Five Tips On How To Find A Reliable Financial Adviser

When it comes to reviewing your finances, understanding what is out there can seem like a daunting task. That is why it is good practice to have a financial adviser working alongside you, helping to make sense of all the options available to you. 

But as a sensitive and private part of your life, how can you make sure you will be working with someone that is both trustworthy and reliable?

Here are a few pointers to help you make that decision.

1. Use search engines, newspapers and phone directories

You should be able to find advertisements for financial advisers by looking through both local and national newspapers, as well as telephone directories.

Failing that, there are many online directories that can also help. Even a search within Google for “financial advisers” should produce an abundance of results. You can even tailor your search to your local area should you wish to deal with someone in person; just type in “financial advisers [YOUR AREA]”, ie/ “financial advisers shropshire”.

Most reputable financial advisers have websites containing information about their background, giving you the opportunity to find out more about them and evaluate their service offerings before you make any contact with them.

2. Don’t be afraid to ask questions

Any financial adviser worth their salt will have no problem, whatsoever, in answering your questions and addressing any concerns. Before any meetings or conversations, sit down and make a list about the things you would like to find out. Here are a few questions to get you started:

  • How long has the individual/firm been established?
  • What qualifications do they have?
  • What areas do they specialise in?
  • How regularly do they touch base with their clients ie/ would your account be reviewed on a regular basis?
  • What testimonials/recommendations can they show you from other/previous clients?

3. Check the Financial Services Register

Once you have found a financial adviser, it is always a good idea to look into their background and ensure they are legitimate. One way to do this is by checking the Financial Services Register to find out whether they are authorised, regulated and approved by the Financial Conduct Authority. Without this authorisation, you will not have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) in the event that things go wrong.

4. Get a recommendation

Asking friends and family is a good way to find a reliable financial adviser. Basing your choice on a suggestion that has been made by someone with prior experience of dealing with a particular firm or individual ensures you will be dealing with someone that is trusted by others. And rest assured, they are also likely to tell you if there is anyone to avoid!

5. Find out how long they have been practicing

We’ve touched on this already but it is always worth reviewing. Whilst this step certainly is not essential (there are plenty of emerging financial advisers out there who are extremely knowledgeable), it just might provide that extra bit of reassurance if you know someone has been working in the industry for a while. Having a long-established career as a financial adviser ensures you will be dealing with someone that has experience, as well as an understanding of trends or developments within the industry.

And if you want to find out whether we are the right financial advisers for you, please feel free to get in touch – we would love the opportunity to discuss your requirements and talk through any questions you may have.