Things you shouldnt hide from your financial planner

When you hire a financial planner, you should try to be as open and honest as possible with him. You are paying a financial planner for financial advice and assistance and they can do a good job only when you share all the financial details. The output or results of the financial planner depends on the inputs provided from your end. So following are some of the things that you shouldn’t hide from your financial planner.

Recent payslips or ITR
It is wise to share your recent salary slips or if you are self-employed then, the recent Income Tax Return (ITR) that you may have filed. This will help your financial planner to exactly plan your cashflows and also would help him/her to plan your taxes. This will also help him/her to plan for your future cashflow requirements.

Expenses
This is another aspect of cashflow management. For advising on cashflows, financial planner also requires the expenses that you incur as it forms the part of cash outflows. So, never hide any expenses out of shame from your financial planner. It is better to honestly reveal your expenses. This will help the planner to give you a better advice and help you to de-clutter your cashflows.

Debt
Don’t hide any debt even if it is taken from any of your relatives. As this will create a mismatch in your personal balance sheet. Not just that, but your financial planner won’t be able to help you reduce the debt burden. So, disclosing all the details about your debt to your financial planner is a must for optimum service performance.