‘Your money doesn’t need more people telling you where to invest’: CA’s warns against 3 sources of advice

Making financial decisions can become confusing when advice comes from people we trust. From family suggestions to investment pitches, not every recommendation is necessarily suited to your financial goals. CA Nitin Kaushik recently highlighted three sources from which Indians often receive financial advice, urging people to look beyond promises and opinions. He pointed to relatives, relationship managers and those promising quick wealth, while stressing the importance of understanding why you invest.

3 sources of financial advice to watch out for

Taking to X, CA Nitin Kaushik said Indians regularly receive some of their “worst financial advice” from three places: relatives, relationship managers and people promising to double their money quickly. According to Kaushik, the problem is not necessarily that people giving such advice have bad intentions. Instead, investors need to examine whether the advice is actually appropriate for their financial situation.

Relatives may mean well, but is it a financial plan?

Family members are often among the first people Indians turn to when making money decisions. Kaushik noted that relatives “usually mean well”, but their suggestions should not automatically be treated as a financial plan. He pointed to familiar pieces of advice such as “FD kar lo, safe hai”, the belief that “property kabhi loss nahi deti”, or stories about a neighbour who supposedly doubled their money through an investment.



While such suggestions may come from personal experience or concern, Kaushik stressed that good intentions do not automatically make someone financially right. An investment decision, therefore, needs to be considered in the context of an individual's goals, risk tolerance, time horizon and overall financial situation rather than simply following what worked for someone else.

Relationship managers may have a different incentive

The second source Kaushik highlighted is relationship managers. He pointed out that although they are called “relationship managers”, they also work for a bank or financial institution. This is important because the person recommending a financial product may have a commercial relationship with the institution offering it.

Kaushik suggested that if someone earns a commission from selling a particular product, investors should reasonably question whether the recommendation is genuinely the best fit for them. That does not mean every recommendation from a relationship manager is unsuitable. Rather, investors can ask questions about the product, its costs, risks, alternatives and why it has been recommended before committing their money.

Promises to double your money quickly should raise questions

Kaushik's third warning concerns people promising unusually high returns with little or no risk. He described such promises as an “immediate red flag” and urged investors not to focus solely on the return being advertised. Instead of simply asking “Kitna return milega?”, he wants investors to ask a more fundamental question: where is that return actually coming from? A high-return promise accompanied by claims of minimal or no risk deserves closer scrutiny. Understanding how an investment generates returns can help investors distinguish between a genuine investment opportunity and a proposition that may carry risks that are not immediately obvious.

‘Your money doesn’t need more people telling you where to invest’

Kaushik's broader message is that investors should take greater ownership of their financial decisions. Rather than constantly looking for someone to tell them where to put their money, he argued that investors need to understand why they are investing there in the first place. His warning brings the focus back to financial awareness. Advice from relatives, professionals or investment promoters can provide a starting point, but the final decision should be based on understanding the product, its risks, potential returns and whether it aligns with the investor's own financial objectives.