5 things to consider if you’re thinking about changing your financial adviser

Finding the right financial adviser to work with can seem impossible, especially if you’ve been dissatisfied with advisers you’ve worked with in the past.

If you have experience of working with financial advisers, you may feel that you didn’t get the service or results you had hoped for. So, perhaps the most important thing to consider as you set out to find a new adviser is that you may be better off with a financial planner.

Financial adviser or financial planner, what’s the difference?

The key difference between a financial planner and a financial adviser is that a financial planner focuses on you and your goals. Meanwhile, a financial adviser will take a more transactional approach to your money and investments.

Financial planners use their expertise in taxes, budgeting, pensions, and investments to create an overarching strategy and build a financial plan around your life goals and objectives.

At First Wealth, our team of Chartered financial planners take pride in delivering a truly personal service to every client.

We take a holistic approach to your life and finances. Because these two things are integral to one another, we always start by listening to what you want and help you work out your priorities and life goals.

Once we both understand your true objectives, we’ll create a financial plan to make it happen.

Read more: 10 things a great financial planner will do for you

The value of finding the right financial planner

Finding the right financial planner to work with will add significant value to your life, as well as your wealth and wellbeing.

According to research from Royal London and the International Longevity Centre UK (ILC), “financial advice is game changing”.

Of course, we agree!

In support of their statement, they found that, “in the space of just 10 years, customers who had sought financial advice were, on average, £47,000 better off than those who had taken care of things themselves”.

Our role is to give you control of your finances and provide you with clarity and confidence in your financial future. We’ll work with you to create a financial plan that forms a robust roadmap for your financial future.

If you’re seeking a new financial planner, here are five considerations to help you make the right choice.

1. Consider the kind of relationship that will best serve you

Do you want a simple transactional relationship or one that will strengthen and grow over time?

If you simply want to get some protection in place, establish a will, or set up a pension, a financial adviser will help.

A financial planner will also do all the above, but instead of purely transacting the business, they’ll take a long-term view of your financial situation and work to form a long-lasting and rewarding relationship.

A great financial planner will work with you to understand what matters to you most. They will ask questions about your life goals and help you plan how to fund your desired lifestyle.

Make sure any financial planner or adviser you meet is independent, and not restricted to a limited number of products and services they can recommend.

2. Check that your interests align

Most financial planners will meet with potential clients for free. This gives both parties the chance to get to know one another before any money changes hands.

Forming a long-lasting relationship is in both parties’ best interests. So, it’s important that you get along with each other well.

A free first meeting allows crucial time for you and the planner to understand whether your values align. The initial conversation should provide you with a good understanding of what the financial planner, and their firm, stands for.

Let’s talk: Book a free 30-minute call and we’ll answer your questions. No strings attached.

3. Understand how they charge

Good financial planners make their fees simple and transparent. Knowing how much you’ll pay and what for helps clarify what you should expect.

Check that the financial planner tailors their fee to match your requirements and circumstances. Make sure the cost reflects the service you will receive. Also, make sure they give this as an amount of money, and not just a percentage figure.

We charge straightforward fees for peace of mind. Our fees are simple, fair, and easy to understand.

Following the first free meeting, designed to understand more about your life goals, circumstances, and needs, we’ll be able to give a clear answer about how much the service you need will cost.

4. Expect to profit from a long-lasting relationship

A great financial planner will set out to understand your objectives, as well as your tolerance for risk. This means they will be alert and ready to spot opportunities where you can benefit from new products, tax changes, and better strategies to manage your long-term wealth.

Being in regular contact with your financial planner provides significant positive benefits, enhancing financial wellbeing by providing invaluable control of your financial situation.

The longevity of the client/planner relationship allows us to establish a deep understanding of your needs and desires.

If you don’t call on us for guidance, we’ll call you for an annual review to ensure your plan is on track to meet your goals and ensure it reflects any changes that might have occurred since we last met.

5. Choose with care

Personal recommendations or references and testimonials from existing clients can help you get an idea of the service you should expect.

Check to see if the financial planner has any or search for them online where you should find any areas of expertise and verified customer reviews.

Finding the right financial planner is a big deal. You will have to entrust them with your financial wellbeing and be comfortable discussing personal matters with them.

This is the beginning of a long-term relationship, so it’s important that you feel confident and make the right decision.

Read more: How to choose a financial adviser

Get in touch

If you’re thinking about changing financial planner and want to find out how we can help you to achieve your life goals, please get in touch. Email hello@firstwealth.co.uk or call 020 7467 2700.

This document is marketing material for a retail audience and does not constitute advice or recommendations. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.