In this article we look at how a relationship with an independent financial adviser can help you reach your life goals and objectives. Financial advisers can assist you with investing for and reaching your long-term goals in so many ways.
Here are eight examples:
- Experienced financial advisers have a breadth of knowledge and expertise
- Good financial advisers are accountable
- Always look for an IFA with plenty of experience
- Independent or restricted? Ask if they are an IFA or whether they are tied to a pool of investments
- Buy advice, not products. Trusted advisers don’t sell products. They provide tailored advice
- Work with an IFA who has a defined process
- Embracing Change
Let’s get started with the article:
Experienced financial advisers have a breadth of knowledge and expertise
Through their level of qualification and years of experience, financial advisers know more about investing and managing money than most people.
They will help guide you to better financial choices than you may likely make by yourself.
The role of a financial adviser is varied and covers many aspects of the world of savings, investments, pension advice and insurances.
If you’re looking for a financial adviser to help reach your financial goals, look for one that can offer a range of services such as:
- Financial and wealth planning
- Savings and investments
- Financial Life Modelling
- Estate planning and IHT
- Personal and business protection insurances
If you are considering working with a local IFA, our experienced financial advisers will be able to help.
Good financial advisers are accountable
The role of a financial adviser is to help keep you on track towards your financial goals and objectives.
In some cases this may include talking you out of making poor decisions about your money based on emotion rather than reason.
People that go down the route of self-investing can often make emotional, knee-jerk financial choices. This could include investing in a stock that’s been skyrocketing and is now overvalued or cashing in their investments when the market plummets.
The role of a financial adviser is to provide careful, considered advice aligned to a-long term plan. This doesn’t include short term, panic-based decisions.
The value of a financial adviser’s ongoing relationship with is reflected in the advice they give you and the positive outcomes that advice leads to.
Reputation is key in this industry so ensure you are working with an adviser with a solid track record and one who is transparent.
Related Reading: A Guide to Choosing a Financial Adviser
Always look for an IFA with plenty of experience
An experienced financial adviser is what you need.
Just like accountants and solicitors, to become a financial adviser you need to go through years of training and examination. Expertise is developed and refined by doing the job over a number of years.
Experienced financial advisers will have seen it all.
They will have worked through recessions and understand the need to ride out short-term market corrections – even the big ones!
An experienced adviser will have a full and detailed understanding of the financial products and available and the underlying assets. This experience, when aligned to a detailed, individualised plan, will help achieve your financial goals.
Independent or restricted? Ask if they are an IFA or whether they are tied to a pool of investments
Ask your adviser if they are independent or whether their job is to sell you a specific plan or investment.
An Independent Financial Adviser (or IFA) can access the whole of the market to select the most appropriate products and strategies for your personal circumstances and objectives.
They aren’t restricted to a small basket of funds or a limited pool of product providers.
Each client’s financial goals are different; having access to all of the investment opportunities in the market can only be of benefit in helping you to realise your financial goals and aspirations.
Buy advice, not products. Trusted advisers don’t sell products. They provide tailored financial advice
Good financial advisers don’t sell products. They provide tailored advice.
It’s in the name.
Independent financial advisers use their knowledge and experience to make the right recommendation and give the right advice.
They will make suggestions regarding the most appropriate tactics and strategies and help you to implement them with the aim of improve your financial situation and reaching your personal goals.
Advice can only be given when an adviser has a proper understanding of a client’s end game. Make sure you work with a financial adviser who can clearly explain their process in this regard.
Work with an IFA who has a defined process
Perfect planning prevents poor performance.
Whilst an ethical independent financial adviser can’t and shouldn’t make claims around future performance unless they can be substantiated, a good plan will stand you in the best position to reach your goals.
A financial adviser who works to a process will get all the right information to help you reach your goals.
When looking for an adviser, always ask what process they will take you through.
As an example, Sterling & Law Hampshire has a 6 stage process we take our customers through.
- Discovery meeting
- How we will work together
- Research & analysis
- The proposed financial plan
- Delivering the financial plan
- The ongoing relationship
If you’re working with a well-organised practice you’re in safe hands.
Embracing change. Experienced financial planners will help you adjust to changes on your circumstances
A good financial adviser embraces change. An expert financial plan is flexible and can be adjusted whenever there is a change in your goals, circumstances or attitudes.
Life changes and so do our plans.
In life there are many twists and turns, both good and bad.
An experienced financial adviser will help realign your plans and objectives when change occurs. For example:
- Getting married
- Falling pregnant
- Being made redundant
- Receiving a promotion
- Making a career change
- Receiving an inheritance
- Going through a divorce or break-up
- Being diagnosed with a serious illness
- Suffering a bereavement
As your life changes the role of your adviser is to help you adjust your financial plan to align with your ‘new normal’.
Communication is key to an ongoing relationship with your financial adviser.
Take action and let us get to work
This one’s on you.
In our experience, many people avoid taking the right steps (or don’t take any steps at all!) to successfully manage their finances. This can often be due to time constraints, inertia or simply not knowing what to do.
As a result they can end up making no positive decisions and taking no action.
This can often lead to a scramble in later life to address issues around retirement, income, children’s inheritances and more.
Though instructing and working with the right financial adviser you have an additional, experienced pair of hands working in your best interests.
It’s more than that. You have an expert. A financial expert working on your behalf, helping to realise your financial goals and dreams.
Are you looking to work with an independent financial adviser?
If you are looking to work alongside a local financial adviser, and would like to engage in a complimentary, one-hour conversation, get in touch with the team today.
In addition to financial advice, our practice offers a range of services: If you are currently researching your options ahead of contacting a local IFA, you can find out more below:
Note: This article doesn’t constitute financial advice. Your capital is at risk when investing in equity markets. Past performance is not a guide to future returns. Investments can go down as well as up and you could get back less than you originally invest.