Preparing to see a Financial Adviser

Seeking the help of a local Independent Financial Adviser is something we may all need to do at some point in our lives. A financial review can be complex so whether it is seeking advice for a general financial review, planning retirement options or looking to invest a lump sum there is some preparation you will need to do beforehand.

Financial Goals

What are your financial goals? Think about what you want to achieve and by when. For example, saving for your grandchildren’s university education you may need the funds within 15 years, or if you are younger and investing for retirement, visualise the lifestyle you want to live!

By having these clear financial goals in mind, you can then work with your Financial Adviser to achieve them, reviewing your investments regularly to ensure you are still on track.

Organise paperwork

Knowing your full current financial situation is one of the core elements of meeting with your Financial Adviser. They will be looking at any existing investment, pension plans and insurance policies to establish if they are in line with your financial goals.

If your Financial Adviser is visiting you in your home, knowing where key documents such as policy information and bank statements are a start. If you are visiting your Financial Adviser, making sure you have all relevant paperwork with you is important.

Think about your income and expenditure. This will be covered in depth, so it is important to understand what budget you have prior to the meeting  your adviser can then calculate how much you can commit to your savings, pension and investments.

Questions to ask your Financial Adviser

Write a list of questions you may want to ask your Financial Adviser. By preparing a list, you will ensure that you do not forget anything during the meeting. Some questions you may wish to ask include:

  • Who are you regulated by? Anyone giving financial advice must be authorised by the Financial Conduct Authority.
  • Is your advice independent or restricted? Independent Financial Advisers look at the market as a whole and are not limited to what company or product they can offer, whereas restricted advisers are typically limited to a selected number of providers or products. This will help you understand the scope of the options available to your Financial Adviser.
  • What are your fees? An important question as Financial Advisers must tell you how much they charge before taking you on as a client. You could be charged a set fee or an hourly rate.
  • Who is in your team? It may be good to get to know your Financial Advisers support team if you are visiting their office as you may be dealing with them in future.

Think about investment risk

While it is normal to be concerned about the security of your money, understanding investment risk and how it relates to potential returns is an important element of any Financial Review.

Your Financial Adviser will discuss your attitude to investment risk by asking a selection of questions to determine the most appropriate approach for you. Not only will your Financial Adviser determine an appropriate level of risk, they will truly understand your capacity to sustain and adapt that risk based on your present and future circumstances and the amount of growth you are targeting.

To arrange a financial review with an Independent Financial Adviser at Eastern Financial Consultants call 01603 927760 or contact us via our website.

The value of investments and the income from them can fall as well as rise and past performance is not a guide to future performance. You may get back less than you invested as investment returns are not guaranteed.