Eight top tips on how to choose a financial planner

Finding and deciding upon the right financial planner can be a daunting task. That’s why we’ve come up with some ideas for how to choose a financial adviser that’s right for you. Follow these eight top tips and you should be well on the way to working with an adviser that can help you define and achieve your financial goals.

1. Use your head

Address each of the areas outlined below and check them off to be certain that you are selecting the right adviser.

2. Use your heart

People buy people: is the adviser someone you will get on with? Are they on your wavelength and will you enjoy working with them? You could be spending a fair amount of time with them over the coming years. If you have some concerns from your first meeting with the adviser they’re probably valid; walk away.

3. Choose an independent adviser

The term financial adviser has a broad remit. A bank adviser, including some of the private banking advisers may be tied to one or a small number of product providers, restricting their ability to select the best solution from the whole of market.

4. Qualifications

A minimum level of qualifications are required by individuals advising clients. There are additional qualifications that can be attained by those committed to being at the top of their profession. The most qualified planners are Certified (CFP) and/or Chartered.

5. Testimonials

Always ask to speak to an existing client who is in a similar position so that you can gain real insight as to how the adviser operates.

6. Costs

These can vary considerably across the profession. Ensure that any costs are clear and identifiable up front. Will you pay by fees or commission? Whichever way you look at it, know what you’re paying for.

7. Know what you will get for your money

Ensure there is a written service agreement so that you know what to expect from your planner. If advisers can commit to a written service agreement you know they are serious about the service they provide. You will also have something to go back to them with if they fail to deliver!

8. Do they have a website?

A great deal can be understood about a business from its website. How up to date is it? Have a good look around and see what you think.

It’s likely you’ll be entrusting your financial wellbeing to your financial planner, so a little additional investigation at outset should hopefully pay dividends later. For further information, you can call us on 01789 263888 or email hello@charterswealth.co.uk.