Steps to Take When Choosing a Financial Adviser 

Steps to Take When Choosing a Financial Adviser 

Are you thinking about speaking to a financial adviser? There are many instances where this could be a smart move and a financial adviser is not just for someone with lots of money. From individuals to companies, the need of asking for professional help when it comes to finances is crucial. It can also be daunting when it comes to choosing a financial adviser and it is important that you find the right one so that you can get the best advice, feel comfortable and get the support that you need.

Do I Need One?

First, you should question whether you really need a financial advisor or not. While they certainly can be helpful, they can also be expensive so it is a decision that should not be made lightly. Not every financial problem needs an adviser to solve it. There are lots of excellent information available online for free for basic personal finance, but you must always be wary and make sure that this is advice from a good source. If you are feeling confused and struggling with a financial decision, it might be best to speak to a financial adviser.

Type of Adviser

It is also important to know that there are many different types of financial advisers, some of those are mortgage advisors, pension advisors, and investment advisors. Restricted advisors will be limited in the types of products that they offer while independent advisors are able to recommend all types of products without restriction. You must also make sure that they are regulated by the Financial Conduct Authority (FCA).


As mentioned at the beginning of this article, financial advisers can also be expensive and it is important that you research charges beforehand. Choosing a financial adviser you can afford can save you headaches and stress if you don’t plan to spend much money on the services this expert will provide. You will end up paying more for face-to-face contact and advisers based in places like London and the more that they will do for you, the more that you will pay. You should always shop around but keep in mind that cheapest is not best with this type of service, so you should always find a suitable adviser that has a good reputation and reviews. Additionally, it should also be someone that you feel comfortable with so you may want to speak to a few and see if there is anyone that is a good fit.

What services the do adviser need to solve?

Choosing the services that need expert’s help are those that going before choosing the right type of adviser. Maybe, your felt stuck while doing retirement planning, or simply couldn’t find a way out when you invested your money in stock trading. Whatever the financial reason, the problems can be solved by an adequate type of financial adviser.

What if You Get Bad Advice

If you end up with a financial adviser that gives you bad advice, such as recommended an unsuitable mortgage product, then it can have serious ramifications. Fortunately, these professionals are legally obliged to provide a duty of care which means that you could make a professional negligence claim with no win no fee solicitors if you end up getting bad advice.

Deep research with some important information is something you need to have in advance before making the final decision on the adviser. Many advisers are not experts and you probably don’t want another financial problem in your company as a result of your bad decision. What you can do last is to ask for recommendations or referrals on the internet.

You are not the one nor the only one that has happened to be in some mess, especially when you can have some recommendations from familiar people, honest about the quality of the collaborations having with the financial advisers. Most of your business friends have already found themselves in a similar situation and hired a professional to put the broken financial pieces together. The important thing is to choose the one that has a more quality background. Many platforms and tools are available to check for any mishaps the adviser has made. By mishaps we mean the adviser can receive any received disciplinary action from The CFP Board.

Choosing a financial adviser is a difficult decision and you will need to think about the type of service you need and the amount of money you are willing to pay. Consulting with a good financial adviser can never be wrong and will only make a big difference to your life, it might change your whole financial perspective or simply change your mind on the investment you were about to make. But one thing is for sure, it can be very time-consuming to find someone that fits your needs, but worthy indeed.