A Guide to Choosing the Right Financial Advisor for You
23rd December 2015
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For some there will be stages in our lives where we need to take financial advice, such as when we take out a mortgage, for others it will be a continual requirement.  If we are more proactive about your finances and wish to develop and grow these to make them go further, we may choose to get involved in investing our money and constantly require professional help and advice to ensure we get the best from this.

Whatever level of advice we need, be it ad hoc or continual, finding the right financial advisor is essential.  Some may choose to seek advice from those that are selling particular financial products such as pensions, insurances or mortgages.  Others may choose to develop their knowledge of financial options but still occasionally seek advice from a financial advisor. Then there are those who like to build a relationship with someone who has the professional knowledge and experience to give the right advice and establish the best financial plans for them. BUT, how do you choose the right financial advisor for you?


Why Do You Need Advice? – Be clear about the help, advice or assistance you want from a financial advisor.  This will help you to assess the type of financial advisor you will need.  For example, if you’re looking to build up a portfolio of investments and need them to manage this for you, then you need an advisor who has experience in building investment portfolios.  If you simply require an advisor to assess your finances and help you to devise a budget for efficient living, possibly looking to help you with retirement planning or insurance, then you simply require a certified financial planner who can evaluate your finances, assess your situation and make recommendations for planning pensions, insurance and can also advise on mortgages too.

Find Out More About Your Advisor – It’s easy to be in awe of someone who can give professional advice, especially if they hand you their card and they have a string of letters after their names.  Yes, their qualifications carry weight and they have rightfully passed a number of examinations to qualify to become a financial advisor, but it is worth verifying these to check that they do hold these qualifications.  You should be able to verify these with searches via the internet, as they will be registered against these qualifications.

Fees & Charges – Be very upfront and find out how a financial advisor will charge you for advice and or to plan your finances.  If they are looking for products that are right for you, i.e. pensions, insurance or a mortgage, it’s possible they will be paid commission by the company who provides that product, so it may not cost you’re a direct fee.  If they are putting together portfolios or plans to manage your money on your behalf, do they charge a retention fee or can they provide a breakdown of their hourly rate and the work undertaken during this time?


For independent financial advice in Ipswich, Suffolk and East Anglia contact Carlton Smith Private Wealth IFA who will help you plan for today and your future.



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