How to Choose a Financial Planner?

Rakesh Rachwani gives tips om finding the right person for this special relationship


Choosing a financial advisor is like laying a foundation of your skyscraper, because it is the foundation that will face the test of time in years to come, ensuring if it can weather any storm.


In today’s curious and information-hungry age, where everything is available at the click of a button, it can be very daunting to choose a financial advisor. Over the last 25 years, experience has encouraged me to believe that a coach or a mentor plays a very pivotal role in one’s success. My coach always says: “It is interesting, how many of the most successful people have coaches and most people who are trying to be successful always find a reason not to have one.”


A financial advisor is like your coach and it is extremely important that you know and understand your advisor before you engage them.


 A financial advisor’s assurance alone is not sufficient in managing your money, you also require their holistic planning approach to understand your goals, prioritize them, and put a simple process in place to achieve and monitor that plan consistently.



An advisor’s qualification plays a vital role in your financial journey. This is qualification not only in terms of education or professional credentials but also the kind of exposure they have gained in their career along with their awareness of the ever-evolving business world.


A financial advisor should be able to effortlessly answer your questions and have complete knowledge regarding their profession.



Nothing can substitute experience, hence a seasoned advisor, with a proven track record is an ideal choice.  This is not to undermine advisors who are new in the business. As long as they have the right qualification and an experienced team who can be your guide in making crunch decisions, they too can be helpful. It is like choosing between a heart surgeon who has performed numerous surgeries, and onw who has just graduated and started their practice.


Are you in a position to take that chance?

Their expertise and the number of years in practice will help calm a lot of challenging situations, as they would have simulated them over and over during their career.



A well-groomed financial advisor speaks very highly on how they work. Do they respect time? Have they planned and prepared for your meetings?  Their ability to treat every activity neatly reflects on how they will manage your financial plans.  Their action echoes whether or not they are able to practice what they preach.


Job or Passion

“The two most important days in your life are the day you are born and the day you find out why” - Mark Twain.


Skill is very important in what you do, but, Will and Passion are what will make you stand out. If you know the reason behind your advisor’s passion and emotional connection towards their work, it is a testimony to believe that they will not fail your financial plan.



An ideal advisor is rated on accessibility.  In a situation where they fail to make themselves available or address your concerns during the courtship, their credibility is definitely questionable. It is their responsibility to manage commitments as a financial advisor and fulfil expectations.



It is of utmost importance to define the expectations between the advisor and the client.   This should be documented and acceptable by both parties for clarity and future references.


“The joy of journey is equally important than the destination itself”.


They should have the ability to embrace change and always look for ways to improve their skills and method of services from time to time.


A clear testimony is their desire to educate themselves in the industry and changes in the related regulations.


An accomplished financial planner should have disaster management plan even to replace themselves in case of any eventuality. An alternative planner and team is utmost important in the above scenario.


When choosing your financial planner, please ensure you meet the support team, who plays a crucial role to keep things under control in case of an emergency.


Successful businesses always have a contingency plan in place.


Lead by example

A well rounded financial advisors are able to set examples not only for themselves but also for the industry.  They should enlighten those around them and their clients should be able to trust them and refer them to others without any doubts. Industry qualifications and professional associations like Million Dollar Round Table (MDRT) and Chartered Insurance Institute (CII) are an added advantage.


It takes experience, knowledge, credentials, and passion to guide someone and hold their hand until they reach their destination. In this turbulent economic condition an ideal financial planner will ensure success with a simplified action plan and help you build a financially safe house for you and your loved ones.


About Rakesh Rachwani

As the Founder of Compass Financial Solutions, Rakesh Rachwani leads a professional team committed towards being a client-driven financial solutions provider. While creating a financial road map for many high net-worth individuals and companies alike, Rakesh has helped mitigate their risks by drawing up an action plan to help them achieve it. He and his team educate clients in prioritizing their needs with tried and tested methods of review and consistent meetings in a timely manner to help achieve financial independence. Rakesh has developed his passion for providing Insurance & Investment solutions while working as a part-time sales consultant for Life Insurance Corporate of India in 1990. This part-time job led him to take up the profession as his career, after graduating in engineering in 1992. Over the years, he has driven his business to excellence, solely by his dedication and hard work. He came to Dubai in 1993 and was able to gain loyalty and trust of over 400 clients in less than five years. His achievements are exemplified by the fact that he has qualified for 14 consecutive years for MDRT with 7 COTs (Court of the Table) and 4 top of the table qualifications. Driven by personal experience, he is passionate about propagating education planning & family protection. 



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