Introduction
Financial advisors are, broadly speaking, the people who offer financial advice. These people may work in a bank (or other financial institution), a public practice, or an insurance company. In this post, we’re going to explore how to find the right financial advisers in Bristol, what differentiates them from each other and what kinds of services they can offer you. We’ll also discuss some things you should be aware of when choosing any professional for your finances and why these issues are especially important for your advisers.
- Experience
The first thing you need to think about when choosing a financial adviser is their experience. How long have they been working in the industry? Many people go through life without ever giving the topic of money any thought, so if you’ve found yourself in that position, it will probably seem like your financial advisers know an awful lot about finances. In fact, that’s a good thing – if your money is something you’re not confident and comfortable with, it’s a good idea to find an adviser who has lots of experience and contacts.
- Qualifications
Another thing to be aware of is the qualifications your advisers have. The basic qualification for a financial adviser is an AAT Diploma in Financial Services, which works as a financial services licence; the previous minimum was an ACA with a specialist certificate in personal financial planning, but this has now been replaced by the AAT. Anyone with one of these qualifications (or equivalent) should legally be able to call themselves a financial adviser. However, there are other things you need to consider.
For example, does the qualification your adviser has covered any specific areas? You might decide that although your advisers have a relevant qualification, you want someone who has more knowledge in a particular area. For example, interest rates and exchange rates are a big part of the financial world – if these are important to you and your planned investments, an adviser who knows a lot about those issues may be a better fit than one with more general knowledge.
- Skills
If you’ve already got a financial adviser, does their qualification mean that they have all the skills you want them to have? Or would you rather see someone who can offer an extra service to match your requirements in areas such as tax planning or estate and investment planning? If so, how important are these areas to you?
When choosing a financial adviser it’s really important that you’re happy with them and feel they are providing you with the right kind of advice; if they don’t meet your needs and expectations, then find someone.
- Cost
A financial adviser’s standard fee structure is based on their qualifications, experience and the number of years they’ve worked in the field. There are a few different options available:
• Unlimited service fees – this is where you pay one price and are guaranteed an adviser for as long as you want them.
• Named monthly fees – this means that your adviser will be assigned a particular time slot each month (e.g. Monday morning), but you can change or cancel them at anytime.
• Fixed monthly fees – this is like unlimited service fees, but with a contract that sets your adviser’s charges for a set period (usually of 3, 4 or 5 years).
To make the right choice, take some time to think about what you might want from your adviser and it will help you decide if they are the right person to go with.