Choosing a financial advisor may be a difficult task but such an advisor can take financial worries out of your mind and life. It is essential that you put time and effort into choosing the best one for your requirements.
The key to finding the right advisor lies with you! There are different advisors for different purposes so you go to one who is a specialist in that particular area. For example, selecting an advisor depends on whether you need advice on investing in your pension, stocks and shares ISA, retirement, mortgage, life insurance, home insurance, car insurance or travel insurance.
How to find the right financial advisor?
Checking with family, friends, colleagues and neighbours is a good idea. But remember; only proper attention to your requirements does not guarantee that an advisor is good enough. A better idea is unions, affinity groups and workplace pension schemes which have their advisors and recommend them to their members.
Types of advisors
Financial advisors may not always have the name ‘financial advisor’ and come under different names, such as, ‘mortgage advisors’, ‘investment advisors’, ‘pension advisor’, ‘financial planner’ or even ‘brokers’. When visiting them, make sure that they are regulated by the FCA (Financial Conduct Authority) so that they are bound under the relevant and applicable rules and regulations.
All advisors do not do the same thing. There are Independent financial advisors who can recommend all types of retail investment products from a number of firms, whereas there are Restricted advisors who can offer restricted products or providers. Therefore, it is important that you know the services a firm is offering before finalising the deal with them.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.