages | $5 | PDF & EPub, Kindle Ready

250 Top Work & Personal Skills Made Easy

The First & Only Encyclopedia of Self Help,
Self Improvement & Career Advice

250+ Easy-to-Follow Guides
5000+ Proven Tips

13 Types of Essential Skills Covered
Get The Value of 100+ Best Books in 1 Book.

502 Pages | $5 | PDF / EPub, Kindle Ready