Important factors to consider in choosing a financial advisor
How important financial decisions have an effect upon the future
15:34 04 October 2013
As you move up to the level wherein you wish your finances to be more organised and achieve maximum profits, you may need to get the services of a financial advisor.
Such a decision will require some scrutiny as you would like to work with an advisor that is utterly professional and trustworthy. Bear in mind that you will be giving this person full access to your important personal information as they devise a plan to provide you the financial freedom you aim for.
Here are some points to be taken into consideration before making your choice:
- Credentials. The Chartered Financial Advisor should be FCA-registered as attested by their Statement of Professional Standing. Largely, the advisor’s experience and market knowledge will play a major role on the effectiveness of the financial advice and plan that he/she will customise for you.
- Cost of fees. Know all the fees that will be charged to avoid last minute surprises. Know if there will be free consultations and what will be the succeeding charges. You should also know how the fees will be paid –per investment sum, per project, on instalment, etc.
- Accessibility of your advisor. As you will be requiring a number of meetings to discuss your requirements, expectations, and plans, the financial advisor should be located within practical distance from your residence.
- After-service. The advisor’s commitment to your financial plan should not end with the first investment plan or advice. Your investment portfolio has to be reviewed consistently to see if the returns are coming in as expected. Know if the advisor you will choose can provide you with continuing service as well as the corresponding fees.