Keys to Working with a Financial Adviser: Independent, Open, Honest

Everyone would benefit from working with an individual who is experienced in financial planning and in providing advice on how best to use and invest money. But many people hesitate to take this step because they believe that they don’t have enough assets to make it worth the time and trouble or because they that feel the cost would be too high.

At some point, however, thousands of individuals would benefit from making the investment in sound financial advice. Suppose that you’ve been able to make your own decisions and feel that you’ve done rather well, basing your activity on your own research. But now you find that your financial situation has changed significantly or has become more complex for some reason. What’s the right decision in this case?

Cost Vs. Benefits

As with any major “purchase”, you should do all you can to become an educated consumer before agreeing to any long-term arrangements. This means taking some time to determine what your costs might be as compared to the benefits you’ll receive. For example, if you can rely on an experienced individual to be there when you need to ask questions or when you need a second opinion on a large purchase, you’ll get outstanding benefit unless this individual expects you to pay an unreasonable amount for occasional assistance.

If your financial situation is more involved than this and you need regular advice on investments and proper use of your funds, it’s essential to know what this expertise will cost as compared to the growth in your assets and the interest rates earned on money invested. If you don’t feel comfortable making those decisions on your own and the adviser produces a positive outcome consistently, you’ve probably made the right choice.

The key element that you should look for in an adviser is true independence. When you work with an independent financial adviser in London, you won’t have to be concerned about decisions being made for the benefit of the adviser and his firm. Use of funds and investment decisions are transparent and honest with the focus consistently on the client’s best interests. The adviser will work with the client when he or she can add value, which is the best way of building a long-term relationship based on trust.

First-Time Relationship?

How would you make your choice if you’ve never worked with a financial professional before? You may be fortunate enough to find an individual with whom you’re comfortable just by stopping in the office closest to you. But your chances are much improved if you take the time to visit with several individuals with a goal of finding someone who thinks similarly to you and is someone you feel comfortable talking to.

Your goal should always be open and honest discussion, just as the goal of your adviser should always be open and honest discussion. This applies to every facet of the relationship including fees and charges. You should have no doubts about those so ask all the questions that you need to ask before any work is started. You’ll also benefit from a transparent, rather basic process, so you don’t feel overwhelmed.