5 Things To Consider When Looking For A Chartered Financial Advisor

 Your financial advisor is someone you need to trust implicitly. After all, you’re going to give them access to sensitive personal information and let them advise you on matters which could have a huge impact on your financial health in the future. So what are the most important factors to consider when deciding whose services to engage?

1. Usually, an advisor’s qualifications and experience would be the first consideration but, since you are looking for a Chartered Financial Advisor, you already know that they will have attained one of the highest qualifications available in their profession and are likely to be able to offer you whole-of-market advice. Do ensure though, that your prospective CFA is FCA registered and can show you a Statement of Professional Standing to verify their Chartered status.

2. The practice of paying Financial Advisors’ fees via a commission has now been prohibited so you should be prepared to pay their fees yourself either directly or via the investment recommendation. Naturally, you will want to know how much this will cost you. You would expect to pay a sum which is in line with the advisor’s expertise, just as you would an accountant, surveyor or other professional of similar standing. However, you may find some variation in fees from one advisor to another so should consider, for example, whether your advisor offers a free initial consultation, and what options they have for payment of subsequent fees. Payment methods typically include hourly fees, fixed fees, deduction from the investment sum, instalments and project fee options, so you should consider what will be convenient to you when choosing an advisor.

3. Location of your advisor is obviously a prime consideration. You’ll need to attend some face-to-face meetings and supply documentation such as proof of identity and address as well as the financial statements your advisor needs in order to give you appropriate advice. You’ll therefore want to find someone within reasonable travelling distance.

4. Your relationship with your financial advisor doesn’t end after the initial advice has been given. Investments should be regularly reviewed to ensure that they’re performing as expected and are still suitable for your financial circumstances and goals. For this reason, when choosing a Chartered Financial Advisor, you should consider what ongoing review services they offer. They should be able to provide you with a brochure or contractual agreement detailing such services and the cost of the advice. Fees are often charged as a percentage of the funds being advised on, typically in the range of 0.5 to 1%.

5. You’ll want to satisfy yourself not only that your advisor is competent but also trustworthy. Regulation of the financial services industry is tighter than ever before, but you could gain greater peace of mind by using a signposting service like ours to put you in touch with a CFA. This gives you the assurance that all advisors are thoroughly vetted, and it also takes the legwork out of the other points mentioned above. Simply use our contact form to tell us your requirements and we’ll introduce you to a suitable advisor in your area.