“Some of our important choices have a time line. If we delay a decision, the opportunity is gone forever.”
James E Faust – Clergyman
1920 – 2007
Choosing an Adviser
“Only 39% of UK consumers trust financial advisers to act in the best interests of their clients.”*
We know trust is earned.
* Source : The financial lives of consumers across the UK. Key findings from the FCA’s Financial Lives Survey 2017
Here To Help
If you’re unsure about making important personal financial decisions without guidance, or you are worried you’ll make wrong ones that could have a negative impact on your lifestyle, you should probably employ the services of a independent financial adviser.
Despite the UK being among the best in the world for Financial Services, many find the task of appointing a financial adviser a most daunting challenge.
Below we provide a guide to what you should be looking for to help make sure that when the time comes…
YOU CHOOSE THE RIGHT ADVISER FOR YOUR NEEDS.
definING NEEDS AND success
Ask yourself this question: ‘If we were sitting down three years from now, looking back to today, what would need to happen for you to be really satisfied with your progress over that time?’
While thinking and planning for the long-term is important, most people find it easier to look three years into the future. Rolling three year timeframes end up becoming the long-term. The clearer you can be about what ‘good’ looks and feels like from working with a financial adviser, the higher your chance of finding the right one.
DEFINE YOURSELF
Some Advisers specialise at certain life stages (see our Life Events Timeline). For example they may only deal with Retirees who have already created their wealth and now need to protect it. Or they may be younger and choose to work with younger clients just making their way up the ladder.
An adviser set up to deal with wealthy people in their fifties might not be geared up to dealing with those developing their careers in their late twenties. The necessary needs, skills, resources and communication styles are completely different. Larger companies sometimes have several units or divisions with each focusing on one or two specific niches.
Look for a company that already works with people like you. This will increase the chance of a successful outcome as they’ll understand your needs better. The company’s website is usually a good place to start.
Look at more than one adviser
Location – may seem obvious, but choose an office close to you. Visiting them at their offices can give you a feel for the people and the culture, however many advisers can come to you. Dependent on your location, you will find more than one adviser close to you who is willing to sit and discuss your needs and to make sure they are the right fit for you.
Ongoing or one off advice – if you need one off advice on a major issue, such as a pension transfer or arranging care fees funding for an elderly relative, make sure the company is happy to provide that service. On the other hand, if you need a comprehensive and highly personalised ongoing advice and management service, find an adviser able to provide that.
Independent or restricted advice – companies that provide independent advice have a duty to consider financial solutions from the entire market based on your needs, not what suits their commercial objectives. Ideally you should choose an independent adviser, particularly if your needs are complex. All of Abacus Associates advisers are independent and not restricted.
Professional endorsement – all of our Financial Advisers are highly qualified professionals with an affiliation and/or accreditation with a professional body. These can include the Institute of Financial Planning’s Accredited Financial Planning, C11’s or the Personal Finance Society’s Chartered Financial Planning. All Independent Financial Advisers who provide advice on UK retail investment products will be regulated by the Financial Conduct Authority. These accreditations demonstrate that a company that has gone above and beyond their basic responsibilities in making sure their employees meet professional standards and are highly qualified.
OUR adviserS and THEIR WAYS OF WORKING
It’s a people business.
Personal financial advice is first and foremost a people business, where relationships are built on trust and mutual respect. You need to feel comfortable with the people you will be dealing on a day to day basis and how they work.
Some companies operate in small teams with one person responsible for the overall relationship and advice, supported by planning assistants, portfolio managers and service associates. Some advisers are sole traders who deliver all aspects of the service. You will have to reconcile the benefits of a more intimate personal relationship with the risk that if your adviser takes emergency leave or becomes ill, there will be some inevitable disruption to your service.
The way companies communicate and deliver the advice varies quite a lot depending on the niche they serve, their regulatory permissions and the extent to which they use technology. You need to make sure that how they explain things, whether face to face, over the telephone or in writing, suits how you like to communicate.
Evaluate
Financial planning advice can often help you to achieve a better financial life. A good adviser should save you time and help you to make well informed decisions to stay disciplined in the face of the inevitable ups and downs of markets. Make sure you ask the questions that are relevant to you, defining your aspirations and goals. Unless you explain those goals to an adviser, there will be nothing to measure success against, for them as well as for you.
It is important to be realistic.
A recent study* showed that people using the services of an adviser would on average be £40,000 better off than those who did not seek advice.
Make sure when choosing your adviser that you clarify with them how much it will cost you, when they bill you and for what. All our advisers will clarify the cost and their charges before providing you with any financial advice.
* Source : Moneywise reporting on International Longevity Centre UK (ILC-UK) research – Published 2017 The ‘affluent and advised group’ accumulated 17% more on average than non-advised, and poorer consumers who took advice accumulated an average of £39,895 more than non-advised people.
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
We do not charge for initial consultation meetings. If you would like a face-to-face meeting, feel free to pop over to our office or we can always can come to you.
Give us a call today on 01432 343322 and ask to speak with one of our advisers,
or email [email protected]
Or complete the contact form below and your details will be passed onto an adviser who will contact you to make a free consultation appointment.
Contact Us
Call: 01432 343322
Email: [email protected]
Alternatively, use the 'Adviser Finder' page here >
Abacus Associates is a trading style of Saltus Partnership Limited which is authorised and regulated by the Financial Conduct Authority. FCA reference number: 554381
Registered office: Solent Business Park, 4500 Parkway, Whiteley, Fareham PO15 7AZ. Registered number: 07586042
Will writing and some aspects of tax planning are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on a mortgage.
Capital is at risk and you may get back less than you invest.
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