Our years of financial planning experience tell us that some people work with a financial adviser in relation to a one-off life event or challenge, whereas others will work with an adviser on a more ongoing basis.
This article gives some advice about when you may consider contacting a financial adviser, how to find the right adviser and what to expect when you engage with her/him…
When should I contact a financial adviser?
This differs from person to person as all individuals, families, situations and life goals are unique. To give you an idea though, we find some of the main points at which people get in touch are when they are:
• Beginning a new pension scheme or reviewing existing arrangements.
• Considering making investments.
• Starting a family and planning for a child/children’s futures (including
school/university fees planning).
• Planning and launching a new business.
• Retirement planning.
• Getting married.
• Interested to understand what effect a decision/situation would have
on their income/cash flow.
• Buying a home.
• Given Power of Attorney for a loved one.
• Thinking about provision for their loved ones, should anything happen
• Considering a career change.
Which is the right financial adviser for me?
Qualifications and memberships of professional organisations are important to look out for. They illustrate competency and that an adviser is bound by the stringent membership criteria and ethics of a professional organisation/s.
For example our Financial Planning Team are all members of the CII (Chartered Insurance Institute) and have achieved CII qualifications through numerous exams.
It’s also important to select an adviser that can assess all available options for you – for this you need an independent financial adviser, like our advisers, who can assess the whole of the market (some advisers are 'restricted', not 'independent', and can only advise on selected parts of the market).
Coupled with this you need to find someone that you enjoy working with and trust to work with you to bring you the best solution for you, your family and situation. Equally that person and their team should be approachable and easy to contact when you have questions, queries or concerns.
All good advisers will offer a free no obligation initial conversation for you to find out more about them, their organisation and approach. When the current situation changes and it becomes possible to visit them in their offices, this is a good idea as it allows you to get an understanding of the wider organisation, too. This provides a chance to gather important information and decide whether you’d like to work together.
What to expect when working with a financial adviser...
Advisers will have slightly different approaches but their main objective will be to clearly understand your current financial situation, aspirations and life goals. They will then work with you to create a Financial Plan that ensures your finances are working as hard as possible to help you achieve your life goals.
Ongoing monitoring of your plan to ensure it is performing in the optimum way is crucial.