5 things to consider when choosing a financial adviser

When making major financial decisions, such as organising your private pension or taking out life insurance, it’s often best to get professional advice. In fact, in most cases, it pays to hire an independent financial adviser (IFA) to help you through the process.

A cursory Google search will show that there are many individuals and organisations offering personal financial advice, but they’re not all the same. The most important thing is to choose an IFA that’s right for you.

Here’s our guide to getting it right.

1. Do they provide the financial services you need?

You should find a financial adviser with expertise in the area you want advice about. Some may focus on investments and retirement planning; others may deal in mortgages and equity release; others may focus on insurance products, while a few may offer more generic financial planning.

2. Are they genuinely independent?

Some financial advisers are classed as being restricted, meaning they are only able to recommend products from a limited number of providers. A truly independent financial adviser should be able to offer unbiased recommendations based on the whole of the market.

3. Are they local?

An adviser based in your local area may be a better option than a national or international organisation. You will get a personal service from an individual who fully understands your circumstances, lifestyle and attitude to money. You’re also likely to deal with them in future. Building a one-to-one relationship will help you get the ongoing advice you need.

4. Are they fully qualified?

A financial adviser may hold a wide range of qualifications, some of which are more relevant to you than others. Make a note of which ones they hold and check to make sure they relate to the field you need advice about. Most importantly, make sure they are regulated by Financial Conduct Authority (FCA).

5. Are they charging a fair price?

Finally, make sure you get a clear idea of how much they will be charging for their services and compare this to other advisers.

Independent financial advice is often essential and it’s vital to go with an adviser you trust. Based in Norwich, we have more than 20 years’ experience in the field and are one of the largest regional independent financial advisers in the UK. Call us to make an appointment today.