Mistakes to avoid when working with a financial adviser

It is important to remember that a good adviser does more than provide financial advice. Their aim is to build a relationship with you to help them understand your requirements so that they can offer you the best possible advice.

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Placing your trust in an adviser to do the best with your hard-earned savings can understandably seem daunting. Financial magazine MoneyWeek has some good tips on selecting a good adviser so that you can rest assured knowing that you will be working with a qualified, regulated professional. Once you have engaged your financial adviser, you will want to start the relationship on a positive note. Here are some tips to help avoid starting off on the wrong foot.

Disclose all your information

Your adviser cannot give you the best possible advice if they do not know the full details of your financial position, which includes any investments being managed by other advisers. They are technologically geared up to analyse all your financial information for you.

The software for financial advisers provided by vendors such as https://www.intelliflo.com/ is designed to help your adviser provide you with an effective service; therefore, it is crucial that you tell them everything so that they can plan investment strategies that are the most appropriate for you.

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Allow them to create a personal financial plan

A good financial adviser will look at your entire financial position and your goals and then devise a plan to achieve them. This is what you are paying fees for – not just to pick specific stocks to invest in.

Remember the adviser does not control the stock markets

While a sudden drop in your portfolio’s value may seem alarming, remember that your adviser is the expert. They will have assessed your risk tolerance and – provided you have given them the full picture about your finances – will have organised a portfolio that is most suitable for you. Investment values can go down as well as up and your adviser will be looking at the long term.

Understand the value of the adviser’s fees

Finally, appreciate what you are paying for. It may be cheaper to make investments independently; however, having recommendations from a regulated, qualified and experienced financial professional who will be with you every step of the way provides that extra peace of mind.

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