Follow these 10 top tips and you should be well on the way to working with an adviser that can help you define and achieve your financial goals.
1 – Choose an independent adviser (financial adviser)
The term financial adviser has a broad remit, Independence is key. The term independent can only be used by those advisers who are able to make recommendations based on a comprehensive and fair analysis of the relevant market, and provide ‘unbiased and unrestricted’ advice. This relates to all products from across the whole market. A restricted adviser, including some of the private banking advisers, may be tied to one or a small number of product providers, restricting their ability to select the right solution from the whole of market.
2 – Qualifications
A minimum level of qualifications are required by individuals advising clients. There are additional qualifications that can be attained by those committed to being at the top of their profession. The most qualified advisers are Certified (CFP), Chartered or even a Fellow; ask about the financial planners qualifications and ask to see the advisers certificates if you are unsure.
3 – Testimonials
. Always ask to speak to an existing client, or review testimonials from an independent source so that you can gain real insight as to how the adviser or financial planner operates.
4 – Costs.
These can vary dramatically across the industry. Ensure that any costs are clear and identifiable up front. Will you pay by fees or do they have another arrangement? Are there any additional amounts, for services such as cash flow modeling? If you were to decide to leave what are the exit costs? Whichever way you look at it, know what you’re paying for.
5 – Know what you will get for your money
Ensure there is a written service proposition so that you know what to expect from your adviser. If advisers can commit to a written service agreement you know they are serious about the service they provide to clients.
6 – Are they an expert?
Financial advice covers diverse and often complex areas of advice. If you’re looking for particular advice, how experienced is the adviser in this area? Do they work on a team basis, ensuring the right specialism? What financial planning process do they follow? Testimonials and plenty of probing questions should clear this one up.
7 – Do they have a website?
A great deal can be understood about a business from its website. How up to date is it? Have a good look around and see what you think.
8 – How big is their business?
Is the adviser one in a large organisation or operating alone? Both have their pros and cons. How many clients do they look after? If they talk about large numbers of clients each (more than 100), will the adviser be able to provide you with the required level of service? Do they have support staff or colleagues available if the adviser is unavailable?
9 – How does the financial planner communicate with you and is it at a time and location that suits you?
Would you like meetings to take place on the phone, video conference, or maybe at home or work?
10 – Use your head & your heart.
Address each of these areas outlined and check them off to be certain that you are selecting the right adviser. People buy people: is the adviser someone you will get on with? Are they on your wavelength and will you enjoy working with them? You could be spending a great deal of time with them over the coming years. If you have some concerns from your first meeting with the adviser they’re probably valid; walk away.
It’s likely you will be putting your financial well being in your advisers hands, so a little additional investigation at outset should hopefully pay dividends later. Please get in touch with our financial adviser team to see if we can support you moving forward.