When you are thinking about getting financial advice, the process can seem daunting. How do you know if you’ve made the right decision, or what to expect during meetings. So we’ve put together this guide to help you through the process.
What to look for when choosing a financial adviser
Are they Independent or Restricted?
Independent financial advisers have access to the entire market of financial products and services and are not restricted to specific providers or products. Restricted financial advisers operate within certain limitations, such as advising only on specific types of products or services. This restriction may be based on the adviser's expertise or the range of products offered by their affiliated firm.
What do their customers say about them?
Explore client reviews and testimonials to gain insights into the experiences of others who have worked with the adviser. Additionally, ask for referrals from friends, family, or colleagues who may have had positive experiences with financial advisers.
Does the adviser have any particular areas of expertise?
If there are certain areas you need special assistance in, like inheritance tax planning or Defined Benefit Pensions, ask them about their experience in this area.
What support will the adviser offer on an ongoing basis?
Ask them questions such as how often will they complete a review of your finances? How do they offer meetings and how regularly will they be? Where would these meetings take place? What other support will you receive? Are you able to get in touch with them to ask ad hoc questions?
Do you like them?
This may seem like a strange point, but potentially you will use the same financial adviser for many years. It is therefore important to select someone who you feel a good bond with and that you trust to talk about your finances with.
What happens when you meet with a financial adviser?
Financial advice is a cornerstone for achieving personal financial goals, whether that’s planning for retirement, buying a home, or growing your investments. Here’s a breakdown of the typical steps you’ll go through on when seeking financial advice:
Step One: Getting to know you
During an initial meeting, the adviser will need to get to know you and understand what you’re looking to achieve. You’ll not only meet and get to know your Financial Adviser and discuss your personal circumstances and plans, you should also be fully informed of any charges and what services the adviser offers.
Step Two: Research
Armed with a clear understanding of your circumstances and requirements, the adviser will research the market and put together a plan to help you achieve your objectives and to meet your needs.
Step Three: Recommendation
Your Financial Adviser will then organise another meeting to present their recommendations. Included within this they’ll explain why particular providers have been chosen, why others have been ruled out, and how our proposal will help you achieve your goals.
They should seek to ensure your full understanding of all benefits and costs associated with your decisions and agree your ongoing service based requirements.
Step Four: Implementation
With your approval, and based on your needs and priorities, the adviser will put your agreed plans and strategies in place.
Step Five: Ongoing service
Your adviser should keep in contact with you to review your situation, your plans, your attitude to risk and your investment progress at a frequency most suited to your needs. Your circumstances and attitudes will change over time and it’s important that they adjust or maintain your strategies, where appropriate, to ensure the ongoing effectiveness of your financial planning.
If you have any questions about the financial advice process, feel free to get in touch for a free no obligation chat.
