Are you looking for the best financial advisor Chesterfield has to offer? If you’ve never contacted an advisor before, it may not be too obvious what help and advice they may be able to offer you.
Financial planner, financial advisor or Wealth Manager? These titles are generally interchangeable – what is more important is that the person providing the financial advice is qualified, regulated and is someone who you can work with.
We’ve taken the time to list ten key things you should always look for when approaching financial planning – Chesterfield or anywhere.
If you are considering seeking professional help with your personal finances, look at our top ten things to consider below before you choose an advisor you’d like to partner with.
Look for Local Recommendations and Reviews
When it comes to choosing something as important as a financial advisor, always reach out and ask for opinions and recommendations. The best financial adviser Chesterfield has to offer should normally be publicly reviewed both on social media as well as Google, for example. Also – why not ask family and friends for opinions, too? Independent sites such as Unbiased and VouchedFor are also good resources for looking at reviews and client feedback.
Look for Qualifications
Regulated financial advisers are required to hold a minimum level of qualifications to provide advice. Always ask to see proof of your financial advisors’ qualifications and their Statement of Professional Standing (SPS) to ensure that their qualifications have been checked, they have kept their knowledge up to date and they have complied with the Statements of Principle and Code of Practice for financial advisors.
Consider What You Need
There are different types of financial advice out there. Some of the best financial advisors will give you support with investments, pensions, and retirement planning. Others, meanwhile, will specialise in key areas such as business planning or long term care planning. You need to consider whether you feel it will be more efficient to opt for a general financial advisor, or a service with more of a niche approach depending on your needs and objectives.
Interview Your Advisor
Yes! It is really important to make sure that you quiz your financial planner or advisor on everything that matters to you. This list should help you with some of the questions you should ask at the first consultation. However, you should consider asking them questions which demonstrate how effective they will be in helping you to plan your specific financial objectives.
Look for Quotes
Yes – of course – it is well worth looking for financial advice quotes as a priority. More importantly make sure that any quotes provided are transparent and there are no hidden charges. In many cases, this will be one of the first things you compare between while looking around. Be willing to ask the difficult questions. How much will X cost me per month? What do you charge for Y? Beware as some financial advisers will try and tie clients in with hidden penalty clauses if they cancel the agreement or move to another financial planner. Also make sure that any ongoing cost quotes provided by financial planners include the cost of the adviser, the funds and any underlying product costs so that you get the full picture. The best financial advisor Chesterfield has available will not hold back on giving you the full and transparent breakdown there and then.
Look for Custody Holdings
One thing you should always look for when analysing financial planning Chesterfield and elsewhere is third party custody holdings. These are essential factors in narrowing down the perfect financial advisor in Chesterfield for you. Legitimate financial advisors will generally hold your money through a third party scheme. This is safe and regulated. Always be sure to tread carefully when it comes to setting up your finances with an advisor who handles your money themselves. This could be a fraud risk.
Look for Financial Conduct Authority Regulation
Of course, you should only ever enter into an agreement with a financial advisor that has FCA backing. The Financial Conduct Authority works hard to support products which are legally above board, and which are fully regulated. This gives you a little more backing and confidence, too, as it means you won’t have to worry about what’s going to happen to your money in the long run. By seeking advice from a regulated financial adviser you will have extra protection under the Financial Services Compensation Scheme (FSCS) in the unlikely event that things go wrong.
Consider Regular Reviews
The very best in financial advice Chesterfield and elsewhere will be conducted with regular reviews in mind. This means that you will need to consider signing up with an advisor who will check your situation regularly any changes or shifts in your circumstances. The assurance of this review process should give you the confidence that an advisor will be looking carefully at your finances, investments and objectives on a regular basis.
Friendliness and Approachability
Yes – while this might seem like a little bit of an afterthought for some people, rapport is hugely important if you’re in the process of discussing your finances with a new professional. For most people, discussing their personal finances can be difficult. If you don’t feel that connection with a friendly advisor, it is simply time to move on. Usually a relationship with a financial adviser is long term. It is particularly important that in the first stages of contact make sure that emails and calls are returned quickly and efficiently – this can be an indicator of what you can expect going forwards.
Local Appeal
Lastly – always make sure that the financial advisor that says they are based in Chesterfield are actually based there! This means that you should be able to physically visit their office for face to face consultations if you need to. Oddly enough, there are a few businesses who state they offer financial advice Chesterfield or elsewhere when they don’t – they simply want to appeal to people based in that given location.
Now you have the groundwork to find that perfect financial advisor in Chesterfield or the surrounding areas – make sure to carefully assess your options. Contact Milestone Financial Planning for more details and do feel free to speak to us for a frank and open discussion about how we can help you.
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