While some people may feel they'll never need a financial advisor, or believe they are savvy enough not to need one, there will often be times in your life when it becomes prudent to seek their services.
Most people will only use a financial advisor occasionally whilst others are having appointments every month or so to keep on top of everything. If you’ve never had to use a financial advisor before but you have hit something that means some professional guidance may be necessary, you may find the following information useful when choosing who to go with.
This may sound a bit obvious, but, before choosing a financial advisor you need to be sure of the type of advice that you’re looking for. Some financial advice companies are able to deal with multiple areas whereas others are more focused. For example, if you are looking to get a mortgage or remortgage then you would need to find a company able to help with that. If you’re coming up for retirement and want advice regarding your pension but also on investments, for example, it could be no good seeking the advice from a company only able to deal with one aspect, particularly if you wanted to take a pension lump sum and put that into investments!
It’s also worth bearing in mind that there are ‘Independent Financial Advisors’ as well as those who are restricted. It isn’t necessarily a bad thing to go with someone restricted as long as you know how their service is restricted For example, if you’re after pension advice and you go and see an advisor who is restricted to offering this kind of advice but can choose from the whole market for products, then that’s fine but it’s best to stay clear of those who are only able to offer certain products from certain companies. If in doubt, it’s always best to choose someone Independent as they will source the best product for you needs rather than the product that fits the best based on what the company is able to offer you.
Don’t hesitate to ask about the advisor’s qualifications as you want to make sure they have had appropriate training, but it is also important that you make sure the company is registered with the Financial Conduct Authority (FCA) as this body lays out rules that financial advisors must adhere to.
No matter how clued up you are regarding finances, there are certain times when getting the advice of a professional could be more beneficial than not. These include:
Even if you feel comfortable and able to sort everything out yourself, it will be worth consulting a professional as they may give you ideas and advice that many never have occurred to you.
If you’re in need of advice, get in contact with Thompson Financial Consulting today and see how they can help with your financial needs.