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Ultimate guide for nris - Copy

The Ultimate Guide for NRIs to choose a Certified Financial Planner

by Holistic 4 Comments | Filed Under: NRI

Listen to this article


Are you an NRI who is making most of your investments during your short visits to India?

Are you forced to take quick investment decisions because of the tight-packed agenda during those short visits?

Remember, those quick investment decisions will have long-term commitments. Are these investments aligned with your actual financial goals?

Is there any need for a Financial Planner in India for an NRI?

  • As a Non-Resident Indian (NRI) or Person of Indian Origin living abroad, you may find it hard to keep up with changes in rules and regulations, or you may feel the need to hire a professional to manage your finances.
  • Also, instead of making investment decisions based on the broad views you get from your relatives and friends in India, it is better to have a financial planner who can give you a complete and comprehensive financial plan even when you are abroad.
  • As an NRI, instead of making investment decisions based on general opinions from relatives and friends in India, it is preferable to hire a financial planner who can provide you with a complete and comprehensive financial plan even if you are not in India. 

When choosing a Certified Financial Planner (CFP) in India for personal financial services, NRIs should consider these 12 factors to protect their wealth and to earn better returns.

Table Of Content

Expertise in advising NRI clients requires the financial planner to be aware of

    • Exchange rate risk
    • Different sectors or schemes in which NRIs are allowed to inves
    • Exposure to the right investment opportunities
    • Tax implication of the investment decision
    • Investment Product Knowledge
    • Right Investment Process
    • In-depth Requirement Analysis
    • Macroeconomic Risks for NRIs
    • Having adequate funds for Retirement
    • Investment Transaction Execution for NRIs
    • Easy Accessibility (Very Important for NRIs)
    • Online Access

NRIs Specific to a Country

Expertise & Experience in handling Non-Resident Indians (NRIs)

As an NRI you need to select an experienced financial planner, who will be able to understand the needs and constraints of NRI customers in a better way than the ones who have no experience in handling NRI clients. Like the other NRIs, you should not make the mistake of choosing a generic financial planner who has no experience with regard to NRI clients.
Expertise in advising NRI clients requires the financial planner to be aware of:

12 Factors to Consider For NRIs before Choosing a Financial Planner In India

1) Exchange rate risk

Your financial planner should understand the impact of currency movements on the value of investments made by NRIs. While giving investment advice, your financial planner should clearly explain to the NRI clients like you, the impact on the value of their investments of any adverse currency movement.

When the Indian currency depreciates against the currency in which an NRI earns, then the after-tax return generated from investment in India will be

lower in terms of the currency of income of the NRI.

Your financial planner should also be able to advise on ways in which NRIs can hedge their currency exposure while investing in India. Hedging can ensure that the value of investment remains the same despite in spite of adverse exchange rate movement.

2) Different sectors or schemes in which NRIs are allowed to invest

Not every investment avenue in India is available for NRIs. For instance, due to the regulations of the US Securities and Exchange Commission (SEC), most mutual funds in India do not accept investments from NRIs or PIOs based in United States. Same is the case with Canada.

3) Exposure to Right Investment Opportunities

Some financial planners say that NRIs should build a portfolio that includes three parts: 

  • one part invested in international stocks, 
  • one part invested in Indian stocks and 
  • one part invested in bonds. 

Other financial planners say that NRIs should invest all their money in Indian stocks because they are not exposed enough to international stocks. 

You should be looking for an advisor who is familiar with the wealth of investment opportunities available both in the international financial markets as well as in India. 

4) Tax implication of the investment decision

Your financial planner should be well-versed in the tax implications of investments for an NRI in financial assets in India.

Securities transaction tax, taxes on short-term and long-term capital gains, etc can affect the final value that an NRI investor realizes from the investment in India. Double taxation treaties of India with a number of countries can have some tax implications for NRI investors.

So, before selecting your financial planner, you need to check whether the financial planner knows all these tax implications.

Must Read: An NRIs Perfect Guide for Income Tax Planning

5) Investment Product Knowledge

The right financial planner would be one who understands clearly the various investment schemes that are available for NRIs or PIOs. Due to the higher economic growth and higher interest rates in India in recent years, PIOs have shown a lot of interest in investing in Indian financial assets to generate higher returns.

6) Right Investment Process

The biggest advantage of choosing the right financial planner is that a systematic investment process will be followed. A systematic investment approach increases the chance of making the right investment decisions. NRI clients should take the services of a financial planner so that they make better investments.

Guide nris
Many NRIs think that they do not need to take the services of a financial planner; they can make investments without needing any advice. This approach often proves to be harmful and loss-making.

7) In-depth Requirement Analysis

Your financial planner should be able to clearly identify the investment horizon of NRI customers like you. Different NRI customers can have different investment horizons.

A clear investment policy statement should be made by the financial planner. This investment policy statement should clearly state the investment goals, investment horizon and risk tolerance of the NRI investor.

Your financial planner should be able to assess your goals in India and overseas. He should be able to come up with different investment options – repatriable and non-repatriable – for different investment goals.

8) Macroeconomic Risks for NRIs

The financial planner should also be able to understand the various macroeconomic risks that can have an impact on the investments made by NRIs in India. India is a developing country with a unique set of macroeconomic risks and opportunities.

These macroeconomic risks include higher oil prices and the country’s dependence on imports for meeting more than 80% of its energy needs. When oil prices rise, the Indian currency tends to depreciate against other currencies. An NRI may realize lower returns from his / her investment in India because of this depreciation.

Another macroeconomic risk relating to India is political or economic instability. An increase in fiscal deficit or current account deficit can be important macroeconomic risk for the economy.

9) Having Adequate Funds for Retirement

 The financial planner must be able to help you with your customised customized retirement plan as an NRI. 

The financial planner should be able to guide you through the process of 

  • determining your asset allocation based on your risk profile, 
  • selecting appropriate investment avenues within each asset class, 
  • assisting you in managing your cashflows with the necessary discipline to invest, and 
  • reviewing your portfolio regularly 

to ensure that you are on track to meet your important financial goal.

Must Read: 7 Basic Factors every NRI ought to know about Retirement Planning 

10) Investment Transaction Execution for NRIs

The financial planner should also be able to offer convenient ways in which NRI clients can make the investment, once the asset in which the investment has to be made is decided.
The financial planner should advise on the entire value chain of the investment process. Ways in which investments can be made most conveniently, such as through online transfer in the scheme, is an area in which the financial planner should be well-versed in.

The financial planner should have an understanding of the transactional side too so that he can guide NRI clients on how to make investments most conveniently.

11) Easy Accessibility (Very Important for NRIs)

Your financial planner should make use of the latest Technology products or tools when it comes to communication.
The financial planner should be one who can be contacted easily through the use of Skype, email, phone etc. Due to the geographical distance involved, NRI investors like you may face difficulty and dissatisfaction if you are not able to communicate easily and in real-time with your financial planner.

So, while choosing your financial planner, you should also enquire about the communication modes/ methods that the financial planner uses for communication with clients.

12) Online Access

Use of the FinTech software, help financial planner as well as their clients to invest and track their portfolio online anytime and anywhere.

A financial planner, with a help of communication tools, can send Portfolio reports/Newsletter to their clients effortlessly at regular intervals and whenever required to keep their clients informed about their portfolio and market.

Regular communication of a financial planner plays a vital role in keeping the emotion of investors under control which advises the investors to be rational and avoid taking wrong investment decisions out of market volatility.

Beware of Following Financial Planners

NRIs Specific to a Country

Case 1: NRIs in Gulf Countries:

Over 2 million NRIs live and work in Gulf countries such as UAE. Most of them intend to return to India at the time of their retirement. They send billions of dollars every year as remittances to their families in India. They want to preserve their savings and grow them so that their retirement needs and those of their family members can be met.

The financial planner should have a clear understanding of the investment objectives of such clients while giving them advice. Factors such as the city where a client intends to settle after retirement, the cost of living in that city, etc, are important factors in the investment advice.

An issue with NRIs living in Gulf countries is that many of them go to these countries on temporary jobs or assignments. They work for 5 to 10 years and then come back to the country. Some of the white-collar jobs are not secured. Anytime, they may lose their job.

How to accommodate this job insecurity in the financial plan, needs to be addressed by the financial planner.

Back in India, they work in Indian jobs at comparatively lesser salaries. The financial planner should understand the situation of many NRIs and advise them appropriately. Such advice should be about how to invest the savings made during years of working in the Gulf so that the returns earned can offset the decline in income in later years.

Case 2: NRIs in USA, Canada, and Europe:

The USA and Canada-based NRIs may have to pay tax on the accrued income from the investments made in India. This needs to be accounted for in the financial plan.

Your financial planner should have worked with different kinds of NRIs – NRIs who settle abroad; NRIs who will return to India in the future; NRIs who have not yet decided about returning or settling. These different categories of NRIs need different treatment in their financial plan. Your financial planner should be comfortable with all these categories of NRI and should have proper strategies to address their different financial situations.

Financial Planner’s Fees:

The fee that the financial planner charges should also be taken into consideration before the final decision to take the services of that financial planner. The very high fee can result in lower net returns for the NRI client from their investment.

The cost of choosing a wrong Financial Planner:

People often fail to understand the significance of choosing the right financial planner. They don’t realize that a lifetime of their efforts can go down the drain if they choose the wrong financial planner. The right financial planner can multiply their wealth significantly and make them richer and happier. The right financial planner is one of the requirements for a successful financial life. If you do not have one, then go get one soon.

Definite ways to Find Trustworthy Financial Planners

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘Book Now’ button below.

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Comments

  1. chirag Dua says

    September 12, 2020 at 2:33 pm

    Need help in understanding tax complications as I am currently employed outside India but stuck in India during Covid lockdowns placed by many countries

    Reply
    • Holistic says

      October 20, 2021 at 2:54 pm

      Hi!

      If you are interested, then you can sign up for our 30-minute Complimentary Financial Plan Consultation to talk with our Certified Financial Planners.

      Click the link to get your appointment.

      https://www.holisticinvestment.in/complimentary-financial-plan-consultation/

      Reply
  2. Shyam says

    October 7, 2018 at 4:47 am

    Hi,
    Seems interesting
    Can we have an initial chat
    Thanks
    Shyam

    Reply
    • Holistic says

      June 28, 2019 at 10:02 am

      Sure. You can start with our complimentary consultation. Please register in this link (https://www.holisticinvestment.in/complimentary-financial-plan-consultation/) to avail our free consultation.

      Reply

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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