Choosing an Adviser

When selecting an Authorised Financial Adviser, you need to make sure you feel comfortable dealing with them.  You should also ensure they have the right qualifications to give you financial advice.

The Institute of Financial Advisers (IFA) suggest you follow eight steps before choosing an Authorised Financial Adviser. 

Eight steps to choose the right Adviser

  1. Ask plenty of questions

  2. Ask about his or her qualifications, experience and if he/she is a member of IFA

  3. Ask for a copy of their Disclosure Statement at your first meeting

  4. Has the Authorised Financial Adviser been recommended to you?  Provided they meet the above criteria, this could be to your advantage

  5. Get your Authorised Financial Adviser to do a full needs analysis for you with a written report or plan. This makes sure your exact needs are met. Don't invest large sums of money unless you have a written plan and you feel comfortable with it

  6. Look for danger signs: inflated promises, returns that seem too good to be true (they probably are!), putting all your eggs in one basket, an unbalanced plan, high fees, no prospectus ... and anything else that makes you feel uncomfortable. Keep an eye on your investments or policy -  watch for changes that might affect you

  7. If you are happy with the advice you have been given - act on it - otherwise what's the point in seeking it?

  8. Regularly review your programme with your Authorised Financial Adviser. (We suggest on an annual basis)

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