When it comes to your finances, the right adviser is worth their weight in gold. But to find one you have to ask the right questions. Read our top tips.
Job interviews, dating, school open days, house viewings, car test drives. It's at crucial moments like these that asking the right questions can make all the difference.
Asking the right questions can also help you choose the right adviser. Checking out websites and brochures can be a good way to get started. And recommendations often prove reassuring. But try out these three key questions on your shortlist of candidates. They could help you really get to grips with who might be your best match.
1. How do you manage your own money?
It's a good sign if they give a clear and simple explanation. They should propose a process for you that's pretty similar to what they use for their own finances.
2. How will I interact with my portfolio?
Communication is always key in any relationship. Aim to find out how the adviser will interact with you. What information will you be able see as an investor, and how? Will you get regular emails? Can you see your portfolio online? How often will they be in contact?
Everyone has their own view about how much communication is appropriate or helpful. You need to feel comfortable with what your adviser is doing. You'll want visibility about where your money is invested at any moment. Make sure your adviser's overall communication strategy is a good fit with your ideal.
3. Who will look after me?
When you look to appoint a new adviser, you hope it's going to be a long-term relationship. Financial planning is a long-haul kind of activity after all.
You'll want to have a good relationship not only with the firm, but also with the people (or person) working with you. And good, long-term working relationships are more likely to grow over time if you're working with people you like and respect. Find out who is going to look after you and take some time to have a decent chat.
There you have it. If you pose these three questions to a few different advisers, you'll soon get a feel for who could be right for you.
If you'd like to put these three key questions to us here at 7IM, please give us a call on 020 3823 8678. One of our advisers will be happy to chat with you.