Top three things that you should not hide from your financial planner

Top three things that you should not hide from your financial planner

Mutual Funds
by 5paisa Research Team Last Updated: Dec 15, 2022 - 12:39 am 15k Views

You should avoid hiding information from your financial planner, just as you would from any other expert, such as a doctor or a lawyer. What exactly are they? Let us investigate.

You should aim to be as transparent and upfront as possible when hiring a financial planner. You pay a financial planner for financial advice and support, and they can only perform a successful job if you share pertinent information about yourself with them.

The financial planner's output or outcomes are determined by the inputs you supply. So, here are the top three things you should not hide from your financial planner.

Recent pay slips or ITR

It is prudent to send your most recent payslips or, if self-employed, your most recent Income Tax Return (ITR). This will assist your financial planner in precisely planning your cashflows as well as in planning your taxes.


Another part of cashflow management is budgeting. Financial planners demand costs that you incur as part of cash outflows when advising on cashflows. So, never conceal any spending from your financial planner out of embarrassment.

It is preferable to provide accurate information about your spending. This will allow the planner to provide you with better guidance and will assist you in streamlining your cashflow clutter.


It is preferable to be upfront and honest with your financial planner about your financial debt. Do not conceal any debt, even if it is owed to a relative. As a result, your personal balance sheet will be a mismatch. Not only that, but your financial advisor will be unable to assist you in reducing your debt burden by deploying efficient strategies. As a result, giving all the facts about your debt to your financial advisor is essential for maximum service performance.

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