Falmouth Packet Business Apr ’18 – How to choose the right financial adviser

How to choose the right financial adviser

Individuals now have greater control over their financial affairs, especially with changes such as pension’s freedom. Whether you choose to seek financial advice is likely to depend upon the complexities of your financial affairs and whether you feel capable to deal with your own finances.

The first step is to think about the assistance you will need, can afford and you would value. General guidance on debt management and budgeting could be provided from free sources such as Money Advice service or Citizen Advice and for over 50’s the government’s pension wise service.

Financial advice is offered either on an independent or restricted basis. As the name suggests restricted usually involves recommending certain types of products or through limited providers, whilst independent will consider arrangements across the market.

Advice is generally offered on varying levels, from one off events such as arranging a mortgage to a more holistic approach managing a client’s complete wealth, including investment management, estate and tax planning.

Your choice of adviser will no doubt come down to their expertise, confidence, cost and ability to build a long term relationship offering quality of advice and service.

Most advisers offer a free introductory meeting with details of fees provided at the end of the meeting. Be wary of exit fees, some advisory companies charge up to 6% exit charge should an investor exit the arrangements within 5 years.

Personal recommendations carry a good deal of weight, so often a good place to start.

Don’t be afraid to ask questions – do you offer face to face advice, how often are arrangements reviewed, how long have you been an adviser, do you specialise in any particular area, will I always see you as my adviser ?

Of course these are just a few questions.  Ultimately you need to feel comfortable and trust your adviser.


This article does not provide individual financial advice and are the views of the columnist only. Vision Independent Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Sarah Williams of W.T Independent Financial Planning is an Appointed Representative of Vision Independent Financial Planning Ltd

Article April 2018