Posted on: 4th May 2021
For those people who ask exactly where they should stand when engaging an IFA, the one thing that has to hang over every question and motion must be ‘trust’ when you are looking to find a local independent financial advisor.
After all, it is your money that is on the line so you need to feel reassured that every avenue advised on is well laid out and holds no surprises. Even if surprises do show up, you will know how to work around them. At the end of the day, an adviser is there to have a proactive approach to your financial situation and advise on the best strategies to meet your needs for growth.
With the word independent, it means that they are not tied to particular products or providers, and are acting on behalf of you in helping you find the right path to a better financial outcome.
What Can They Bring to Your Financial Situation?
By consulting with independent financial advisers in Cheshire, you will discover that multiple areas relating to your financial future can be helped with guidance.
The role aims to help you find areas that can be improved within your finances, current circumstances and better understanding towards reaching your goals. This can involve looking over a broad financial landscape that includes pension planning in Manchester, savings and investments, insurance covers, loans and as well as delving into what tax-efficient measures can be undertaken to improve your finances. Asking exactly what areas they are covering within the first meeting will provide you with a full understanding if they are the right individual for you.
Many IFA’s will be able to suggest alterations in lifestyle following an assessment of financial circumstances, which remains impartial but allows you to have extra considerations towards your finances.
What Should I Look For?
When engaging with independent financial advisers in Manchester, there are key benefits that you should ask if they provide to help you determine if they are the right fit for your personal preferences.
The first is establishing that they are actually independent and acting on your behalf only other than a restricted adviser capacity. You can help determine this by asking them if they cover the whole of the market, which applies only to the independents. That way they can look over the entire financial market to help select a product that suits you instead of a select product or provider.
You need to be sure that they are qualified also by holding an FCA recognised diploma in financial planning, and that they are regulated by the FCA which you can check on the FCA register. Also, you need to know they are experienced in having a minimum of one year’s supervised or 3 years of unsupervised experience in financial planning. It is only right that you ask for proof of these qualifications and experience upon your first meeting before engaging any further.
Be sure in the meeting to lay out any fee structure they have, or if they work on any commission structure.
Now you know what to ask, schedule a call with a member of Haven IFA to get all your financial future questions answered when you find a find a local independent financial advisor.