What to expect from a good financial adviser

A good financial adviser works for you in your best interests. Some people choose to look after their own finances and may not realise what value an adviser can add.  Here is a six-point guide to what to expect from a good financial adviser.

1. They will listen to and understand your needs

It is important that your financial adviser understands your circumstances and what it is you are trying to achieve. Unless they know about you and what is important to you they cannot make a recommendation. They will ask you a lot of questions and this will include questions about your income and expenditure, your assets and liabilities but also about what you want to achieve in the short, medium and long term.  Fact-finding is a very important part of the process and this is reviewed on a regular basis as things do change over time. Fact-finding is as much about soft facts as it is hard facts so expect to have an open conversation.

 2. They can help you plan for the future

Unless we have an idea about where we want to be in the future it is very difficult to understand and plan how we are going to get there. A financial adviser will make you think about what the future looks like and then your lifestyle and how much income you will need to fund that lifestyle. It will then be a case of working out your starting position and what you will need to save each month in order to get there.

3.  They can access a wide range of products

Anybody can arrange a pension, savings vehicle or buy into funds or stocks and shares. Independent financial advisers, however, have access to a whole range of products that you may not have even considered. They can often negotiate lower rates on platforms which can mean savings for yourself.

financial report

4. They will provide regular reviews

Depending on your agreement with your financial adviser your reviews may be quarterly, annually or even every two years. If you are approaching retirement then more regular reviews may be required. A review is a chance to check your progress towards your goals. It may be that as part of this we need to save a little bit more each month or find a way of identifying tax efficiencies.



5. They will help make sure you are using your tax allowances

There are so many different types of tax that it can be very confusing. An adviser will be able to make sure you use your tax allowances effectively so that you do not pay any unnecessary tax. This includes pension contributions, use of your ISA as well as Capital Gains and Inheritance tax to mention some taxes. Tax planning isn’t just for the end of the year but is ongoing.

6.  They will ensure your investment is in line with your attitude to risk

risk profile

Do you have a cautious attitude to risk or are you willing to take a much higher risk for higher potential reward? Everybody is different and their attitude to risk can change as their circumstances change. For example, we may be willing to take more risk when we have less in our investment or pension fund but once that accumulates and we are close to retirement we may want to reduce the risk as the focus may be more about keeping the monies that have accrued. A good financial adviser will discuss risk with you and also look at your capacity for loss. They will then make a recommendation that aligns to this. Where appropriate they may advise you to move your monies to a more suitable investment.

To book a free initial consultation visit or email or call 07921196730.  Sally Jackson DipPFS is a qualified Independent Financial Adviser.

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