Knowing how to choose a financial adviser can be a daunting task, but it’s essential to ensure that you’re receiving the best possible service and advice for your financial needs.
In this article, we'll take a look at the main factors you'll need to consider to help pick your perfect adviser.
So, how do you choose a financial adviser? Let's dive in...
What to look for when choosing a financial adviser
When choosing a financial adviser, there are several things you should consider:
Look for an adviser who is qualified and experienced in the areas that are important to you. Check if they have any relevant certifications or accreditations.
Financial advisers charge different fees for their services. Look for an adviser who offers transparent fees and value for money.
Look for an adviser who has expertise in the areas that are important to you. For example, if you’re looking for retirement planning advice, look for an adviser who specialises in retirement planning.
Look for an adviser whose approach aligns with your goals and values. You should feel comfortable discussing your finances with your adviser and confident that they have your best interests at heart.
Financial advisers fees
Financial advisers charge different fees for their services.
Some advisers charge a percentage of the assets they manage, while others charge a flat fee or hourly rate.
It’s important to understand how your adviser charges fees and what services are included in those fees.
Types of financial adviser
There are several types of financial advisers:
1. Independent financial advisers (IFAs)
Independent advisers can recommend financial products spanning the whole of the market.
This means that their advice is unbiased and unrestricted.
2. Restricted advisers
Restricted advisers can only recommend products from certain providers.
In some cases, they will recommend products from a single company.
Robo-advisers use computer algorithms to build and manage your investment portfolio, and as the name suggests, require little human interaction.
How to find a financial adviser
Finding a financial adviser is easier than you might think.
Here are some steps you can follow:
Start by researching potential new advisers.
Ask friends and family for recommendations, check out online reviews, and look for advisers who specialise in your specific needs.
Use the Unbiased directory to find a financial adviser near you.
2. Meet with potential advisers
Once you’ve identified potential new advisers, schedule meetings with them to discuss your needs and goals.
This will give you an opportunity to get a sense of their approach and whether they’re a good fit for you.
3. Check their credentials
Check if they have any relevant certifications or accreditations.
4. Check their fees
Look for an adviser who offers transparent fees and value for money.
5. Check their expertise
Look for an adviser who has expertise in the areas that are important to you.
6. Check their approach
Look for an adviser whose approach aligns with your goals and values.
7. Make your decision
Once you’ve found an adviser who meets your needs, make your decision and start working with them.
Choosing the right financial adviser is essential if you want to receive the best possible service and advice for your financial needs.
By following these steps and being aware of what to look for when choosing an adviser, you can find a financial adviser who is right for you.
Unbiased can connect you to a financial adviser today.