Find a financial adviser who understands your goals.
As a leading wealth management company, we understand the importance of choosing the right financial adviser to help you achieve your financial goals. With a wide range of financial products available, it can be overwhelming to determine which adviser is best suited to your unique circumstances. We have compiled a list of important considerations to help guide you in your decision making process.
Understanding the difference between financial guidance and financial advice:
It is essential to differentiate between financial guidance and financial advice. Guidance provides general explanations of various financial options but doesn’t recommend a specific product. On the other hand, a financial adviser considers your individual circumstances and goals to recommend products that best suit your needs. It is important to note that guidance services are not regulated by the Financial Conduct Authority (FCA), which means you may not be able to complain to the
Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.
Choose the right type of financial adviser:
Ensure your financial adviser is qualified and registered with the FCA. There are two types of advisers: independent financial advisers (IFAs) who provide unbiased advice on a range of financial products from different companies, and restricted advisers who specialise in one area, such as retirement, or offer advice on products from a limited number of companies.
Identify the areas of your financial life that require attention:
Consider your current financial position and future goals, as well as your risk appetite, to determine where you need advice. This may include buying a house, starting a family, saving for retirement, investing ethically and sustainably, or paying for school fees.
Determine the financial services you require:
Once you have identified the areas that require attention, consider the financial services you need to achieve your goals. These may include pensions and investment platforms, life and health insurance, mortgages and equity release, tax and inheritance planning, childcare and school fees planning, estate planning, or long-term care. If you require a comprehensive financial plan, selecting an adviser who offers the entire package is essential.
Establish a relationship with your chosen financial adviser:
After selecting your adviser, they should arrange an introductory meeting to explain their services,
fees, and understand your requirements. Together, you can work to develop a financial plan tailored to your unique circumstances.
Schedule regular meetings with your adviser:
Regular meetings with your adviser are crucial to keep your portfolio up to date, adjust your risk appetite or level of investment if necessary, and review your progress towards your financial goals.
Choose an adviser you trust: Trust is an essential component of any successful relationship, and this is especially true when it comes to financial advisers. The right adviser should be proactive in understanding you and your financial goals, making changes, and keeping things straightforward to save you time and money.
Choosing the right financial adviser can be a daunting task, but by considering these important factors, you can find the right adviser to help you achieve your financial goals. As a leading wealth management company, we are committed to helping our clients make the most of their money and achieve their lifetime goals.
Written by: Kariemah Boltman
Date: 24th March 2023