We have all heard scare stories with regards to choosing an Independent Financial Advisor. Many of these anecdotes are based on years past once the whole industry was not correctly policed. Nowadays you can find so many different ways that you can choose an IFA who is both reputable and right for you personally. Deciding on an IFA is arguably probably the most important financial decisions you'll ever make so taking time and energy to research and compare providers is to be encouraged.
There are generally considered to be three different types of financial advisor - independent financial advisers who search the entire market for their clients, tied advisers who operate solely with respect to a particular company, for example a bank. There are also advisers that are multi-tied and who sell products supplied by a fairly limited range of companies.
Benefits
The true and outstanding benefit of consulting an IFA is that they can act with respect to you the client rather than within their own interests or the ones of the organisation they're selling financial products for. The IFA will search the entire market and can actively seek out and provide tailored solutions which will suit you the customers needs.
So what do you need to do?
Among the first steps you will need to take when searching for an IFA is to select a couple of providers which look likeliest to suit your needs. Consult with family, friends and colleagues and ask for personal recommendations. Check out internet review and comparison sites. The neighborhood press can also be a starting point.
So when you have narrowed your search right down to some individuals, contact the IFAs of your choosing. Call them for a casual chat and to see how you feel. You should be confident and more comfortable with whoever you choose to advise you on your own finances. Remember that you are the one in charge and not the other way around!
When you are speaking with the IFAs of your choice, ensure that they are completely independent. Enquire about qualifications - avoid being scared. Look for an adviser who has the Diploma or Advanced Diploma in Financial Planning or who is a certified or chartered financial planner. For anyone who is in doubt and are searching for a testimonial it isn't unfair to ask to be placed in contact with other current clients. Remember that is your dollars we are talking about.
Ask about fees. Do they charge per hour or do they have a commission? Perhaps it is a mixture of the two? You will need your IFA to be completely transparent. If they're not then do not get involved.
The crucial thing is that you the client feel comfortable based on the arrangement. Ensure that all dealings and conversations are transparent and that you realize exactly what the IFA is doing for you constantly. https://svwm.co.uk/ works both ways, always be honest about your position and you may not go wrong.