how to find the best financial advisor

Making the Most of your Financial Advisor Relationship

havenifa

havenifa


Posted on: 21st April 2021

When at how to find the best financial advisor, there can be a multitude of worries, red flags and uncertainty in your feelings that you are getting the very best from the relationship.

Money is a hard thing to trust to anyone, and it is the one area where you want full transparency and guidance in order to not only protect your hard-earned monthly cash but also make it grow instead of dwindling.

Thanks to regulation improvements over the past few years, the UK stands in its most secure period for transparency and fairness when it comes to investment and industry practice. However, there are still things you need to look for, ask and be assured of when engaging your IFA of choice.

Independent or Restricted

When approaching the investment landscape, every individual will approach it with their own specific goals, risk tolerance and time horizon as key factors. To be comfortable with these, they will want their financial adviser to have as much access to funds and products as they can.

When talking with a restricted adviser, you will find that they will have their hands tied to a certain group of providers, whereas independent financial advisers in Cheshire can access the whole of the market to find the best-suited providers for your specific needs. Beyond this, a financial adviser needs to have the considerations of the client’s financial landscape, such as assets, liabilities and tax situation as much as what the end goal and best route to achieve it will be.

Advisers can aid in all aspects from pensions and ISAs to arenas such as life insurance and critical illness cover in order to get the full financial outlook for a client on their life journey. When choosing your adviser, it always pays to give yourself a quick financial audit of the assets you currently have and the intended goal, helping you to streamline the adviser meetings to determine the best possible choice.

Remember – a financial adviser will never pressure you to make a decision; they help you to make the right ones.

Is It All Clear?

The telling sign that an adviser is not the right match is if you cannot clearly understand them. If they don’t talk your language, then how do you know where your money is going?

The Investment circles are notorious for their jargon and tech talk, so it is important to understand clearly what is being discussed with you to steer you clear of making decisions based on confusion. As always, if you don’t understand then asking the question to clarify is the best way to understand.

As an investor, you may have some rudimentary knowledge of how it all works, but the reason you have a financial adviser is that there are a lot of factors you don’t understand. With that in mind, why would you pay someone who cannot communicate it clearly to you? Clearly, the biggest red flag is those advisers who hide behind the complicated terms.

Most professional advisers utilise technology to best showcase what they are discussing via the aid of graphics and charts, aiding you in understanding how much products cost, how it works, what can go wrong and what your best-case scenario is. If your adviser is condescending towards your portfolio making you feel inadequate, then your red flag should be flapping in a gale-force wind.

The job of independent financial advisers in Manchester is to explain the problem and guide you back on track with your finances.

Contact

Once you have your investment portfolio up to scratch, you’ll find that it won’t require much tinkering. Therefore, you may have a few initial meetings getting things set up and running, and after that, you may only need to check in once or twice a year.

Naturally, nobody should feel pressured to have regular weekly or monthly contact with their financial adviser or be pressured into products with limited windows to capitalise. When markets experience a drop, your financial adviser will be on hand to steer you through the worst of it and will have experience on market stability and trends in order to best advise you on a course of action. They should never force your hand in the action but make you aware of the risks as well as the benefits of every action you choose to stand in a better position.

In most cases, the best independent financial advisers in the UK will do everything to keep you focused on the original strategy and bring you options based on research and statistics in order for you to make the best decision for your finances.

At Haven IFA, our team works to support your growth and protect your finances whatever the circumstances. Once you realise how to find the best financial advisor, you’ll be able to make the most of having one. Contact us today to ask the questions and put you in a better position.