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The top 5 things you should do when selecting a Financial Planner

The top 5 things you should do when selecting a Financial Planner

We understand that choosing to trust an individual or organisation to look after your financial affairs can be a challenging process and you will have a lot of questions before you decide who to work with. Where do you start? Who can you trust? What questions should I ask?

We wanted to put together a checklist of the key things you should look out for when meeting a potential Financial Adviser.

Talk To Your Friends and Family

Although it isn’t vital, it can be beneficial to get a recommendation from a friend or family member who has experience working with that adviser because they know that they are honest and trustworthy. Equally as importantly, they will also know whether the adviser’s personality suits your personality. This could be beneficial when looking for a long-term solution because ideally you will be speaking with your adviser at least once a year – and in many cases, they will be helping you through the financial aspects of many of the ups and downs life brings.

Look for reviews

If you don’t know anyone who has had experience with a Financial Adviser or haven’t received any recommendations, then have a look for online reviews and testimonials to give you more insight into your potential adviser from a client perspective. Look at sites like VouchedFor and check the company’s Google reviews, as these are great places to get an idea of the strengths and potential weaknesses of an adviser and hear real world experiences. These sites will also help you to compare advisers overall and in areas that you specifically value the most.

To have a look at Ryley Wealth Management on VouchedFor, click here.

Always do your research on a company

You can visit the Financial Conduct Authority (which is the regulatory body for the financial services industry) website to find a register of all regulated firms and advisers. For a firm or adviser to be practicing in this industry they must be regulated. If you are speaking to a potential adviser and they are not regulated by the FCA, you are exposing yourself to unnecessary risk.

You can visit the register by clicking here.

Double check longevity

If you are looking to plan for long-term goals such as retirement, growing your wealth or protecting your business, then remember that you are looking to build a long-term working relationship. Advisers will help you through many of the ups and downs of life such as buying your first home or inheriting a loved one’s estate and so longevity can often benefit both your relationship and planning journey.

The Financial Conduct Authority register mentioned above will provide information on how long someone has worked for a certain firm – this is important information if you want a long-term relationship. Additionally, you can also check this out on LinkedIn should the adviser have a profile.

Go with your gut

A Financial Adviser or firm should never rush or pressure you into investing your money and should always conduct business with your best interest at the forefront. Ryley Wealth Management abides by very strict rules which don’t allow for disingenuous investing – we always act with the best intentions of our clients – and this means sometimes advising clients not to invest or providing them with an alternative that may be more suitable to them. Ultimately, the decision to invest your money lies with you and therefore no professional should make you feel pressured or coerced into making a choice to invest.

You can start planning for a strong financial future at any time in your adult life; and finding a professional to help you can be a really exciting endeavour. However, navigating this landscape without any guidance can feel confusing, so we hope this guide gives you more clarity with regards to what to look out for when selecting a Financial Planner!

SJP Approved 22/11/2022

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