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As a 45-year-old professional with a growing family, should I choose a robo-advisor or a fee-only advisor?

Ramalingam Kalirajan |8237 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Oct 07, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Mike on Oct 07, 2024Hindi

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Dear Sir, Thank you for sharing your insights. While I appreciate the value MFDs can provide, I lean towards the fee-only advisor model for a few key reasons: Cost Efficiency: The lower expense ratios of direct funds can have a significant impact on long-term returns. Even a small difference in fees compounds over time, creating a substantial difference in wealth accumulation. Unbiased Advice: Fee-only advisors offer recommendations without the influence of commissions, ensuring that advice is entirely focused on the client’s best interests. Comprehensive Financial Planning: Fee-only advisors provide holistic guidance, including tax, retirement, and estate planning, ensuring my entire financial situation is optimized—not just investments. Active vs. Passive: Given the long-term performance of index funds and the cost advantages, I prefer a more predictable, cost-effective strategy, supported by unbiased advice. I believe this approach aligns better with my long-term goals of wealth creation. I appreciate your perspective and look forward to continuing the conversation. Thanks/Regrds,

Ans: Thank you for sharing your viewpoint. I understand your preference for fee-only advisors and the focus on cost efficiency. Direct funds do offer lower expense ratios, which, as you rightly noted, compound significantly over time. Fee-only advisors can indeed provide unbiased advice across various financial aspects. While I believe professional support from MFDs, who are compensated through performance-linked commissions, can help reduce emotional mistakes and optimize strategies, your long-term goals and cost-conscious approach make the fee-only advisor model a logical choice for you. It’s important to align your investment strategy with your personal preferences and goals.

Best regards,
K. Ramalingam, MBA, CFP
Chief Financial Planner
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Ramalingam Kalirajan |8237 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jun 30, 2024

Question by Vikash - Jun 30, 2024Hindi

Money

I have read your detailed responses to various questions and you take out a lot of time to address these questions - that's great. But, I have two questions on some common points that you generally include in your responses: 1. "While index funds have lower fees, they lack the potential for higher returns that actively managed funds offer. They simply track the market and do not aim to outperform it." - have you seen the SPIVA report on India? Most active funds don't beat the index, over a long term. This has also been proven in more mature international markets like USA. 2. Regular funds vs. direct funds - you keep on recommending regular funds. Is it not true that the difference between the regular and indirect funds is the distributor commission, while the funds are managed by the same fund manager? If there is a 0.5% difference in expense ratio per year between direct and indirect funds, what would be the difference in asset value in 10 years? Are you not conflicted by recommending funds that generate higher commissions for you - active, regular, etc.? Can you please disclose the conflict clearly including quantifying the impact on investor?

Ans: I appreciate your questions and the opportunity to clarify these important points. Let’s dive into the specifics of why active funds and regular funds can be advantageous in the Indian market.

Active Funds vs. Index Funds: The Indian Context
Active funds and index funds both have their merits. However, the performance and suitability of these funds can vary significantly between markets like India and more mature ones like the USA.

The Case for Active Funds in India
Potential for Higher Returns:

Active funds have the potential to outperform the market. Skilled fund managers can leverage market inefficiencies to generate higher returns.
In emerging markets like India, there are more opportunities for active fund managers to identify undervalued stocks and sectors.
SPIVA Report Insights:

The SPIVA report does highlight that many active funds struggle to beat the index over the long term. However, this is not a universal truth for all funds or all periods.
In India, where market inefficiencies are more prevalent compared to developed markets, active fund managers have a better chance to add value.
Localized Expertise:

Fund managers with deep knowledge of the Indian market can navigate its complexities better than a passive index fund.
They can adjust portfolios in response to economic changes, regulatory shifts, and company-specific developments.
Regular Funds vs. Direct Funds: Understanding the Differences
Regular funds and direct funds are managed by the same fund managers and invest in the same securities. The key difference lies in the cost structure and the value of advisory services.

The Value of Regular Funds
Advisor Support:

Investing through a Certified Financial Planner (CFP) or Mutual Fund Distributor (MFD) offers the benefit of professional advice.
A good MFD helps in creating a personalized investment strategy, regular portfolio reviews, and timely adjustments based on market conditions.
Behavioral Gap Reduction:

The Dalbar study shows a significant gap between investor returns and investment returns, often due to poor timing decisions by investors.
An MFD can help reduce this behavioral gap by providing emotional support and rational advice, ensuring that investors stay the course during market volatility.
Performance-Linked Compensation:

MFDs are compensated based on the portfolio value, which aligns their interests with those of the investor.
When the portfolio performs well, both the investor and the MFD benefit, creating a win-win situation.
Regulated Expense Ratios:

SEBI regulates expense ratios, ensuring they remain within reasonable limits.
While direct funds have lower expense ratios, the value added by an MFD in terms of returns, advice, and support can far outweigh the cost difference.
Quantifying the Impact
Expense Ratio Difference:

The 0.5% difference in expense ratios between regular and direct funds is significant over time.
However, the additional returns generated by following professional advice and the reduction in behavioral errors can more than compensate for this difference.
Performance Over Time:

Assuming a well-managed active fund generates 1-2% higher returns than an index fund, the impact on long-term wealth creation is substantial.
Over a decade, this can lead to a significant difference in portfolio value, justifying the higher expense ratio.
Conflict of Interest Disclosure
Transparency and Ethics:

It’s important to acknowledge that recommending regular funds can appear self-serving due to the commission structure.
However, a good MFD prioritizes the investor’s interests, as their compensation is linked to the portfolio’s performance.
Quantifying the Benefit:

The value added by an MFD through expert advice, personalized strategies, and emotional support can significantly enhance investor returns.
The cost difference of 0.5% in expense ratios is a small price to pay for potentially higher overall returns and a more disciplined investment approach.
Final Insights
Investing in active funds and opting for regular funds through a professional MFD can be highly beneficial in the Indian context. The expertise, support, and personalized advice provided by an MFD can lead to better investment decisions, reduced behavioral gaps, and ultimately higher returns. While the expense ratios might be slightly higher, the value added by professional guidance often outweighs the cost.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

Ramalingam Kalirajan |8237 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Oct 21, 2024

Asked by Anonymous - Oct 05, 2024Hindi

Money

Where should I go ?? Understanding the Incentives: Commission-Based Advisors: How they make money: They earn a percentage of the investment products they sell to you (mutual funds, insurance, etc.). Their revenue comes from the commissions paid by the companies whose products they sell. Incentive Structure: Since they get paid based on the products you buy, there’s a natural incentive for them to push products that give higher commissions, even if those products don’t always offer the best long-term growth for you. For example, they may suggest mutual funds with high expense ratios or ULIPs (which have higher fees) over low-cost direct equity mutual funds because they earn more on those products. Conflict of Interest: While they may seem to be working for your financial growth, their focus is often influenced by the product manufacturers (fund houses, insurance companies) rather than by your specific goals. Their goal can become selling more or higher-fee products rather than optimizing your portfolio's performance. Fee-Only RIA (Certified Financial Planners): How they make money: They charge you a fee, either a flat fee or a percentage of the assets under management (AUM), directly from you. They don’t earn commissions from fund houses or insurance companies. Incentive Structure: Because they’re not paid based on the products you buy, their primary focus is on providing unbiased advice that is solely in your best interest. They are motivated to keep you satisfied with the overall performance of your portfolio, your financial growth, and your long-term financial health so that you continue using their services. Fiduciary Duty: Fee-only RIAs are often legally bound by a fiduciary duty, meaning they are required by law to act in your best financial interest at all times. This is one of the biggest advantages, as their job is to ensure your financial goals are met with appropriate risk management, efficient tax planning, and optimized returns. Why Fee-Only RIAs Can Still Care About Your Growth: Your Growth = Their Reputation: Even though they charge fees directly from you, their reputation and continued engagement rely on how well they manage your portfolio and ensure it aligns with your goals. If your portfolio doesn’t grow and they don’t meet your expectations, you are less likely to continue working with them. Good RIAs build their business on client referrals and long-term trust, and they rely on providing excellent service and delivering results. Their reputation is their skin in the game. More Transparency: Fee-only advisors provide transparent pricing. You know upfront what you’re paying, and you won’t be hit with hidden fees or commissions that you might not notice in commission-based setups. Since they aren’t selling specific products, they focus more on low-cost index funds, ETFs, and direct mutual funds, which have lower fees and can potentially result in better long-term returns. Custom Portfolio Tailored to Your Needs: Since fee-only advisors aren’t restricted to selling certain products, they can craft a more diverse and well-balanced portfolio. They can focus more on your risk profile, your long-term goals, and tax efficiency, without the pressure of pushing high-commission products. Why Commission-Based Advisors Might Not Always Maximize Your Returns: Potential Conflict of Interest: Commission-based advisors often have a built-in conflict of interest. The products that provide them with higher commissions may not always be the best for you in terms of long-term returns. For instance, they may push you toward endowment plans, ULIPs, or actively managed funds that have high fees but don’t always generate the best long-term returns compared to low-cost index funds or direct equity mutual funds. High Expense Ratio Impact on Returns: The mutual funds or insurance products they sell typically have higher expense ratios or ongoing fees. Over the long term (10+ years), these fees can eat into your returns. For example, if a mutual fund charges a 2% annual fee versus a direct plan charging 0.5%, this difference can significantly reduce your returns over time. They may be incentivized to churn your portfolio (buy/sell frequently) to earn commissions, which can also reduce your overall returns due to transaction costs.

Ans: Understanding the incentives is key.

In a ULIP, the commission is fixed on your investment, regardless of how it performs. So, whether your money grows or not, the advisor earns the same.

Similarly, a fee-only RIA is charging a flat fee or a percentage of amount invested. Their fee doesn’t change, even if your portfolio underperforms.

However, a Mutual Fund Distributor (MFD) earns a commission based on your portfolio value. If your portfolio grows, they get a higher commission. If it underperforms, their earnings drop.

This creates a direct incentive for MFDs to help your portfolio grow.

Now, you decide where to go.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ramalingam Kalirajan |8237 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Oct 07, 2024

Question by Mike - Oct 05, 2024Hindi

Money

While active funds can add value, the SPIVA data is clear that most active funds underperform the index over the long term, even in India. The cost of active management (higher expense ratios) can erode the benefits of potential outperformance. For consistent, long-term growth, index funds are often a safer bet, especially since lower fees compound to your advantage over time. While the behavioral support argument has merit (and studies like DALBAR show that emotional mistakes cost investors a lot), investing in direct funds and getting professional advice separately (via fee-only advisors) is a more cost-efficient route. The savings in expense ratios between direct and regular funds will compound significantly over the years, and you can still seek advice on a fixed fee basis if needed. Ramalingam’s defense of regular funds and active management is based on the assumption that advisory support and market inefficiencies will consistently add value. However: The data (SPIVA) still shows that most active funds underperform in the long run. Expense ratios compound over time, and a 0.5% difference between regular and direct funds is significant. There is indeed a conflict of interest in commission-based models, and while some MFDs genuinely prioritize their clients’ goals, the lower-cost direct funds give you more transparency and control over your costs. Fee-only advisors can offer unbiased advice without the embedded conflict, and you can still get ongoing support for your investments without paying a percentage-based commission.

Ans: Investing in mutual funds is a crucial part of wealth creation for many individuals in India. The choice between active and index funds often leads to intense discussions. Each has its advantages, yet the performance and suitability can differ significantly in the Indian market compared to more developed economies.

The Case for Active Funds in India
Potential for Higher Returns
Active funds are designed to outperform the market through the expertise of skilled fund managers. These professionals aim to leverage market inefficiencies to generate returns above the index. In emerging markets like India, these inefficiencies present numerous opportunities.

Market Opportunities: Active fund managers can identify undervalued stocks and sectors that may be overlooked by passive strategies.

Proactive Management: By actively managing their portfolios, fund managers can make adjustments in response to market changes, providing the potential for better returns.

SPIVA Report Insights
The SPIVA report provides critical insights into the performance of active funds. While it indicates that many active funds struggle to beat the index over the long term, it's essential to interpret these findings in context.

Not Universal: The underperformance is not a blanket truth for all funds or all periods. Some active funds do excel, especially in less efficient markets like India.

Emerging Market Dynamics: The Indian market's complexities and inefficiencies can work to the advantage of skilled managers. Their local expertise can lead to better investment decisions.

Localized Expertise
Investing in India requires a deep understanding of its unique market conditions.

Market Nuances: Fund managers with experience in the Indian market can better navigate its complexities.

Economic Adjustments: They can quickly adjust portfolios in response to regulatory changes, economic shifts, and company-specific developments, potentially leading to higher returns.

Regular Funds vs. Direct Funds: Understanding the Differences
Both regular and direct funds are managed by the same professionals and invest in identical securities. The fundamental distinction lies in their cost structure and the added value of advisory services.

The Value of Regular Funds
Investing through a Certified Financial Planner (CFP) or Mutual Fund Distributor (MFD) offers numerous advantages.

Advisor Support: A competent MFD can provide personalized investment strategies, conduct regular portfolio reviews, and make timely adjustments based on market conditions.

Behavioral Gap Reduction: Studies like DALBAR show that investors often underperform due to emotional decisions. An MFD can mitigate these behavioral gaps by offering rational advice, helping investors stay on course during market fluctuations.

Performance-Linked Compensation: MFDs often receive commissions based on portfolio performance. This alignment of interests fosters a win-win situation for both the investor and the MFD.

Regulated Expense Ratios
The Securities and Exchange Board of India (SEBI) regulates expense ratios for mutual funds, ensuring they remain reasonable.

Cost Structure: While direct funds generally have lower expense ratios, the value added by an MFD in terms of personalized advice and support can often outweigh the cost difference.
Quantifying the Impact
Understanding the financial implications of choosing between regular and direct funds is essential for informed decision-making.

Expense Ratio Difference
The difference in expense ratios between regular and direct funds can seem minor—around 0.5%. However, this discrepancy is significant over time.

Compounding Effects: Lower expense ratios in direct funds can lead to considerable savings that compound over the years.

Performance-Linked Gains: If an MFD's guidance results in additional returns that exceed this difference, the overall value added justifies the slightly higher expense ratio.

Performance Over Time
A well-managed active fund has the potential to generate 1-2% higher returns than index funds.

Long-Term Wealth Creation: Over a decade, this performance difference can lead to substantial variations in portfolio value, providing a compelling reason to consider regular funds.
Conflict of Interest Disclosure
It’s vital to acknowledge potential conflicts of interest in commission-based models. However, not all MFDs operate with the same intent.

Transparency and Ethics
Prioritizing Investor Interests: Good MFDs genuinely prioritize their clients’ goals. Their compensation structure, tied to portfolio performance, aligns their interests with those of the investors.

Unbiased Advice: The value added by an MFD extends beyond simple returns. Expert advice, personalized strategies, and emotional support can enhance overall investor outcomes.

Quantifying the Benefit
Long-Term Value: The combination of expert advice and performance-linked compensation can significantly improve investor returns, making the 0.5% cost difference appear small in comparison.
Final Insights
Investing in active funds and selecting regular funds through a professional MFD can be highly advantageous in the Indian context.

Expertise and Support: The expertise and personalized advice provided by an MFD can lead to better investment decisions, reduced behavioral gaps, and ultimately higher returns.

Cost vs. Value: While expense ratios for regular funds may be higher, the added value from professional guidance often justifies the costs.

Aligning Interests: The performance-linked compensation model in the MFD space fosters a collaborative environment that benefits both investors and advisors.

Fee-Only Advisors: Fee-only advisors, while offering unbiased advice, have a limited presence in India. The evolution of the RIA ecosystem could lead to a more performance-linked fee structure, enhancing the value they provide.

Investing is not merely about costs; it’s about informed choices and strategic support. By considering both active funds and professional advice, you position yourself for a more robust investment journey.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

Ramalingam Kalirajan |8237 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Feb 19, 2025

Question by Manoj - Feb 18, 2025Hindi

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Hi sir I have one more query Is it better to invest in MF or in IAP (investment advisory portfolio) I feel in terms of fees , IAP is more with not much result I need your expertise in this for long term investments

Ans: Mutual funds through an MFD with CFP guidance offer cost-effective, transparent, and flexible investment solutions.

IAP fees are higher, reducing net returns over time.

MFDs with CFP credentials help in goal-based planning, asset allocation, and tax efficiency.

Mutual funds provide diversification, professional management, and liquidity.

For long-term growth, actively managed funds under expert guidance can outperform costly advisory portfolios.

Best Regards,

K. Ramalingam, MBA, CFP
Chief Financial Planner
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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