If you are considering utilising the services of a financial advisor to help with your pensions or investments, then here are some good questions to ask during your first meeting.
What qualifications do you have?
Why Ask: You want to make sure your advisor knows their stuff. Look for professional qualifications, FCA regulation and membership in professional bodies like the Chartered Insurance Institute (CII).
What services do you offer?
Why Ask: Advisors can help with different things like planning for retirement or managing investments. Knowing what they offer helps you see if they can help you with what you need.
How do you charge for your services?
Why Ask: Advisors can charge in different ways, like by the hour, a fixed fee, or a percentage of what they manage for you. Understanding this helps you figure out if you can afford their services.
Can you provide references or client testimonials?
Why Ask: Hearing from other people who have worked with the advisor can give you a good idea of how effective and trustworthy they are.
How will you help me reach my financial goals?
Why Ask: Knowing their plan for helping you reach your goals can show you if their methods will work for you.
What is your investment approach?
Why Ask: Different advisors have different ways of investing money. Make sure their approach matches how you feel about taking risks and making money.
The value of investments and any income from them can fall as well as rise. You may not get back the full amount invested.
How often will we review my financial plan?
Why Ask: It’s important to check in regularly to see if your plan is working. Knowing how often you’ll review things helps keep you on track.
What happens if you’re not available or leave the firm?
Why Ask: You want to know there’s a backup plan, so your finances are still taken care of if your advisor isn’t around.
How do you keep up with changes in the financial industry?
Why Ask: The financial world changes a lot. An advisor who stays up to date can better manage your money and keep your plan current.
Can you explain the risks with my investments?
Why Ask: Understanding the risks helps you make smart decisions about where to invest your money.
Are you independent or tied to a specific provider?
Why Ask: Independent advisors can offer more choices, while tied advisors might be limited. Knowing this helps you understand what options you’ll have.
How will you communicate with me?
Why Ask: Good communication is key. Knowing how and when your advisor will contact you keeps you informed about your finances.
What makes your services unique?
Why Ask: This helps you see what sets the advisor apart from others and how they might offer something extra.
Can you help with pension transfers and consolidation?
Why Ask: If you have multiple pensions, an advisor can help you combine them, making it easier to manage your retirement savings.
How do you stay client-focused?
Why Ask: It’s important that your advisor puts your needs first. Knowing how they do this shows that they have your best interests at heart.
This website/blog/script/guide is for information purposes and does not constitute financial advice, which should be based on your individual circumstances.
