Why do you think people in India don’t take help from financial advisors?

Personal finance
1

When we are sick we go to a doctor, when we break a law we take the help of a lawyer. Then in the case of financial advice, why don’t we seek the help of someone who is a Certified Financial Planner or SEBI-registered RIA?

What do you guys think are the reasons behind it?

2

In many cases, the first experience someone in India has with a financial advisor is with one of the following

  1. LIC uncle selling them an insurance policy at the ripe age of 21.
  2. Bank employee selling schemes for targets after your first salary falls into your account.

After a poor experience with them, you cannot expect people to become friendly with SEBI registered RIAs.

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3

The middle class do not want to pay. This is the sole reason. Also the advise given - who knows whether it is right or he himself has an agenda. The rich I am sure make use of them.

1 Like
4

Conflict of interest.

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