Tip 1) Qualifications
To be able to provide financial advice, advisers should be able to demonstrate a range of qualifications. Even though the industry standards vary constantly, I wouldn't do business if someone didn't possess the Diploma in Financial Planning. This was formerly known the Advanced Financial Planning Certificate. It is recommended to be an Certified Financial Planner or Chartered Insurance Institute (CII) member. Both these qualifications provide evidence that the financial planner has expertise in financial planning. You can confirm the qualifications of any financial advisor who is independent via the website of the Chartered Institute.
Tip 2) Experience
The qualifications are an aspect, but having experience is an additional. Many prefer an advisor who has a few greys because it indicates that they've 'been around' the block. Financial advice is in dire need of young people, with the average age for an IFA being 58. Experience is valuable but it shouldn't come at the expense of being able to take advantage of the most recent developments and advancements. In addition, advisors that are less experienced have set the bar for professionalism.
Tip 3) References
Get feedback from previous customers of the IFA to learn what they thought about their experience. Although it's not an accurate assessment since IFAs are able to pick the people they speak to, it is worth asking the reason why the IFA did not accept your request. If you are looking for financial advisors that you're interested in, check out the VouchedFor* reviews. Have a look at the recommended retirement planning in Brentwood, TN site for more.
Tip 4) Get A Recommendation
Recommendations from friends are the best way for you to find an IFA (independent financial advisor). If you do not have someone to recommend you, there are many websites that can help you find an expert financial advisor. In the absence of an individual recommendation, then the best method to locate an IFA is to use VouchedFor* which lets you find an IFA near you by searching its database, plus it assesses the financial advisers based on genuine client reviews. Money to Masses has reached a deal to offer readers a complimentary 30--60 minutes consultation with a Vouchedfor Financial Advisor who is rated 5stars. Click here and complete the short application to start.
Tip 5) Authorisation
It is vital to confirm the authority of an IFA prior to doing business. Financial advisors need an authorisation to finance in order to provide financial advice. Be sure to verify the Financial Services Register provided by the Financial Conduct Authority. Watch a video tutorial to learn how to utilize this register. See the top rated Nashville financial planning site for details.
Tip 6) Cost
Be sure to understand the total cost of the advice right from the beginning. You'll ultimately be paying the cost if an IFA is paid commission on the products they sell (mortgage and insurance). Retail Distribution Review (RDR), means that financial advisers have to be more open about the costs they charge to provide financial advice. Certain IFAs provide a free initial consultation, however charges will be charged if you choose to act upon their advice. Some IFAs will charge around PS500 for an initial review. The needs of your particular situation will determine how much you will pay your financial advisor however, they should still provide you with an estimate based on what work they will be performing for you.
Tip 7) Make Sure You Get It In Writing
It is essential to ask for the price of the services to be disclosed in writing prior to consulting with a financial expert. This will ensure that there are no unexpected costs and make clear how much you will be charged for each service. To ensure you as well as your financial advisor are completely aware of the work that needs to be performed it is recommended to ask to sign a contract in writing.
Tip 8) How Often Do They Check Your Situation?
Find out how frequently they conduct a review. Good financial advisors will review your financial situation at least once each year. While some may need to review their financial position more frequently but a thorough review of your financial situation at least once every year is enough to make sure your plan is current with changing circumstances. Check out the most popular Franklin financial advisor blog for info.
Tip 9) Location
It's a given that you must get to know anyone who does business with you. Choose an IFA closest to you. If you enter your postcode in the box below you will be able to find an investment adviser (IFA) close to you.
Tip 10) Understand what services they offer
Financial advisors provide a range of services. Be sure to confirm that your adviser is certified in the specific area you require. While they are able to provide financial advice on numerous subjects, certain advisors do not offer financial products. Some offer specific guidance on taxation, for example. Make sure you research the company they are employed by and their qualifications. You must register with the Financial Conduct Authority to sell financial products as well as provide investment advice.