I came across a client recently that wanted to know how he could find a trustworthy financial adviser to advise him on his inheritance.
I know it is not always easy to determine whether an adviser will be good for you. Often the deafult is to ask a friend, colleague or family member for a recommendation. Referrals of this kind are sometimes seen as the best way to at least work with an adviser that someone you know has experience of.
In my view there are a few simple indicators to show you that an adviser cares about what they do:
- They will hold good qualifications and encourage all of their staff to do the same.
- They will spend time talking to you initially about you, your plans and future goals.
- They will spend less time talking about your money.
- They will be happy to provide contact details for some of their existing clients for you to talk to.
- They will have an honest conversation with you about the work they will do, what they expect of you and what the charges will be.
- (an additional one) I always believe that an adviser that mixes with his own adviser community to share ideas and learn from others will always be better at what they do.
Since the changes that came into force in January 2013 have taken effect there are more of these types of conversations taking place. More open and honest communications between advisers and clients, and that will only happen more so as we move forward.
There are some very good financial advisers out there that can offer some excellent, informed choices for you to make a better decision regarding your finances.