Recommending a friend is the most effective method of finding an independent financial adviser (IFA). If you don't have someone to suggest you, there are a variety of online services that can help find you an expert financial advisor. VouchedFor*, which search its database for IFAs in your area and allows users to find IFAs and then rate the IFAs based on actual client reviews. Money to The Masses has made a deal which readers can receive 30-60 minutes of consultation with an Vouchedfor five-star financial adviser. To begin, follow the link and fill in the quick form.
2 - Authorisation
It is crucial to confirm the authorisation of an IFA prior to doing business. All financial advisors need to be authorised in order to provide financial advice; so make sure you check the Financial Services Register, provided by the Financial Conduct Authority (FCA). This video can help you to learn more about the register. Check out the best Nashville financial advisor website for more.
3 - Qualifications
Advisors are able to and should be able to obtain a number of qualifications to be competent in giving financial advice. While the industry standards are always changing, I personally wouldn't do business with anyone who hasn't at least earned the Diploma in Financial Planning (DipPFS) previously called the Advanced Financial Planning Certificate (AFPC). It is preferable to have an Certified Financial Planner or Chartered Insurance Institute (CII) member. These qualifications are proof of the financial advisor's financial planning skills. You can verify the credentials of an independent financial adviser via the Chartered Insurance Institute's website.
4 - Experience
Experience is more important than any qualifications. Many people would prefer an advisor who has few gray hairs, as a sign they've "been all over the place". The average age of an IFA in the financial advice industry, 58, means that there's a huge need for younger individuals. It is essential to get the best experience, but without getting the latest technology. Importantly, advisers who are younger have set the bar for professionalism.
5 - References
Have a conversation with several of the IFA clients you are interested in to gain an understanding of the level of the service they received. While it's not likely to give much insight as the IFA can choose who you speak to and you must ask why the IFA declined your request. VouchedFor* has reviews of financial advisors that are listed on your list. See the recommended financial advisor in Brentwood, TN site for info.
6 - Location
It is obvious that you should meet any person who does business on your behalf. Make it as easy as possible by selecting an IFA close to where you live. It is easy to find an IFA near you by typing in your postcode below.
7 - Understand what services they offer
A financial adviser's services will vary. It is crucial to make sure they have the right qualifications in the areas you require. Some advisers provide financial advice however they don't offer products. Others are experts in taxation and offer advice. Make sure you research the business they work for and their credentials. Remember, anyone who sells financial products or provides investment advice has to be licensed and registered with the Financial Conduct Authority (FCA).
8 - How Often Do They Review Your Situation?
Ask them how often they carry out a review. A reliable financial adviser will make sure they examine your situation at least every year. Some individuals may conduct more frequent reviews, however, it's enough to make sure that you have a financial plan that is in line with your changing circumstances at least once per year. Have a look at the most popular Franklin financial advisor blog for updates.
9 - Cost
The total cost of any advice must be understood from the very beginning. If an IFA receives a commission from certain products that they sell (mortgage or insurance) ensure that you understand how this works because despite what they may claim, it is you who will ultimately have to pay the bill. Retail Distribution Review (RDR), which requires financial advisors to be more transparent about how much they charge customers for their advice and has resulted in greater transparency. Certain IFAs offer a no-cost initial meeting, however, fees are charged if you decide to take action on their recommendation. For an initial review, certain IFAs charge around PS500. The cost you pay to your financial advisor is contingent on the needs of your particular situation. But, your advisor should still be capable of providing an estimate of the costs in relation to the work they're doing for you.
10 - Put It In Writing
When meeting with a financial professional, it is important to ask for the costs of the services in writing. This makes sure there aren't any unexpected charges and also explains how much they will charge you for the services. Make sure that you ask your financial advisor for a written agreement outlining the services you will receive. This will make sure that both are clear about the work involved.