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Advice for finding the right financial advisor

Financial advice for self-employedSeeking out the perfect financial advisor can be a tricky decision for businesses and individuals alike.

To make the most best choice, you must have a clear vision of what type of advice is needed before seeking guidance. This will help minimise the wide selection of financial experts available both on the high street and online.

Some financial advisors may be more proficient dealing with home insurance as opposed to investments for example. Because of this, it pays to understand the different options and make your choice accordingly.

To help with this decision, here are some tips for finding the right financial advisor or accountant.

Do the Research

When it comes to choosing a financial advisor or contractor accountant, you should pay due diligence before settling on a particular individual or company.

Remember to be wary of those who have approached you via cold calls or blanket marketing campaigns.

Instead, once your options have been narrowed down, carry out your own research and look into their credentials and qualifications.

You can also check with the Financial Conduct Authority (FCA) regarding the reputation of the company in question, or perform an internet search regarding the legitimacy of the independent advisor.

Looking for genuine referrals is always a good ploy.

Ask Questions

You may still be unsure of a financial advisor’s credentials until you meet them face to face. As well as pinpointing their field of financial expertise and checking their previous experience, you should also prepare a string of relevant questions concerning your own specific requirements.

Enquire about their service charge and if any ongoing costs will be added throughout the process – be sure to negotiate a fee upfront without hidden costs if possible. Look into previous cases of a similar mould and how their advice helped the client in that scenario. Also ask to see a sound financial plan and investment approach so you have a clear idea of their guidance will help in the long run.

The advisor is likely to have questions of their own so make sure you have the relevant documents, such as financial spreadsheets and tax returns, on hand. You can even take notes during the interview process to compare with other candidates for the position.

At this stage, try and suss out how personalised the service will be relating to you and your business – some financial advisors may only offer general, broader advice which may not be as effective. You should also be wary of a company with conflicting financial interests to yours.

One final tip is to try and develop a strong personal rapport with your financial advisor and sustain this throughout your working relationship, ensuring communication is easy to maintain via phone or email and response times are quick also.

If you’d like further advice for finding the right financial advisor don’t hesitate to get in touch.

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