If you’re considering financial advice then you may have felt daunted by the prospect of trusting a stranger with your money, especially if you have had little experience with investments in the past.
Doing research before you approach a firm for advice can help to arm you with a grounding of what to expect and what to look out for – making the step to getting financial advice that bit easier to take.
1) Not all firms may be able to help you / Different firms specialise in different areas
Today many firms specialise in different areas of financial planning, for example Occupational Pensions or Trust Planning. Some firms may only be able to offer a ‘restricted’ range of products and so may not be able to provide the best solution for you.
Doing a Google search on the area you’re looking for help with can help you decide on which firm is best suited to assist you.
2) Your relationship with your financial adviser may last longer than you think
Obviously you have to trust your financial planner with your money, but it’s also important to be able to work with them over a longer period of time. From your initial meeting to your annual reviews ahead, having a financial planner you like can make all the difference over the years.
Websites such as Vouchedfor offer client reviews that can give you an idea of what financial planners are like to work with, not only what they can do for you.
3) Knowing what you want is insurmountable
It is also worth researching what it is you want to achieve. Whether that’s early retirement or saving tax, having a good idea of your goals will focus your financial planning and help your planner to help you get there.
As well as your long term goals having a financial planner who you ‘fit’ with is priceless. If you’re more cautious with your money, you don’t want a planner who aggressively invests it.
4) Know what to expect from financial planning
If you have questions about what to expect from meeting with your financial planner then go ahead and ask them. Most firms will be happy to talk you through what to expect from working with them – from your initial meeting to charges and how they handle the longer term adviser/client relationship.
Author: Bartholomew Hawkins are independent Chartered Financial Planners with a high level of knowledge, relevant experience who will provide you with appropriate financial plans and advice. Visit their website to get started.
