Before you speak to your financial adviser for the first time, or for a new investment, or setting up a business, it’s a good idea to be prepared. We suggest that you turn up prepared with some questions. This will not only give you a good idea of the kind of service you can expect from them, but also help make your mind up if you’re happy with this service. Some suggested questions include:
1. What kind of service will I receive from you and your firm?
– Will you assess my financial situation and provide recommendations based on my situation?
– Will you search for the best products from the whole market or a few select providers?
– Can I expect to receive support on an ongoing basis as part of the service?
2. What qualifications and experience do you and other members of your firm have?
– What is your speciality?
– How long have you been a financial adviser?
– What qualifications do you hold?
3. How do you charge for your services?
– How do you charge? Is there a one off fee or an hourly rate? Are fees upfront? Do you charge a percentage for assets under management?
– What exactly am I going to pay?
– How much will the actual product or transaction after advice cost (assuming one is required)?
– What is the total cost I will have to pay?
– Is it possible to have the cost of advice deducted from my investment so I can spread the payment over time?