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.

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