There are lots of things to think about before choosing a financial adviser. Spending time weighing up the options and asking questions will ensure you make the right decision for you and your investments.
One of the key areas to consider is the kind of people who use the services of a particular financial adviser. Insights into typical clients can help you to decide whether the adviser is the right match for you.
There are a lot of misconceptions about who uses a financial adviser. Financial advice is not only required by the very rich; in fact, everyone can benefit from it. With this in mind, choose an adviser who works with people in similar situations to your own; for example, if you are looking for retirement financial advice and an adviser mainly deals with fledgeling businesses looking to grow, you might not get the most out of this option.
In addition to finding out the needs of a typical client, try to glean demographic information about the people who use an adviser’s services. While confidentiality is important and you won’t be given access to a client list, you should be able to find out factors such as the average age of the clients, their asset ranges and the types of job they do. Choose an adviser where your demographic profile fits best with the typical client.
A range of software for financial advisers, which is available from providers such as intelliflo.com/financial-adviser-software, can help to put client assets in order. When it comes to managing your own assets, choose an adviser who can easily handle your asset worth, whatever amount this may be. Experts suggest that it is a good idea to choose an adviser where your asset worth sits somewhere in the middle of their client base. Find out what the minimum or maximum asset marks are that an adviser deals with and avoid using a firm where you fit at the extreme ends.
Some financial advisers offer specialist services; therefore, if you have a specific area that needs addressing, choose one with expertise in this field. If you need to get your taxes in order, for example, it would not make sense to choose a financial adviser who specialises in planning for the education of your children.