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Choosing the right Financial Advisor is essential for you to get the most out of your money

Mike Hunt

Choosing the right Financial Advisor is essential for you to get the most out of your money.

It would be best to choose a professional you feel comfortable working with when you decide to seek financial advice; after all, you will trust them with your entire financial situation.

By clicking the button below, you can search for financial advisers in your area, but what happens after you find one that seems to meet your needs? What should you be looking for, and what questions should you ask when seeking that perfect financial relationship?

How much do you charge your clients, and how do you set that up?

Likely, one of the first questions that come to mind when considering whether or not to seek financial advice relates to fees. Financial advisers must disclose their fees before taking you on as a client. There may not be a precise figure - many financial advisers charge a percentage of the value of your pension pot, for example - but they can at least give a rough estimation, if not explain how their fee is calculated.

Is there any experience you have with a similar situation to mine?

It is not unusual for an adviser to work primarily with clients with a certain level of wealth. It may be better to choose someone else who has more experience assisting people in similar financial situations to you instead of an adviser who primarily works with people who have more than £500,000 in savings.

What kind of services do you offer?

An adviser must make it clear what services they provide. The benefits of an independent financial advisor typically include assistance with retirement planning, pension planning, investments, and succession planning, though some advisers may specialise in one or more areas. Make sure the advisor is adept at handling the particular situation you are facing.

Am I going to work exclusively with you, or will we work in a team?

Many financial advisers will work with you throughout your relationship and remain your main point of contact. A colleague or assistant may assist some advisors working for large organisations. As well as understanding what to expect, it is essential to determine the type of relationship that suits you best.

How frequently will you communicate, and by what method will you do so?

A financial adviser will usually communicate in a way that suits the client, but it never hurts to ask. When you are aware of how often meetings will occur, you can prepare any questions you may have, and you will also be kept up to date on the status of your finances.

How will contact be made regularly?

Who will be arranging meetings, or who will ensure that regular email and phone contact is maintained?

When dealing with someone who has multiple financial objectives, how do you handle it?

Clients will be helped by a knowledgeable adviser to assess and define their key financial goals. Once the targets have been established, they can create a tailored strategy that will most likely achieve them.

Generally, how do you approach investment?

Depending on the client's risk tolerance, does the adviser employ a variety of investment strategies? Almost certainly, the adviser will answer this question. Still, it is important to discuss their methods and expertise to understand the process, risks, and potential outcomes. Understanding what is going on with your money is essential.

What is your schedule for reviewing my financial situation and providing an up-to-date progress report?

Understanding what is working and, perhaps more importantly, what isn't is key to staying on top of your investments. You are less likely to lose money through poor investment if you assess your situation more often.

Could you please show me an example of a financial plan?

It is impossible to create a financial plan that fits all advisers' needs, so there is no one-size-fits-all document. Another adviser might produce a comprehensive document complete with all sorts of graphs, charts and technical terminology, while another offers a brief overview. The sample document will give you a better idea of how the adviser works and what you do and do not understand about the process.

Would any of your clients be willing to share their experiences with you?

On, you can read a range of client reviews, but it may be worthwhile to speak to a former/current client directly if only to get an idea of what to expect in the future.

What is the best way for me to track my money?

Although some advisers are strong proponents of using technology to keep clients informed about their finances whenever they wish, others prefer more traditional methods, such as phone calls or face-to-face meetings. Keeping track of investments on your laptop rather than travelling to meet with your adviser may be more convenient for you if you prefer to keep track of assets that way.

What is your track record?

When trying to determine the adviser's success with previous clients, avoid feeling awkward. It makes sense to evaluate a financial adviser's past performance since your main objective is to make your money go further. At, you can read client testimonials.

How should I prepare for our first meeting, and what should I bring with me?

First consultations are generally free. The advisor will discuss your financial goals with you during this initial meeting and explain how they help. Take a relative or friend along if you are unsure of what you want to accomplish in the discussion or if you want a second opinion. If you prefer to wait for a face-to-face meeting, you may wish to ask some of the following questions by phone or via email before the meeting.

How do you think you will be able to assist me as an adviser?

It is vital to work with a person who fills you with confidence and whose knowledge, skill, and advice you believe is accurate and to your advantage. A financial advisor needs to provide a list of their key attributes and tell you why they are someone you can trust. 

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