Sometimes it can be a duanting task to find a good financial adviser, here are a few tips:
Ask around among friends, family and colleagues for recommendations. But make sure you check the financial adviser’s expertise and style is suitable for you before committing your money.
If that avenue fails, then try calling your local ifa’s consumer hotline on 0800 043 0725 to find an IFA in your area. The service allows you to search by postcode to find an IFA specialising in fields such as ethical investments, saving for children or offshore investments. You can also specify certain qualifications.
How do I know if the adviser I have chosen is good?
A good IFA should be focused on your goals, understand your individual risk profile and your situation, and be able to create a quality plan tailored to those needs. He should respond quickly and proactively to changes in your situation or the economy. Financial advice is more than just buying products and a good adviser will also work to co-ordinate your tax, accountancy, insurance and legal needs. He should also keep in contact with you periodically and review any plans that have been put in place.
How do I check an adviser out?
Make sure that an IFA you choose is registered with the Financial Services Authority (FSA), by visiting its website: www.fsa.gov.uk The FSA has a list of unauthorised firms on its website that target unsuspecting UK investors. The firms often have impressive-sounding names, but if you do business with one of these companies you’re likely to lose all of your money.
In order to get good advice from a financial adviser you need to know yourself and also to express what you want. It’s no use letting an IFA bamboozle or confuse you with financial jargon as you’ll always be thinking: ‘what if?’.