Importance of involving your family in your investment decisions

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Importance of involving your family in your investment decisions


These days a lot of financial decisions are to be made in day to day life. Even we have a lot of bank accounts, investments and med claim policies. In this scenario it is very critical for your family, specially your better half to have an idea about these. Pointers to be discussed with your family –
1.   Your financial advisor – Your family should be known to your financial advisor. They should perfectly know where to contact to just in case an emergency arise. Investments although is always done for long term perspective, but at times can be life saver at important points of life. EG there was one of my client who was well of in his living and was maintaining a health investment with me. One day he was critically ill, family had no idea where to get funds from. But his wife and son was connected with me via FB. They contacted us and their investments with us proved to be quite helpful to them. It probably made their lives much simpler. We redeemed amount required and treatment was done. We have not seen future, so it is always better to introduce your financial advisor to your family or at least they should know how to contact him if required.
2.   Your bank account details- these days we maintain a hell lot of bank accounts. Our family should be aware of where they can find all the bank account details. They should be properly stored in a safe or locker, which is easily assessable to all.
3.   Health insurance policies- we often take health insurance policies but when time comes to use it we are so emotional or laid back that we tend to ignore it. Your family/spouse should be aware of about your health insurance policy. This is to ensure that just in case any mis-happening happens we are able to file your claims on time. There are always deadlines for claims to be filed.



These three are the most basic details we must share with our family members/spouse. Initially they may feel it’s not required but eventually even they will understand its importance. Happy investing!!
Have a good day!!
Pankaj Ladha & CA Anant Ladha 


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