Top tips for choosing a financial advisor
A financial advisor can be a useful resource for almost anyone. The in-depth information, analysis and advice that they are able to give can multiply and secure your finances significantly. Whether it’s wealth management, pension planning, savings advice, or projections for investments that you’re interested in, a financial advisor will be a huge asset. Of course, there are an awful lot of financial advisors out there, and not all of them will be able to provide you with the insight that you need. Here are a few of our top tips on choosing a financial advisor that will offer sound advice:
Qualifications
The number and quality of qualifications that financial advisors have demonstrate their diligence in their field and the breadth and depth of their knowledge base. FCA qualifications are mandatory to become a registered financial advisor, including the CeFA (Certificate for Financial Advisors). Other qualifications to look for are Diplomas in Professional Financial Advice and Investment Advice.
Fee structure
Financial advisors will typically use one of three fee structures: an hourly fee, a fixed fee or a fee based on the percentage of assets they manage for you. If you want to ensure that there are no nasty surprises when it comes to your bill, make sure you ask for an up-front, fixed fee. With this fixed fee, you can rest assured that your financial advisor won’t be taking extra steps to drive their bill up.
Working relationship
Before you choose your financial advisor, you need to understand who it is that you will be dealing with, how much time and effort they will be able to assign to your account, and how frequently your meetings will occur. Many financial advisors offer meetings just once a year. Given that you are entrusting the future of your money to your advisor, you should expect more from them if you want to ensure that they have your best interests at heart. Look for financial advisors that will spend time initially working with you to understand your goals on a personal and professional level, and subsequently meet with you every quarter to keep your finances healthy.
Before selecting a financial advisor, it’s key to understand that there are many differences between them, and one size doesn’t fit all. Take the time to find out what each can do for you individually, and you won’t go far wrong.
The focus of Montagu Mayer is you; the services we offer, the way we work down to the smallest detail are aimed at helping you empower your money to enjoy life and provide the future you and your loved ones dream of.
All advice is fully regulated with clear, transparent charging structures, full commission disclosure and a variety of Service Level Agreements to suit your budget.
And of course, all of that is backed up by complete regulation everywhere we operate, giving you a total Montagu Mayer experience wherever you choose to move to.
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