Wednesday, October 28, 2020

How to find a financial advisor

finding a financial advisor

Trying to find the right financial advisor for your particular circumstances can often seem bewildering. For example, a young couple looking for a mortgage and income protection are likely to have quite different needs compared to an older couple planning for their retirement. Whilst many advisors will have a broad range of qualifications and experience to deal with both types of enquiry, clearly some will specialise more in particular demographics and areas of financial planning. There are financial practices, for example, that specialise just in retirement planning for certain types of occupation.

In addition, there are different types of advisors (tied and independent) with differing levels of qualifications and experience, and there are also different charging structures. That's why its important to find a financial advisor to suit you and your own personal situation. The Financial Conduct Authority website will show if an advisor is still authorised and gives other useful background information. Sites such as Financial Advisor Finder will also provide a breakdown of the advisor's experience, qualifications, specialisms and any relevant client reviews and ratings.

Once you have found a financial advisor, most will offer an initial, no-obligation meeting during which you can ask about their services and how they can help with your financial planning, as well as their charging structure. This will ensure that you can make a fully informed decision on whether or not to proceed without incurring any upfront costs. An increasing number of advisors are now using video conferencing during the Covid pandemic and will usually talk with prospective clients for an hour at the initial meeting.


Tuesday, October 20, 2020

Financial advisor fees

financial advisor fees

How much does a financial advisor cost and how are their fees charged? Having decided to seek professional financial advice many people are unsure how financial advisor fees are charged or how much the advice will cost. The fees will mostly depend on how much work is required and the length of time it takes. Different financial advisors often have different rates and some will have different ways of charging for the advice given.

Financial advisors near me - once you have decided to contact a financial advisor in your area, it's important to understand that most will offer an initial, no-obligation meeting so that you can establish what work is required and how much it will cost, before actually incurring any cost. You will also know in advance what the fees will be before instructing an advisor to carry out any work.

A financial advisor will typically charge in one of four ways:

  1. An hourly rate
  2. A fixed fee for a piece of work
  3. A monthly fee (usually a flat fee or percentage of money invested)
  4. An ongoing fee

If there is an ongoing fee then the advisor must provide an ongoing service. The only exception being if you are paying an initial fee over a period of time. At the initial meeting, the advisor should explain if you can choose different ways of paying for different services. For example, you may prefer a fixed fee with no ongoing charges. Again, its important to note that an advisor must give you a copy of their charging structure before providing any services to you. The advisor must also inform you how much the service will cost (or at least give you an estimate).



Monday, October 19, 2020

Do I need a financial advisor for my pension?

financial advisor for my pension

A commonly asked question from people approaching retirement is - do I need a financial advisor for my pension? Gone are the days when people used to work for one company and retire with a final salary pension. In today's complex and rapidly changing world it's more common for people to have several pensions from different workplaces, and to have a mixture of different types of pensions

In addition, with increased life expectancy some people are now spending more time in retirement than in work! This can often mean balancing between taking enough out of a pension to live on without taking too much and running out. A pension is one of the largest investments you will ever have to deal with over the long-term.

Faced with such complexity, its not surprising that many of us are choosing to seek financial advice on pensions. A suitably qualified financial advisor will be able to guide you through the complexity and explain your options in clear terms, covering areas such as the following:

  • Explaining how different pension schemes work
  • How to plan for retirement
  • How to maximise your pension and reduce investment risk
  • How to draw down your pension in the most tax-efficient manner
  • Where to find the best annuity deals
  • How to leave a financial legacy for your family
  • How to consolidate different pension pots to simplify your pension

Choosing the right financial advisor is important in learning more about your pension options and helping to make the correct financial decisions in planning for your retirement.


Financial advisors in Darlington

financial advisors in my area

Andrew Mitchard

Dip FA Cert PFS CeMAP CeLTM MLIBF SOLLA

AM WEALTH MANAGEMENT


Our service is grounded in the highest professional standards. We recognise that each of our clients are unique and, as such, deserves a bespoke service tailored to their own financial needs and future aspirations.

We work closely with all of our clients building a relationship based on trust and an in-depth understanding of their personal finances. This ensures that we are able to provide the advice that is needed when it is needed. Andrew has over 30 years experience in the financial services industry, helping others make the most of their money and realise their financial goals.

SEE MY FULL PROFILE

Thursday, October 15, 2020

Financial advisors in Leeds

financial advisors in yorkshire

Garth Ellison  BSc (Hons) FPFS

ELLISON ASSOCIATES WEALTH MANAGEMENT

Chartered Financial Planner

Based in West Yorkshire, I provide wealth management advice to clients nationwide but with a focus on the North of England. I hold both Chartered and Fellow status with the CII and Personal Finance Society having achieved the highest standard of Professional Qualifications.

Prior to joining the financial services industry I worked within the property market. Since this time I have spent 20 years within Financial Services working within the international investment market, private banking and wealth management. As a consequence I am able to provide guidance through the financial maze for individuals within the High Net Worth sector.

I am committed to ensuring that my industry knowledge remains relevant and current by placing strong emphasis on my personal development. This, along with the pride and dedication that I place on developing solid personal relationships with my clients, ensures that am I able offer a rounded, professional and principled service.

SEE MY FULL PROFILE

What is the difference between an independent and tied financial advisor?

local financial advisors near me

How do I find local financial advisors near me? Which financial advisor should I choose? How can I check their credentials and background? What's the difference between an independent and a tied financial advisor? Finding the right financial advisor can seem like a daunting task!

Financial Advisor Finder provides background information, ratings, reviews, experience, qualifications and services offered by each financial advisor to make the task of choosing the right financial advisor easier.

A common question that arises is the difference between an independent and a tied financial advisor. Firstly, its important to recognise that all financial advisors must be approved and authorised by the Financial Conduct Authority (FCA), whether independent or tied, providing you with peace of mind. Secondly, it doesn't mean that one type of advice is better than the other. In fact, both independent and tied advisors must pass the same qualifications and meet the same FCA requirements.

In essence, independent financial advisers (IFAs for short) offer a broader range of financial products and providers than tied advisors who will generally offer a more restricted range of financial products, hence the name 'tied' advisor. An advisor must inform you in writing if they provide independent or restricted advice. Most advisors offer an initial, no-obligation meeting in which they will explain the difference in more detail and provide an overview of their fee structure for any future work that you may instruct them to carry out on your behalf.

Tuesday, October 13, 2020

Meeting a financial advisor during the COVID pandemic

financial advisors in my area

The COVID pandemic has certainly changed traditional ways of working and caused all kinds of problems with meetings that would have historically taken place in person, face-to-face. The ability to make eye contact, shake hands, engage in dialogue and discussion, answer questions and gauge facial expressions are all part of what makes us human and how we establish relationships.

People are understandably reticent to meet in person, especially older and more vulnerable individuals, but the demand for advice remains. This has forced advisor practices and their clients to adapt to the new environment. Whilst its true that technology has yet to replace in-person face-to-face meetings, there are viable alternatives.

Most financial advisors offer an initial, no-obligation meeting and many of them are currently using either telephone discussions or online platforms such as Zoom or Skype to conduct meetings. A common question is, once I have chosen a potential financial advisor in my area, how will we actually meet to discuss my requirements? Typically, a one hour introductory on-line meeting will take place and follow-up information then emailed or posted covering the points discussed at the meeting. This will include an outline of costs and a breakdown of the work involved. Clients can then digest the information, discuss with other family members and decide if they wish to proceed with further work.

Whilst few would describe this approach as ideal, it does provide a work-around solution and more people are becoming comfortable with the new way of holding meetings. There are far more 70-year-olds comfortable with getting on a Zoom or Skype now than there used to be, which will change the old way of working, possibly permanently.

Financial advisors near me. How to find the right financial advisor, reviews, ratings and credentials.

financial advisors in my area

Research from Royal London and the International Longevity Centre has shown that savers who have taken financial advice since the early 2000s are on average £47,000 better off a decade later, compared to those who chose not to take advice. Even more interestingly, the research found the impact of advice was greater for those of more modest means than for those who fell into the affluent category.

It's well known that a financial advisor can help in areas such as pensions and retirement, investments and savings, tax planning, insurance, protection and long-term care, but how do you choose the right advisor relevant to your own personal circumstances?

There are different types of advisor. Tied advisors can only recommend particular financial products whilst independent financial advisors have access to the whole market. Then there are different fee structures, flat fees, ongoing fees and other types of charges. To add to this financial advisors will often specialise in particular types of financial products; for example Inheritance Tax or mortgages. And each advisor will have differing levels of qualifications and experience. Small wonder that many people find the choice and complexity quite bewildering! So the question arises of how do I find financial advisors in my area who specialise in the services I need and how can I check their credentials and ratings?

Financial Advisor Finder is a free site that eases the burden of finding the right financial advisor. Visitors can enter their area of interest and a financial advisor will be found relevant to the visitor's needs. Or visitors can search for an advisor directly, with ratings, reviews, qualifications and experience provided for each advisor helping them to find the right advisor. Finally, visitors can call and ask someone to talk through their requirements.

Key questions to ask are; does the advisor specialise in my area of interest, for example, retirement planning? Do they offer an initial, no-obligation meeting? How much are their fees? How much experience do they have? What qualifications do they have? What feedback and ratings have their other clients provided?

Seeking advice on important financial matters is certainly a prudent decision. Finding the right financial advisor is important in ensuring you get the very best advice and guidance.

How are financial advisors acquiring new clients during the pandemic?

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