financial management

The New Year Calls for a Financial Adviser – But How Do You Choose One?



Posted on: 10th January 2024

As we enter a new year and the end of a financial tax year approaches, many more people will begin to feel that independent financial advisers Cheshire may be a wise choice for the year ahead. 2023 brought a lot of financial uncertainty and having to redirect funds where applicable, leading to a lot of haywire financial management within the household. When coming to the financial adviser marketplace, there are advisers for every kind of budget and financial situation. At Haven IFA, we thought we would help you understand the correct type of adviser for you – and it comes with a little bit of self-research.

What Are Your Financial Needs Today?

Before you start the journey for the perfect financial adviser, why not reflect on what you ideally want from this relationship? Financial advisers offer a wealth of professional services, so it is good strategy to know what type of help you want before you start making the calls.

Some advisers may specialise in certain aspects of finance, such as debt management or investment advice. Others may provide more holistic services such as guidance on savings or retirement planning Cheshire or estate planning. Identify what you are looking for by asking yourself if it helps with your budget, investing, financial planning or saving towards the goals that you need. Other than that, do you need an estate plan or trust set up, help with your tax or interest in holistic financial management?

Your answers will determine the correct type of financial adviser you require and help determine if you need one at all.

Know the Adviser Type

Financial advisers go by many names. Some of the most common titles are not tied to specific credentials, so do not assume that someone with an official-sounding title has the specific training or credentials.

There are a few ways to cut through the field to ensure you have someone looking after your best interests. Some financial advisers have a fiduciary duty to their clients, obligating them to act in their client’s best interest rather than their own. Working with a licenced, registered fiduciary ensures that the adviser is paid directly by you – not through commissions for selling certain investments or insurance products.

Independent financial advisers Manchester who are not tied to certain investments and insurance products can source the entire market for the best possible solutions for your circumstances and standing, meaning you have more options and valuable insight into how they either benefit or could pose considerable risk.

Vetting an Adviser

No matter what title, designation, certification or licence an adviser claims to possess, vet those credentials and experience. Always verify their credentials and do due diligence in checking for any disciplinary actions or problems they may have against their company or name.

Start your 2024 financial planning with Haven IFA, the best independent financial advisers UK for fully qualified and independent financial guidance and planning you can trust.