Choosing an Independent Financial Adviser
Financial advice is plentiful, but finding a good, independent financial adviser (IFA) with whom you are going to feel comfortable is a more difficult task. Most banks and building societies are happy to provide advice but they are tied agents, so they can only advise on their own range of products. IFAs have the advantage that they can provide unrestricted and unbiased advice from the whole of the market.
Horbury Financial Services Ltd provides such independent advice and we give you a choice of how you can pay for our advice: fee, commission or a combination or the two.
Our recommendation
As with many professions, the best way to find a good IFA is through personal recommendation. We do very little advertising at Horbury Financial Services Ltd as we find that most of our new clients come through personal recommendation by existing clients. We like to build up a relationship with a client through many years of service, and we generally find that clients appreciate this relationship.
You should always check that an adviser is appropriately registered with the Financial Services Authority (FSA) and you can do this by visiting www.fsa.gov.uk/register. All our advisers are registered with the FSA.
Another organisation which can provide you with the names of IFAs in your area is IFA Promotion, through their website www.unbiased.co.uk.
How to make your choice
You might like to visit two or three advisers before making your final choice. Most are normally prepared to give you a half-hour initial consultation free of charge, as we do at Horbury Financial Services Ltd. In order to make the most of this time, you should bring along details of your current financial situation and have a clear idea of your aims and what you hope to achieve with your adviser. This will also enable you and the adviser to decide whether their service is right for you.
On a personal level it will also help you decide whether you are going to get along with the adviser as, if they go ahead with your case, you will be asked to reveal personal and financial information about yourself in order that he or she can provide tailored advice.
Don’t be afraid to ask questions. The adviser should explain how the process will work and how any advice will be charged for.
What happens next?
Once you’ve chosen your adviser, the next steps will be along the following lines. You’ll be asked to provide information of a personal and financial nature to allow the adviser to complete a “fact-find”. This is an FSA requirement. The adviser will ask you questions about your objectives, timescales, tax-position and “attitude to risk”, among others. Attitude to risk is especially important, as it will guide the adviser in his or her recommendation of investment vehicles, if appropriate. Once the adviser has analysed your situation, they will present you with their findings, which may involve altering your current arrangements, or proposing ways in which you can achieve your future objectives. They will also write a report setting out their recommendations and the reasons for making them. Most advisers will then agree a review period with you, usually annually, but this could be more frequent depending on your circumstances and wishes.
About Horbury Financial Services Ltd
Horbury Financial Services is a family business based in Ackworth, near Pontefract and Wakefield, in West Yorkshire. We are independent financial advisers and serve clients in Hemsworth, South Elmsall, South Kirkby, Ackworth, Featherstone, Castleford and Normanton, as well as the surrounding areas.
Please note: this article is for information only.