Choosing a finance advisor might sound like it's a dilemma for the big business operators. In fact finance advisors can be useful for everything from a mortgage to car insurance. As with all money considerations though, it's important to focus on exactly what you need.
- Independence. Banks might suggest you take advantage of their free financial advice, but these advisors have an obvious vested interest in channelling you towards their own products. Some advisors operate on a commission basis and also tend to promote the products that will be most rewarding - for them. Look on unbiased.co.uk for an independent advisor in your area.
- Expense. Advisors should be upfront from the outset about how they are paid. With major investments, this can be as a percentage of profits or investments. For other transactions, it might just be a flat fee.
- Experience. You need an advisor who knows how to operate in the lean years and the good years, who knows about the fluctuations of the money markets. Look for a company like Isis Financial Planners (isis-financial-planners.co.uk), with an established reputation.
- Suitability. If you are buying a house, you don't need an advisor who is a whizz in the stock markets, you just need a clued-in mortgage broker with a can-do attitude. Conversely, if you are looking to invest a 5 figure sum in the markets, you want an advisor who will be able to identify the richest rewards in a tough economic climate.
- Trustworthiness. It might seem obvious, but you want to trust your money with a reliable company. Visit the offices, look for a professional set-up and check online finance forums like thefinanceforums.com for feedback and reviews.
- Thoroughness. A first meeting with a finance advisor is crucial. If they don't conduct a rigorous scrutiny of your finances and your goals, then they aren't really up to scratch.
