The most effective method to locate an independent financial adviser (IFA) is through the recommendation of a friend. However, if you don't have a personal recommendation then there are online services that can help you locate a financial adviser. In the absence of an individual recommendation, then the best method to locate an IFA is to utilize VouchedFor*. It allows you to find an IFA near you through its database, plus it rates the financial advisers by analyzing genuine reviews from clients. Money to the Masses secured an agreement that allows users to get a 30-60 minute consultationfor any Vouchedfor financial advisor. To begin by clicking this link, and fill in the short form.
2 - Authorisation
When doing transactions with an IFA the most important factor to verify is their authority. Financial advisers must have financial authorization to provide financial advice. Make sure to check the Financial Services Register provided by the Financial Conduct Authority. You can watch an instructional video to understand how to utilize this register. Check out the top rated Nashville asset management blog for more.
3 - Qualifications
A variety of certifications are required of financial advisors to ensure they are qualified to give guidance. Although industry standards are constantly changing and evolving, I wouldn't recommend doing business with someone who didn't have the Diploma in Financial Planning. It was previously known as the Advanced Financial Planning Certificate. Preferably you would want someone who is either a Certified Financial Planner (CFP) or who has attained Chartered status through the Chartered Insurance Institute (CII). These credentials are proof that the advisor's expertise in financial planning. The website of the Chartered Insurance Institute provides a way to view the credentials of any financial advisor.
4 - Experience
Qualifications are one thing but experience is also crucial. Some people prefer advisors with a few gray hairs as an indication of their experience all over the place. However, the financial advice business is in desperate need of a younger generation considering that the median age for an IFA is at 58. It is important to have the most enjoyable experience, however, not at the cost of having access to the most recent innovations. It is important to note that advisers who are younger have set the bar for professionalism.
5 - References
Request to speak with a few of the IFA clients you're interested in in order to gain an understanding of the level of service they received. While it's not likely to give any insight since the IFA has the right to decide who you talk to You should inquire as to why the IFA declined your request. VouchedFor* provides a list of reviews you can check out to find financial advisors. Have a look at the best Brentwood financial planning blog for updates.
6 - Location
It's not a fact that you should be able to get to know anyone doing business on behalf of you. It is easier to do this by searching for an IFA in your area. Enter your postcode in the box below and instantly find a financial advisor (IFA) within your region.
7 - Understand what services they offer
The services a financial adviser offers will vary and so make sure that the financial adviser you speak to is qualified in the specific area you require help in. Although some advisors offer guidance on a range of topics, they don't sell financial products. Others provide specific advice like tax advice. Ask about their qualifications and areas of expertise they have and also investigate the company where they work. You must register with the Financial Conduct Authority to sell financial products as well as provide investment advice.
8 - How Often Do They Reexamine Your Situation?
Ask them how many times they review their situation. A good financial advisor will ensure that they review your financial situation at least once a year. Certain people might conduct more frequent reviews, however, it's enough to ensure that you have a plan for your finances that's in line with the changing conditions at least every year. Check out the top rated Franklin asset management website for info.
9 - Cost
Make sure that you understand all the costs associated with the advice before you begin. You will ultimately pay the bill if an IFA is paid a commission on the products they sell (mortgage as well as insurance). Retail Distribution Review (RDR) means that financial advisors have to be more open regarding the charges they charge to provide financial advice. Some IFAs offer a complimentary initial consultation, however charges are charged when you decide to act upon their advice. For an initial review, some IFAs charge PS500. The amount you pay to your financial advisor will depend on your specific needs. However, your financial advisor is likely to be able of providing an estimate of costs based upon the work they are doing for you.
10 - Note It Down
It is important that you request the cost of the services to be revealed in writing before engaging with a financial advisor. This makes sure there aren't any surprises and makes it clear what you will pay for the services. To ensure that you as well as your financial advisor are completely clear about the work to be performed and the costs involved, ask them to sign a contract in writing.