How To Find A Financial Advisor Near Me

We'll go over all the information you need to make an informed decision.

Updated: May 18, 2024
Matt Crabtree

Written By

Matt Crabtree

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Finding an independent financial adviser can be one of the most important decisions you make, as it can have a major impact on your current and future financial success. But how do you go about finding the right financial adviser for you?

In truth, there isn't a one-size-fits-all answer, as everyone's financial situation is unique.

Despite this, we'll aim to provide an in-depth look at the process involved when selecting the right independent financial advisers, with tips on what to look for in an advisor and the steps you should take to ensure you get the best, most unbiased advice available.

Whether you're just starting to build your wealth or already have a financial plan in place, we'll go over all the information you need to make an informed decision.

Get ready to take control of your financial future and well-being!

What Are Financial Advisers?

Financial advisers are professionals who help people make sound investment decisions with their money — armed with an adept understanding of the inner workings of the financial markets, including options trading, tax planning, and asset management.

These professionals are trained to invest clients' money wisely so they can reach their personal financial needs, as well as reviewing a client's financial situation to give restricted advice on investments, savings, retirement planning, and other aspects of personal finances.

Unlike financial planners or stockbrokers, they don't just give independent advice, but also provide comprehensive financial planning services. This means that they look at various aspects of an individual's finances such as lifestyle, retirement planning, investments, and insurance to come up with the most appropriate financial plan.

Ultimately, these services are incredibly useful, as their access to the latest tools and information about the money markets allow them to provide clients with up-to-date advice on a range of investments.

They can assess an individual's risk tolerance, build a portfolio that will most likely deliver the maximum return on investment, and closely monitor it to ensure it remains in line with the client's goals.

What Qualities Should I Look For In A Financial Advisor?

Are you looking for a financial adviser to help you with your investments but not sure where to start?

With so many professionals to choose from, it can be challenging to deduce which one is the best fit for you.

However, here are some key qualities you should always look for when making the big decision.

Knowledge and Expertise

Seek Out Financial Advisers With A Deep Understanding Of The Financial Markets

When it comes to investing, having a financial adviser that has a deep understanding of the financial markets is essential, and they should always follow developments in the financial markets and be highly knowledgeable about any trends.

Furthermore, they should be aware of the nuances different types of investments have and be able to provide sound advice on which are best suited to your individual situation and goals.

It’s important to also look for advisors who have experience handling the types of investments you are interested in. Advisors who can provide tailored advice to your specific financial goals are usually the best.

Transparency

Make Sure They're Transparent In All Aspects Of The Relationship

In most cases, financial advisers are paid on commission. While this can often be beneficial for both parties, it's vital to make your advisor disclose all the costs associated with their services. It is also important to make sure that any recommendations the advisor makes are in your best interests and not simply to generate a commission for themselves.

Additionally, they must be transparent about their qualifications and experience. Good advisors will be more than happy to provide references and provide evidence of any qualifications they may possess.

Excellent Service

Financial Advisers Who Are Focused On Providing A Superior Client Experience

A good financial adviser should be focused on providing you with an excellent client experience, meaning they should be easy to contact and able to provide timely responses whenever you have any queries. They should also be accessible and willing to meet with you face-to-face or have regular telephone or video calls if physically possible.

How To Locate A Financial Adviser In Your Area

Once you’ve got a better understanding of what a financial adviser can do for you, it’s time to start looking for one in your area.

The best place to begin is by asking your friends and family for recommendations.

If someone you know and trust has used a financial adviser in the past, then they’re likely to provide you with valuable advice about which professional to go with.

Networking is another great way to find a financial adviser in your area. If you belong to any clubs or organisations that put on financial-related events or seminars, this could be a great way to connect with local advisors. You may even be able to network with prospective financial advisers through your employer’s alumni network.

Of course, you can also search for advisors online. Many of the major financial institutions have dedicated websites where you can locate an advisor near you. Simply punch in your postcode or city and you’ll be provided with a list of advisors in your area.

Once you've narrowed down your list of potential financial advisers in your area, do your homework. Check out their website, read reviews, and confirm they possess all the necessary qualifications and certifications to be offering financial advice. It's also important to make sure the advisor's fees match the type of advice and services you're looking for.

Finally, make sure that you feel comfortable and confident about the advisor you’re working with. This means taking the time to feel out both their qualifications and personality. After all, your finances are important, and you want to be confident that the advisor you’re working with has your best interests at heart.

Questions To Ask Your Potential Financial Adviser

Regardless of if you're a seasoned investor or just starting out, it's important to carefully consider who you trust with your financial affairs.

With financial markets constantly fluctuating, forming a relationship with a financial adviser is an essential step to take.

This will involve some important questions to make sure you’re comfortable with your chosen advisor. We’ve put together a list of the most important questions you should ask your potential financial adviser:

1. What Qualifications Or Experience Do You Have?

In the UK, only qualified financial advisers are allowed to provide specific advice on investments or the buying and selling of securities.

Additionally, they're bound by the Financial Services Compensation Scheme (FSCS) which protects consumers from financial products and services going wrong. They also must adhere to the standards and regulations set out by the Personal Finance Society.

This is a regulatory body in the financial services industry, ensuring all financial advisers maintain the highest standards of professionalism, integrity and service.

Finally, always make sure you consider the length of time they've been working in financial services, as this provides a good indication of their level of experience and expertise.

2. How Will You Charge Me & What Costs Will I Incur?

Financial advisers can typically offer a variety of different fee structures. Many restricted advisers will offer various financial planning services, such as portfolio management or pension advice, for a flat fee, while others may charge an ongoing percentage of the assets they manage for you.

Ask for more details about any charges you could incur and how their specific fee structure works.

3. How Will You Help Me Reach My Financial Goals?

Before you can even start thinking about investments, it’s vital to have a clear understanding of your own financial goals. Discuss these goals and expectations with your financial adviser to make sure they understand your objectives.

A qualified and experienced financial adviser should be able to suggest and create a plan that suits your individual circumstances, as well as regularly reviewing this plan to ensure it takes into account any changes in your life or financial objectives.

4. What Services Do You Offer?

Each chartered financial planner will have their own set of services they offer. Make sure you discuss them all in depth during your initial meetings so that you know exactly what kind of advice you will be receiving.

This should involve everything from investments to pensions, tax planning, and estate planning. Ask how these services feature in their overall financial planning process, as this will help you assess whether they have the relevant experience and expertise to support you on your financial journey.

5. What Type Of Investments Do You Specialise In?

Your financial adviser should have a good understanding of the various investments available in the UK financial markets, or anywhere else in the world for that matter.

Ask them about their expertise and experience with stocks, bonds, and other securities, so you know their scope of knowledge. Make sure to inquire about any additional investments, such as managing investment funds and cryptocurrencies.

6. How Often Will I Receive Updates & Reports?

You should typically receive updates and reports from your financial adviser on a regular basis. These should include progress reports, financial analysis, and information about any changes to the markets or your investments.

Most advisors will provide monthly or quarterly updates, but it’s useful to understand exactly how often you’ll receive information and what form it will take so you can effectively monitor your investments.

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