Seeking the help of a Financial Adviser is something you may need to do at some point in your life.
A financial review can be complex. If you are 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.
What are your financial goals? Think about what you want to achieve financially and by when. For example:
By having these clear financial goals in mind, you can then work with your Independent Financial Adviser to achieve them. Your investments would then be reviewed regularly by your adviser to ensure you are still on track.
Knowing your full current financial situation is one of the core elements of meeting with your Independent Financial Adviser. For example, they will be looking at any existing investment, pension or retirement plans and insurance policies. Your financial adviser will work with you to establish if they are in line with your financial goals.
If your Independent Financial Adviser is visiting you in your home, knowing where key documents are, such as policy information and bank statements are is a start. If you are visiting your Independent Financial Adviser, making sure you have all relevant paperwork with you is important.
Think about your income and expenditure as this will be covered in depth. It is therefore 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.
Write a list of questions to ask your Financial Adviser. By preparing a list, this ensures that you do not forget anything during the meeting. Some questions you may wish to ask include:
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. They will ask 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.
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.