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What to look for in a finance advisor

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

 

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