Financial Planning – Choosing an Adviser

When selecting a Financial Adviser, you need to make sure you feel comfortable dealing with them. You should also ensure they have the right qualifications to give you financial advice.

The Institute of Financial Advisers (IFA) suggest you follow nine steps before choosing a Financial Adviser:

  1. Shop around – choose an Adviser you feel comfortable with. If necessary, compare two or three different Advisers
  2. Ask plenty of questions
  3. Ask about his or her qualifications, experience and if he/she is a member of IFA. More importantly, is he/she an Authorised Financial Adviser?
  4. Ask for a copy of their Disclosure Statements at your first meeting
  5. Has the Adviser has been recommended to you? Provided they meet the above criteria, this could be to your advantage
  6. Get your Adviser to do a full needs analysis for you with a written report or plan. This makes sure your exact needs are met. Don’t invest large sums of money unless you have a written plan and you feel comfortable with it
  7. Look for danger signs: inflated promises, returns that seem too good to be true (they probably are!), putting all your eggs in one basket, an unbalanced plan, high fees, no prospectus… and anything else that makes you feel uncomfortable. Keep an eye on your investments or policy – watch for changes that might affect you
  8. If you are happy with the advice you have been given – act on it – otherwise what’s the point in seeking it?
  9. Regularly review your programme with your Adviser. (We suggest on an annual basis)

Contact us for more information.