Personal recommendations are the most effective method of locating an IFA (independent financial advisor). If you don't have a personal recommendation , there are websites that can help you locate an adviser in the financial sector. In the absence of an individual recommendation, the best method to locate an IFA is to use VouchedFor*, which will help you locate an IFA near you by searching its database, plus it rates the financial advisers using genuine customer reviews. Money to the Masses also has negotiated a deal that gives readers free 30-60 minutes of consultation* from an Vouchedfor financial advisor who is 5 stars. Simply click the link to complete the form to get started.
2 - Authorisation
The authorization of the IFA is the most important thing to complete before doing business with them. Financial advisers must be authorised in order to give financial advice; therefore, make sure to check the Financial Services Register, provided by the Financial Conduct Authority (FCA). This video can help you to understand the register. Check out the best financial planning in Nashville website for details.
3 - Qualifications
A range of qualifications are required for financial advisors to be able to give guidance. While industry standards are changing constantly, I wouldn’t trade with anyone who doesn’t possess the Diploma in Financial Planning. (formerly the Advanced Financial Planning Certificate). It is best to choose one who is either Certified Financial Planner (CFP) or who has attained Chartered status with the Chartered Insurance Institute (CII). Both of these qualifications demonstrate the financial advisor's financial planning credentials. You can check any independent financial adviser's qualifications through the website of the Chartered Insurance Institute.
4 - Experience
While qualifications are essential however, experience is equally important. Some people prefer advisors with a few grays as a sign they've "been around the block". However, the financial advisory industry is one in desperate need of a younger generation considering that the median age of an IFA is 58. It is crucial to get the best experience, but not at the expense getting the latest technology. It is important to note that the younger advisors are setting a new standards for professionalism and qualifications.
5 - References
Ask to speak with a few of the IFA's clients to gauge their quality of service. The IFA can choose which clients you speak to. However, it could be quite a hassle. If you get a response from an IFA does not want to speak with you, then you could think about the reason. Alternatively, look through the client reviews on VouchedFor* to see if there are any financial advisors on your shortlist. See the best Brentwood asset management blog for info.
6 - Location
It's obvious to get to know anyone who does business with you. Pick an IFA nearest to you. Click the button below to find an IFA or financial advisor near you.
7 - Understand what services they offer
A financial adviser's services will vary. It is essential to confirm that they are competent in the fields you require. Some advisers provide financial advice but they don't sell products. Some specialize in taxation, and can provide guidance. Find out their credentials and what areas of expertise they have, as well investigate the company where they are employed. Anyone offering financial products or investment advice should be registered and licensed by the Financial Conduct Authority (FCA).
8 - How Often Do They Check Your Situation?
Find out how frequently they do an annual review. A good financial adviser will review your situation at least once every year. While some may need to review their financial situation more often but a thorough review of your financial position once each year will suffice to ensure your plan is current with changing circumstances. Have a look at the recommended Franklin asset management blog for info.
9 - Cost
It is important to fully be aware of the expenses involved in the recommendations. You will ultimately pay the bill if the IFA is paid commission on the products they sell (mortgage and insurance). Retail Distribution Review (RDR) is a requirement for advisers to be more open about the fees they charge for financial advice. Certain IFAs offer a no-cost initial meeting, however, charges are charged when you decide to take action on their recommendation. Some IFAs will charge the cost of an initial review. Although the cost you pay to your financial adviser will depend on your particular needs, an adviser will be capable of providing an estimate of expenses in relation to the work they will be carrying out for you.
10 - Write It Down
Before working with a financial advisor, ask for the written explanation of the price of the services. This ensures that there are no nasty surprise costs and clarifies how you will be paid for the services they will offer. It is also advisable to request your financial advisor to provide you with a written contract that outlines the specific services. This will help you both be clear on what is expected from you.