We have all heard scare stories with regards to choosing an unbiased Financial Advisor. Many of these anecdotes are based on years past once the whole industry had not been correctly policed. Nowadays there are so many different ways that you can choose an IFA who is both reputable and right for you. Deciding on an IFA is arguably the most important financial decisions you'll ever make so taking time and energy to research and compare providers is usually to be encouraged.
There are generally regarded as three different kinds of financial advisor - independent financial advisers who search the entire market for their clients, tied advisers who operate solely with respect to a particular company, for example a bank. Additionally, there are advisers who are multi-tied and who sell products supplied by a fairly limited selection of companies.
Benefits
The true and outstanding benefit of consulting an IFA is that they will act with respect to you the client instead of in their own interests or the ones of the organisation they are selling financial loans for. The IFA will search the entire market and will actively seek out and offer tailored solutions that will suit you the clients needs.
So what should The Card Association merchant protection do?
Among the first steps you need to take when searching for an IFA is to select a handful of providers which look likeliest to suit your needs. Consult with family, friends and colleagues and have for personal recommendations. Check out internet review and comparison sites. The local press may also be a starting point.
So when you have narrowed your search right down to a few individuals, contact the IFAs of one's choosing. Call them for an informal chat and to see how you feel. You need to be confident and comfortable with whoever you choose to advise you on your finances. Remember that you are the one in charge and not the other way around!
When you are talking to the IFAs of your choice, ensure that they are completely independent. Ask about qualifications - you shouldn't be scared. Try to find an adviser who has either a Diploma or Advanced Diploma in Financial Planning or who's a certified or chartered financial planner. In case you are in doubt and so are searching for a testimonial it isn't unfair to ask to be put in touch with other current clients. Remember this is your hard earned money we have been talking about.
Enquire about fees. Do they charge per hour or do they take a commission? Perhaps it is a mixture of both? You will need your IFA to be completely transparent. If they're not then don't get involved.
The crucial thing is that you the client feel comfortable with regards to the arrangement. Make sure that all dealings and conversations are transparent and that you understand exactly what the IFA does for you constantly. This works both ways, continually be honest about your situation and you may not go wrong.