Financial Advice: Get the Most From Your Meeting

Fear of finance. 

It might sound silly to read or say. But the struggle is real. In fact, research suggests a link between financial anxiety and mental health.  

After all, you have the sort of wealth that only comes through significant levels of ingenuity and industry – your own and / or from your family. You’ll have expertise, experience and may even be a leader in your field.  

And now you’ve decided you need to seek professional advice you want to get the most from it right? 

Here are some simple tips to make things easier – and to help you get the most from your meeting. 

First, and everyone says this, is paperwork. And we mean paperwork. An adviser needs to see what they’re working with. So, you need to fish out every statement or valuation you can lay your hands on. 

The good news is this should be the last time you need to ever do this. If you choose to work with the adviser, they’ll handle the paperwork from this point on. Short-term pain: long-term gain. 

Ask your adviser: “What documents do you need, what’s nice to have and what can you do without?” 

Then it’s the more interesting stuff. Consider what you want. Is it peace of mind – or something more specific? An income of exactly £X a year, to fund a certain lifestyle? Or start with the life goals and work backwards to see how much money you need? 

It doesn’t matter if you can’t answer this question fully. Just give your adviser something to work with, and they’ll fill in the rest. That’s what you pay them for. 

Ask your adviser: “What type of goal to you need me to give you? What do people usually say?” 

Third, ask questions. It’s remarkable how few people do. Sometimes it’s that fear of finance – and sometimes even the most successful, confident people worry a basic question makes them look silly. 

Forget all that. Just ask anything. A real adviser will listen carefully and actively. When they respond, they’ll answer your question empathetically and without the bamboozling language that often gives financial professionals a bad name. 

Ask your adviser: “What does that actually mean for me?” 

Next, ask about fees. If it’s difficult to understand, ask again. Ask what you get for the money. For complete transparency, we charge for the work producing your plan, plus a one-off 1% of the money you invest, and a small percentage fee annually. We looked at average fees across the industry and believe we’re well below that. If you meet an adviser more expensive than this, ask them why. 

Ask your adviser: “How much do you charge, when do I pay, and what do I get for that?” 

Fifth, and if you forget some or all of the above, don’t worry. Just be blunt. We’re hopefully going to have a long connection that adds considerable value to your wealth. And the best relationships are based on honesty and respect. So be direct in your questions. You are of the utmost importance to us.   

Ask your adviser: “How can you give me peace of mind?” 

That’s pretty much it. We hope this is a pathway to peace of mind. And, if you’d like to book that meeting and get started, get in touch on 020 7467 2700 and at hello@firstwealth.co.uk. 

This article is for general information only and is aimed at retail clients and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial product.

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.