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Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>Spirit Airlines lowered its revenue estimate, citing a decline in non-ticket revenue.</li><li>That refers to things like bag fees and picking your own seat, which can cost hundreds of dollars.</li></ul>Passengers are getting fed up with <a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-review-wont-use-it-certain-trips-frequent-flyer-2024-3">Spirit Airlines</a>' additional fees, the carrier's latest <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/1498710/000149871024000179/investorupdate240716.htm">financial filing</a> suggests.On Tuesday, Spirit filed an 8-K, which warned of a decline in revenue for the second quarter of this year.It said it expected revenue of $1.28 billion, whereas previous estimates suggested it could be $1.34 billion. Spirit said this was "primarily due to lower-than-expected non-ticket revenue."Non-ticket revenue refers to all the add-ons that are a mainstay of the <a target="_blank" class="" href="https://www.businessinsider.com/ryanair-easyjet-wizz-europes-budget-airlines-compared-2024-5">budget-airline</a> business model.That includes things like snacks on board, as well as extra fees for checked bags or picking your own seat.Spirit estimates that it will earn $64 in non-ticket revenue for each passenger segment, which is "several dollars lower than anticipated."Ultra-low-cost carriers like Spirit and Frontier have recently come under increased scrutiny. In June, <a target="_blank" class="" href="https://www.businessinsider.com/united-ceo-low-cost-carriers-frontier-spirit-flawed-business-model-2024-6">United CEO Scott Kirby told</a> "The Air Show" podcast they are "going out of business" because their business model is flawed and "customers hate it."However, Deutsche Bank analysts pointed to Spirit's decision to remove most of its change and cancellation fees from May, as well as raising the weight limit of checked baggage.Looking at the airline's website, there are huge ranges for seat pricing.Spirit says that requesting a regular seat can cost anywhere from $1 to $200, while its Big Front Seats can cost as much as $900.The upper limits are likely only in rare circumstances, but the upgrade might still not be worth it. In 2022, Business Insider's Taylor Rains paid <a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-big-front-seat-premium-review-2022-6">$35 for a Big Front Seat</a> on top of a $30 ticket fare.Snacks and drinks also have a broad pricing range, between $1 and $15.The airline's bag pricing varies, but Spirit's online calculator displayed error messages on Wednesday morning. BI reported last month that a <a target="_blank" class="" href="https://www.businessinsider.com/flying-ultra-low-cost-airlines-spirit-frontier-not-worth-it-2024-6">carry-on bag on a Spirit flight</a> between New York and Orlando cost $50.In Tuesday's filing, Spirit blamed the decreased revenue on "incremental pressure on ancillary pricing due to changes in the competitive marketplace."In simple terms: passengers are becoming less willing to spend money on extras.Spirit did not immediately respond to a request for comment from Business Insider.

Spirit passengers are getting fed up with the ultra-low-cost airline's extra fees

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>A financial advisor can help plan for retirement, build an investment portfolio, or budget to reach your financial goals.</li><li>When hiring an advisor or planner, make sure to consider their specialties and certifications.</li></ul>Hiring a financial advisor or a financial planner can help you achieve your short- or long-term goals — like having a comfortable retirement, funding your child's college tuition, or buying a house. These professionals aren't one-size-fits-all, though, and finding the right one is critical to your success. Here's what you need to know about financial advisors and planners, and how to zero in on the best one for your goals and budget.<h2>How to find a financial advisor</h2>To choose the right <a href="https://www.businessinsider.com/personal-finance/best-online-financial-advisors">financial advisor</a> or planner, you first need to understand what you're trying to achieve. Are you looking to maximize your retirement funds? Do you want to make more from your investments? Is planning your estate and legacy top of mind?Financial professionals typically have specialties, so you'll want to choose one that aligns closely with your goals. Common <a href="https://www.businessinsider.com/personal-finance/financial-plan">financial planning</a> specialties include:<ul><li>Estate planning</li><li>Investing </li><li>Retirement planning</li><li>Business planning </li><li>Debt management</li><li><a href="https://www.businessinsider.com/personal-finance/how-to-budget">Budgeting</a></li><li>Tax planning</li><li>Insurance</li></ul>There are also advisors and planners who specialize in specific life stages, demographics, or even people with certain occupations. "When looking for a financial planner, it is important to understand exactly what you're looking for," says Jay Zigmont, a CFP® planner and founder of <a href="https://childfreewealth.com/" target="_blank" rel="noopener">Childfree Wealth</a>, which focuses on financial planning for adults who choose not to have children. "You will find planners who specialize in just about every group, job, and life stage, so find one that fits you."Choosing a financial planner who's a <a href="https://www.businessinsider.com/personal-finance/fiduciary">fiduciary</a> is also important. This means they must avoid conflicts of interest and always put your interests first."A planner that operates under the fiduciary standard is required by law to always keep your financial best interests ahead of theirs," says Jason Steeno, president of financial advisory firm <a href="https://corecapinv.com/" target="_blank" rel="noopener">CoreCap Investments</a> in Southfield, Michigan. Find a Qualified Financial AdvisorLooking for the right advisor for you? <a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005&amp;aff_sub=businessinsider&amp;aff_sub2=bus__falc_bicontent&amp;aff_sub3=msn_find_advisor&amp;aff_sub4=cpc" target="_blank" rel="noopener">Datalign</a> makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory's free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC.<a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005&amp;aff_sub=businessinsider&amp;aff_sub2=bus__falc_bicontent&amp;aff_sub3=msn_find_advisor&amp;aff_sub4=cpc" target="_blank" rel="noopener"> Get started planning for your financial future!</a><h2>Steps to choose a financial advisor</h2><h3>1. Search for financial advisor options in your area </h3>There are many ways to find a financial advisor or planner near you. Asking friends, family members, and colleagues is often a good place to start, as they can recommend local professionals they've had personal experience with. You can also use one of these online resources, all of which allow you to filter by geographic area:<ul><li><a href="https://www.plannersearch.org/" target="_blank" rel="noopener">Financial Planning Association</a>: FPA's tool lets you search for CFP® professionals in your area, and you can filter by specialty, compensation type, and certification. </li><li><a href="https://www.napfa.org/" target="_blank" rel="noopener">National Association of Personal Financial Advisors</a>: With NAPFA's search tool, you enter your ZIP code and can filter planners based on their distance from you. There's also a map you can use to view all your options in one place.</li><li><a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">Let's Make a Plan</a>: This is the Certified Financial Planner Board of Standards' search tool. You can search by location, services offered, or both. All planners listed are CFP® professionals. </li><li><a href="https://www.xyplanningnetwork.com/" target="_blank" rel="noopener">XY Planning Network</a>: XY's tool lets you search for fee-only financial advisors (more on this below) in your area. You can look by location and filter results using various keywords and specialties.</li></ul>Once you've shortlisted a few names, cross-check them on <a href="http://www.brokercheck.com" target="_blank" rel="noopener">BrokerCheck.com</a> and with the <a href="http://www.adviserinfo.sec.gov" target="_blank" rel="noopener">Securities and Exchange Commission (SEC)</a>. There, Steeno says, "You can see how long they've been in business or if they've had any disciplinary history."<h3>2. Review a financial advisor's credentials</h3>There isn't a single "financial planner" or "financial advisor" license or certification. As Steeno puts it, "Just about anyone can call themselves a financial planner."To ensure you're choosing an experienced and knowledgeable professional, look for professional designations like CFP®, CFA, or CIMA. These are just a few credentials a financial advisor can seek, each indicating a different specialty or skill set.Here's a look at some of the credentials you might see:<ul><li>CFP®: A <a href="https://www.businessinsider.com/personal-finance/cfp" rel="noopener">CFP</a>® is a CERTIFIED FINANCIAL PLANNERTM. These professionals must have a bachelor's degree, three years minimum in full-time financial planning, and complete a board-certification program. CFP®s also must take 30 hours of continuing education every two years.</li><li>CFA: CFA professionals must take a three-part exam focusing on investment tools, assets, wealth planning, and portfolio management to be certified.</li><li>CIMA: Professionals with a CIMA designation are Certified Investment Management Analysts. CIMAs are required to have three years of experience in financial services and enroll in a CIMA education course at the Yale School of Management, The Wharton School at the University of Pennsylvania, the University of Chicago Booth School of Business, or the Investment Management Research Program in Australia.</li><li>MRFC: An MRFC is a Master Registered Financial Consultant. These professionals need at least four years of full-time financial planning experience, have a bachelor's degree in accounting, economics, or finance, and complete 40 hours of continuing education every year. </li><li>ChFC: ChFCs are Chartered Financial Consultants. They must have at least three years of full-time business experience, complete 27 credit hours of courses, and receive 30 continuing education credits every two years.</li><li>CRC: This one is a Certified Retirement Counselor. They must have two years of professional retirement planning experience, pass a specialized certification exam, and take 15 hours of continuing education courses annually. </li></ul>You can usually find a planner's credentials listed after their name — both in the online search resources under Step 1 and on their professional profile or LinkedIn account. Important: There are many other designations and credentials a financial professional can hold. To look up a specific one you've seen, use <a href="https://www.finra.org/investors/professional-designations" target="_blank" rel="noopener">this glossary</a> from the Financial Industry Regulatory Authority (<a href="https://www.businessinsider.com/personal-finance/finra" target="_blank" rel="noopener">FINRA</a>).<h3>3. Review fee structures </h3>There are many ways a financial advisor may charge you, so be sure you understand how they charge before working with them. Some services are charged based on the assets or investments the planner manages, while others charge flat fees or receive commissions. How they charge can influence how much you'll end up spending to work with a financial planner so it's always important to research this part beforehand.Here's a look at some of the various fee structures financial planners use:<ul><li><a href="https://www.businessinsider.com/personal-finance/fee-only-financial-advisor">Fee-only</a>: Fee-only planners are paid for the services they provide. This might mean an hourly rate, a flat fee, or a retainer of some sort. Fee-only planners do not receive commissions or kickbacks from the products and policies they recommend.</li><li>AUM: Assets Under Management is another fee-only approach. With this fee structure, you'll pay a set percentage of the total assets your planner manages. </li><li>Commission: Commissioned financial planners get compensated based on the products they sell to you. This can cause a conflict of interest, as it motivates them to recommend certain products, even if they're not best suited to your needs.</li><li>Fee-based: A fee-based model is a combination of fee-only and commission structures. You may pay a fee for the planner's service, and they also may receive a commission for certain products they recommend to you. </li></ul>Generally speaking, most professionals recommend seeking someone who is fee-only, as this ensures they have your best interests at heart. This includes AUM-based models, which motivate the planner to grow your assets (and avoid losses)."It ensures the advisor's interests are in line with yours," Steeno says. "They want your assets to increase in value just as you do."<table style="border-collapse: collapse; width: 100%; height: 88px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Fee-only</td><td style="width: 50%; height: 22px;">Fee-based</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">The planner is paid based on services provided</td><td style="width: 50%; height: 22px;">The planner is paid based on the services provided and the products they recommend</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">May include a flat fee, hourly rate, retainer, or AUM approach</td><td style="width: 50%; height: 22px;">May include a combination of commissions and fees</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Ensures the planner puts your interests first</td><td style="width: 50%; height: 22px;">May encourage planners to put their interests before your own</td></tr></tbody></table><h2>Online financial advisors vs. traditional advisors </h2>You don't have to meet with a financial advisor or planner in person to get professional help. Many financial advisors offer online services that allow you to get the guidance you need without leaving your home. These usually include phone and video calls, in which you "meet" your planner virtually over Zoom, Skype, or another similar service.These can be a good option if you want faster, more convenient service or to work with a planner not in your geographic area. There are also <a href="https://www.businessinsider.com/personal-finance/best-robo-advisors">robo-advisors</a>, which can be used for building and managing your investment portfolio. They're typically more affordable than using a real-life advisor and have low starting balance requirements, but they're also less comprehensive and personalized. Robo-advisors typically won't help with budgeting, estate planning, tax planning, or other non-investment services.As Rob Burnette, an MRFC and chief executive officer of <a href="https://outlookfc.com/" target="_blank" rel="noopener">Outlook Financial Center</a> in Troy, Ohio, explains, "Robo-advisors are only useful for the investment part of a financial plan."Important: Most major investment brokerages offer robo-advisor services. Examples include Schwab Intelligent Portfolios, Fidelity Go, and Vanguard Digital Advisor.In some cases, robo-advisors may include interactions with a live advisor (sometimes for an added fee). But it's usually not a dedicated account professional, and you may be limited on how many times you can interact with them. This means less consistency and personal guidance than you'd get with a financial planner you hired directly."Robo-advisors generally offer a one-size-fits-most solution," says Kris Maksimovich, a CRC and president at <a href="https://www.gwadvisors.net/" target="_blank" rel="noopener">Global Wealth Advisors</a> based in Lewisville, Texas. "They lack personalization and input and don't offer hand-holding during periods of market volatility."<table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Robo-advisor</td><td style="width: 50%;">Online financial advisor service</td></tr><tr><td style="width: 50%;">Can help you build an investment portfolio quickly and easily</td><td style="width: 50%;">May be more efficient and convenient than meeting a planner in person</td></tr><tr><td style="width: 50%;">Lower cost than traditional financial planners</td><td style="width: 50%;">Allows you to work with a financial planner located anywhere</td></tr><tr><td style="width: 50%;">Services are less personalized to your needs</td><td style="width: 50%;">Gives you personalized guidance and consistency</td></tr><tr><td style="width: 50%;">Does not include non-investment services, like budgeting, tax planning, or estate planning</td><td style="width: 50%;">May be harder to build a personal relationship with your planner</td></tr></tbody></table>A financial advisor or financial planner can help you achieve your long-term goals but choose yours carefully. There are many types of financial planners, and their specialty, costs, credentials, and services should all play a role in your decision. Don't be afraid to interview a few candidates. Set up introductory meetings with two or three professionals, and use the time to ask questions, understand their processes and fees, and make sure they're a good fit before moving forward.

How to Choose a Financial Advisor - Pick the Right Financial Planner for You

<keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> on Friday said that after giving developers in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> more than three years to prepare, including three weeks after the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword>'s order, it is taking necessary "ensure our policies are applied consistently across the ecosystem, as we do for any form of policy violation globally". The company said in a blog post that enforcement of its policy, when necessary, can include removal of non-compliant apps from Google <keyword id="20163860" type="General" weightage="20" keywordseo="play" source="keywords">Play</keyword>. Developers are welcome to resubmit their apps to be listed on Play by electing any of the three billing options as part of the company's payments policy. One of the options is to operate on a consumption-only basis without paying a service fee, even if it is part of a paid service. "With this option, any developer could allow a user of their app to access content that they paid for outside the app," said Google. The second option is to integrate Google Play's billing system to transact with millions of customers around the world and give their users safe ways to pay and the ability to manage their payments from a central location. The third option is to offer an alternative billing system alongside Google Play's for users in India. "When users opt for alternative billing systems, the fee is further reduced by an additional four per cent. App developers expanding in international markets can also enroll as part of our user choice billing pilot currently available in 35 markets," Google explained. In the meantime, "these developers continue to have other options to operate their business on Android, including distribution through alternative Android app stores or directly via their websites." "Existing users will be able to continue to access the apps without interruption - and we continue to offer our support to help developers get into compliance," said the company. The Android and Play ecosystem have collectively supported over 2.5 million jobs in India, said the company. In India, less than 60 developers on Google Play are subject to fees above 15 per cent, it added. The company said it has over 200,000 Indian developers using Google Play who adhere to the policies. The Supreme Court last month issued notice on a petition to Google India filed by tech startups, challenging Google Play Store's billing policy as "exploitative". SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank">Realme 12+ 5G with Dimensity 7050 chipset to launch in India on March 6</a><a href="https://www.businessinsider.in/tech/news/indian-tablet-market-down-by-24-9-in-2023-samsung-leads-the-market/articleshow/107878795.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-tablet-market-down-by-24-9-in-2023-samsung-leads-the-market/articleshow/107878795.cms" target="_blank">Indian tablet market down by 24.9% in 2023, Samsung leads the market</a>

Google begins to enforce Play Store policies in India, to remove non-compliant apps

Our experts choose the best products and services to help make smart decisions with your money (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards" class="not-content-link" target="_blank">here's how</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.<ul class="summary-list"><li>Financial consultants provide expert advice on a wide range of topics, like estate planning and wealth management. </li><li>Financial consultants and advisors offer similar financial services, but they have different credentials. </li></ul>When searching for professional money and investment advice, you may have come across titles like "financial consultant" or "<a href="https://www.businessinsider.com/personal-finance/what-does-a-financial-advisor-do">financial advisor</a>." Although these titles sound similar, financial consultants and advisors aren't the same thing. If you're looking for an expert to help you create a personalized <a href="https://www.businessinsider.com/personal-finance/financial-plan">financial plan</a> based on your current situation, you're probably looking for a financial consultant.Financial advisors and consultants can be either humans or robo-advisors (aka automated investment platforms). The <a href="https://www.businessinsider.com/personal-finance/best-online-financial-advisors">best online financial advisors</a> offer low-cost portfolio management, advice, and additional perks for all kinds of investors. <h2>What is a financial consultant? </h2>Financial consultants create personalized financial plans based on a client's whole financial picture, including factors like debt, assets, living expenses, and investment goals. Although financial consultants typically offer similar guidance and advice as financial advisors, the two jobs require different credentials.Financial consultants typically have a degree in finance or a related field and can be designated as chartered financial consultants (ChFCs), which is a certification currently only offered through the <a href="https://www.theamericancollege.edu/">American College of Financial Services</a>. Financial consultants must also have at least three years of financial planning experience to earn the ChFC designation.Keep in mind that there are financial consultants who do not have the ChFC certification."As long as they have passed the appropriate state and federal licensing requirements, they can use any name they want — advisor, consultant, planner, wealth manager — provide any range of services, and charge in different ways," says Brent Weiss, CFP and head of financial wellness at <a href="https://www.businessinsider.com/personal-finance/facet-wealth-review">Facet</a>. While these non-certified financial consultants and advisors may still offer useful advice, you won't get the same level of guaranteed expertise that you would with a certified consultant. You also won't get the same degree of trustworthiness as you would with a <a href="https://www.businessinsider.com/personal-finance/cfp">CFP</a> or fiduciary.People seeking professional financial advice should do their best to identify and recognize the different financial licenses and certifications, explains Weiss. "These credentials not only represent a profound understanding of financial principles, but also a commitment to ongoing education and ethical standards," states Weiss.<h2>What does a financial consultant do?</h2>A financial consultant's main job is to create a customized financial plan to help you reach your goals. If you need help coming up with goals, a financial consultant can help with that, too. And depending on their specialties and experience, a financial consultant may offer a variety of services, including: <ul><li><a href="https://www.businessinsider.com/personal-finance/retirement-planning">Retirement planning</a></li><li>Risk management </li><li><a href="https://www.businessinsider.com/personal-finance/estate-planning-strategies">Estate planning</a></li><li>Tax strategies</li><li>Business and financial strategies</li><li>Gifts and <a href="https://www.businessinsider.com/personal-finance/inheritance-tax">inheritances</a></li><li>Insurance advice</li></ul>"In general, financial consultants offer a range of services tailored to individual client needs," says Weiss. "They may look at one aspect of your finances, offer a one-time consult, or review your entire financial picture and develop an ongoing plan. You need to know the right questions to ask to determine the services they will provide."Ensure that the financial consultant you're meeting with specializes in the topics you need guidance on. For example, if you need help with estate planning, make sure you are meeting with a financial consultant who specializes in estate planning strategies. Someone who specializes in tax strategies won't be as useful for your situation.Find a Qualified Financial AdvisorLooking for the right advisor for you?<a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005" target="_blank" rel="noopener"> Datalign Advisory</a> makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory's free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC. <a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005" target="_blank" rel="noopener">Get started planning your future.</a><h2>What is a financial consultant vs. financial advisor?</h2>While "financial consultant" and "financial advisor" are often used interchangeably, they don't mean the same thing. Financial consultants are a type of financial advisor. All financial advisors are financial consultants, but not all financial consultants are advisors. The best financial advisors are either <a href="https://www.businessinsider.com/personal-finance/fiduciary">fiduciaries</a> or CFP-certified.It's not uncommon for financial experts seeking further education to be certified as both a ChFC and a CFP (or other financial certification like a CFA). Certified financial advisors earn their titles from The Certified Financial Planner Board of Standards, Inc. (<a href="https://www.cfp.net/">CFP Board</a>) after years of education in over 70 financial specialties. To be a certified financial planner (CFP), financial advisors and planners must have extensive practical advisor experience and follow high ethical standards."While a ChFC has more education and experience than many others in the field, it's really more like a CFP-light," Weiss says. "The CFP Professional designation remains the gold standard."Most CFPs adhere to <a href="https://www.businessinsider.com/personal-finance/fiduciary-duty">fiduciary duty</a> regulations. This is a legal and ethical duty that requires financial advisors to put the best interest of the client first. ChFCs can earn fiduciary status, but they are not required to. So if you came down to picking between an advisor with ChFC credentials versus a certified CFP, the CFP is typically the better option. However, financial consultants and ChFCs can still provide knowledgeable financial advice on a range of topics. If you or someone you know,has had a good experience with a financial consultant, there's no reason to switch to someone else. Strong customer reviews, recommendations, and years of experience can speak to the quality of a financial consult almost just as much as certification can. <h2>What fees do financial consultants charge?</h2>How a financial consultant charges you can vary. Some financial consultants may charge a flat rate, hourly rate, project fee, or a percentage of your <a href="https://www.businessinsider.com/personal-finance/asset-management">assets under management</a> (AUM). When considering a potential financial consultant, one of the first questions you should ask is how they charge. "Try to avoid fee models that create conflicts of interest, like commissions and paying a percentage of how much you invest. You want your advisor to offer unbiased advice and sit on the same side of the table as you," says Weiss.<h2>How to find a financial consultant</h2>The easiest way to find a financial consultant is through referrals from friends, family, or colleagues. However, you can also find consultants online through organizations such as:<ul><li><a href="https://www.sec.gov/litigations/sec-action-look-up">SEC's advisor search tool</a></li><li><a href="https://brokercheck.finra.org/" target="_blank" rel="noopener">FINRA's Broker Check tool</a></li><li><a href="https://zoefin.com/" target="_blank" rel="noopener">Zoe Financial</a></li><li><a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">CFP Board website</a></li><li><a href="https://www.businessinsider.com/personal-finance/facet-wealth-review">Facet Wealth</a></li></ul>On these websites, you can access a wide range of advisors, planners, and consultants with varying certifications and credentials on different financial and investment topics. Make sure to thoroughly look through your options to find the one that best fits your needs."When meeting a potential financial consultant, ask about their qualifications, experience, areas of expertise, and fee structure. It's also important to understand their approach to financial planning, how they tailor their services to individual client needs, and the types of clients they work with," says Weiss.<h2>Financial consultant — Frequently asked questions (FAQs)</h2><h3 class="faq-question">Do financial consultants make money?</h3>Yes. Financial consultants make money by charging clients a flat rate, hourly rate, AUM fee, or project fee. Some financial consultants may also earn commissions, which means they make a profit when they recommend and sell certain financial products to clients. However, financial consultants who are certified as CFPs or fiduciaries can't earn commissions.<h3 class="faq-question">Are financial consultants worth it?</h3>Financial consultants are worth it if you're seeking professional financial advice and guidance on topics like retirement, tax planning, estate planning, insurance products, and inheritance. Financial consultants assist clients in implementing custom financial plans to help them reach their goals. <h3 class="faq-question">How do you become a financial consultant?</h3>You can become a financial consultant after several years of experience in finance or a related field. As long as you meet state and federal licensing requirements, you can refer to yourself as a financial consultant. However, to become a chartered financial consultant you must earn your certification through the American College of Financial Services. <h2>Should you hire a financial consultant?</h2>Financial consultants are finance and investment experts who provide a wide range of services to clients like estate planning, wealth management, retirement planning, insurance strategies, and general financial planning. Anyone with a bank account and financial goals can benefit from meeting with a financial consultant. However, "financial consultant" is a general term that doesn't guarantee a level of trustworthiness or expertise. Technically, anyone meeting state and federal licensing standards can call themselves a financial consultant or financial planner. For that reason, make sure to do your research on all potential financial consultants and advisors. While non-certified consultants can still offer beneficial advice, certified ChFCs have the reputation, experience, and training necessary to get you where you need to go.

What is a financial consultant, and what do they do?

<ul class="summary-list"><li>Civil rights groups filed a lawsuit against an Iowa sheriff's department over jail fees.</li><li>The lawsuit alleges misuse of funds on things like laser tag and ice cream machines.</li></ul>Civil rights groups initiated a class-action lawsuit on Monday, accusing an Iowa sheriff's department and its sheriff of unlawfully collecting jail fees and using some of the proceeds to fund laser tag, <a target="_blank" href="https://www.businessinsider.com/category/ice-cream">ice cream,</a> and a <a target="_blank" href="https://www.businessinsider.com/job-diary-cotton-candy-maker-tiktok-business-pivot-ecommerce-2021-9">cotton candy machine.</a>According to the lawsuit, Black Hawk County Sheriff Tony Thompson implemented a policy that mandated payment to the jail for "room and board" at a rate of $70 per day, plus $25 in admin fees — collectively referred to as "jail fees."The lawsuit, filed in the US District Court for the Nothern District of Iowa, says that the fees were enforced by presenting individuals serving a sentence at the jail with a confession of judgment to sign prior to being released. Any funds on their person were seized and applied to the debt.The suit, initiated by the <a target="_blank" href="https://www.businessinsider.com/aclu-wrote-amber-heard-washington-post-oped-johnny-depp-2022-6">American Civil Liberties Union</a> of Iowa and <a target="_blank" href="https://www.businessinsider.com/prison-health-company-yescare-ceded-financial-control-to-insider-entities-2024-3">Public Justice</a>, contends that there were no opportunities for a hearing or to mount a defense against the imposition of fees.Rita Bettis Austen, ACLU of Iowa legal director, <a target="_blank" href="https://www.publicjustice.net/lawsuit-filed-to-block-sheriff-extracting-money-from-people-being-released-from-jail-to-pay-for-shooting-range-cotton-candy-and-ice-cream-machines/">said in a statement </a>that prisoners being made to sign confessions of judgment are powerless."They have no bargaining power, no attorney, and zero meaningful understanding of what they are doing and what they are giving up," she said.In a statement provided to Business Insider by email, Sheriff Thompson claimed that inmates are not required to sign confessions of judgment or to enter into payment plans.<h2 id="ab633664-63da-4f4b-8dea-0417268bf353">Laser tag, ice cream, and cotton candy machines</h2>According to the lawsuit, the policy is a <a target="_blank" href="https://www.businessinsider.com/how-to-make-money-build-wealth-paycheck-vs-owning-investments-2024-1">money maker</a> for Black Hawk County Sheriff's Office. It said that the department collected $590,217.36 in jail fees between July 2021 to July 2023.Some counties don't collect jail fees at all because they see the practice as unfair, the ACLU and Public Justice said in <a target="_blank" href="https://www.publicjustice.net/lawsuit-filed-to-block-sheriff-extracting-money-from-people-being-released-from-jail-to-pay-for-shooting-range-cotton-candy-and-ice-cream-machines/">a joint statement.</a>The lawsuit says that while 60% of the fees collected are allocated for specific expenditures, 40% are unallocated, a portion of which went to frivolous spending.Some of the funds went to the Raymond Range, <a target="_blank" href="https://www.businessinsider.com/finland-border-russia-new-shooting-ranges-national-defense-intense-2024-2">a gun range</a> used by employees and their families, which was outfitted with laser tag equipment, ice cream machines, and cotton candy machines, according to the lawsuit.In the statement provided to BI, Sheriff Thompson said it would seem "disingenuous" to have these expenditures — which he said contribute to the training and emotional betterment of officers — paid for by the taxpayer."When they pay for their stay in jail, they are helping fund training for the law enforcement profession, families, and our communities by providing programming that destigmatizes the profession of law enforcement just a bit," he added.<h2 id="dc0e6659-3659-4082-9939-65328904a8da">Filed on behalf of a single mom</h2>The lawsuit was filed on behalf of Leticia Roberts, <a target="_blank" href="https://www.businessinsider.com/single-mom-dating-men-without-kids-no-fathers-less-complicated-2024-4">a single mother</a> of three, who served sentences in 2022 for operating a motor vehicle while intoxicated,According to the suit, Roberts was invoiced $730 in jail fees, with two confessions of judgment being used to impose the fees without a court order.In one of them, it was noted that Roberts said she could not afford the fee because she "needs to feed her 3 kids."Nonetheless, she received a collection letter two weeks later warning her that non-payment could lead to "further enforcement steps" or an increased fee, the lawsuit says.In the joint statement by the ACLU and Public Justice, Roberts said she wanted to take a stand against the practice."Shaking down people for money as they get released from jail is wrong," she said.Charles Moore, a staff attorney for Public Justice's Debtors' Prison Project, <a target="_blank" href="https://www.publicjustice.net/lawsuit-filed-to-block-sheriff-extracting-money-from-people-being-released-from-jail-to-pay-for-shooting-range-cotton-candy-and-ice-cream-machines/">said in a statement</a> that "most of the people paying are trying to get their lives together and under extreme financial stress, so wrongfully extracting money from them at that difficult point is particularly heartless."The class-action suit aims for unspecified compensatory damages, the declaration of confessions of judgment as unlawful, and injunctive relief against the practice.

An Iowa sheriff's department spent some of its $600K income from jail fees on a cotton-candy machine and laser tag: lawsuit

<ul class="summary-list"><li><keyword id="12039041" type="UNKNOWN" weightage="60" keywordseo="ethereum-transaction" source="Orion">Ethereum transaction</keyword> fees are running red hot as people pile onto the network for NFTs and DeFi.</li><li>Yet the high costs are infuriating users and sending many towards other blockchains such as solana.</li></ul>Transaction fees on the <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> blockchain are running red hot as NFT-mania clogs up the network.It's a problem that's infuriating people and sending many looking elsewhere, to cheaper blockchains such as solana and avalanche.Some even think it could be an existential threat to a <a href="https://www.businessinsider.com/crypto-explained-should-you-invest-defi-altcoin-bitcoin-ethereum-markets-2021-10?r=US&amp;IR=T">cryptocurrency</a> network that bills itself as the future of finance.The <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> network runs <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword>, which has a total market value of more than <a href="https://coinmarketcap.com/currencies/ethereum/">$500 billion</a>, making it the world's second-biggest cryptocurrency after <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.But the network is also at the centre of the modern <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ecosystem. It's the foundation on which <a href="https://www.businessinsider.com/nft-meaning?r=US&amp;IR=T">non-fungible tokens</a> (types of crypto collectibles) and <a href="https://www.businessinsider.com/the-definitive-guide-to-decentralized-finance-defi-2021-11?r=US&amp;IR=T#:~:text=Decentralized%20Finance%20(DeFi)%20aims%20to,theory%20prevents%20monopolies%20from%20forming.">decentralized finance</a> are built. Both NFTs and DeFi are now huge industries.Ethereum is running on surge pricingOn ethereum, people pay a <a href="https://ethereum.org/en/developers/docs/gas/">"base fee"</a> to have their transactions verified by other users known as "miners."Yet those fees have rocketed as <a href="https://markets.businessinsider.com/news/currencies/nft-market-worth-7-billion-legal-issues-could-hinder-growth-2021-11">interest in NFTs has soared</a>, and more people try their hand at DeFi.Imagine ethereum as a bit like a ride-hailing app that is struggling to add new drivers, in a city that's just seen a huge influx of people. Now, for each ride (or transaction), people have to pay a huge surge price to get drivers to pick them up.The average transaction or "gas" fee on the ethereum network rose to as high as $63 in November. That was its second-highest level ever, behind May's record high of $70, according to crypto exchange Kraken's analysts.Read more: <a href="https://www.businessinsider.com/crypto-cryptocurrency-investing-blockchain-trends-themes-ubs-regulation-influence-interoperability-2021-12?r=US&amp;IR=T">A currency strategist at UBS shares the 3 trends he believes will shape the crypto market in the next 12 months</a>People are regularly paying more than $100 just to deposit, say, $50 worth of cryptocurrency on DeFi platforms – and that's making many extremely angry."Gas fees are insane," said one user on the ethereum Reddit page. Another said: "If the ethereum network can't fix its gas fees, it won't be used by the average consumer."Some are looking to solanaNot all crypto fans are upset. Networks such as solana, avalanche, and cardano are positioning themselves to profit.Solana's transaction fees are minuscule, just a fraction of a penny. The network is also much faster, handling many thousands of transactions per second, compared with double-digit figures for ethereum.Solana's native token sol has risen more than 400% over the past 180 days, according to <a href="https://www.coingecko.com/en/coins/solana">Coingecko</a>. Avalanche is up more than 500% over the same period, while ethereum has gained around 80%."Some of those headwinds for ethereum I think have caused people to ask themselves, 'What else do I want to own at this point?'" Pete Humiston, head of research at Kraken, told Insider.Developers are working on itSo why can't ethereum simply expand the network?Ben Edgington, a developer at ethereum-focused company ConsenSys, said it's a philosophical point.Increasing the capacity of a decentralized crypto network would mean forcing users to deal with ever-increasing data and to upgrade their hardware, he told Insider."If we crank up transaction throughput, that will exclude those with more modest resources from participating," Edgington said. It would then no longer be very decentralized.Developers are scrambling to work out other solutions, such as expanding a second ethereum layer. That would effectively enable many activities to happen away from the core network, which would remain accessible.It's far too soon to say high gas fees are a crisis for ethereum, according to Jack O'Holleran, CEO at ethereum development company Skale Labs. In fact, he said, they're a symptom of the network's huge success."There's so much momentum from a developer perspective around ethereum," he told Insider. "The best quality teams and projects and platforms are all building on ethereum. It's the system that connects into everything."

You Searched For "non financial transactions fees" and got 9 results

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

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How to Choose a Financial Advisor - Pick the Right Financial Planner for You

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Google begins to enforce Play Store policies in India, to remove non-compliant apps

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What is a financial consultant, and what do they do?

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An Iowa sheriff's department spent some of its $600K income from jail fees on a cotton-candy machine and laser tag: lawsuit

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