Managing your money is no small task. There are so many calculations and factors to consider that most people don’t even know where to start. It can feel overwhelming. Thankfully, there’s some good news for those of you who want personalized advice and want a more hands-on approach: you can find the best local independent financial advisers that specialize in your area. Independent financial adviser or “IFA” stands by one principle: they believe in serving your needs, not their own. This means you’ll get objective advice based on what’s best for YOU and your budget, not what’s going to make them the most money. Here are some factors to consider when looking for local independent financial advisers.
i. Experience
An IFA with a lot of experience has a wide range of skills and knowledge that they can draw upon to provide advice to their clients. They have likely watched the ups and downs in the market, seen so many situations, and experienced so many more things than someone who has only been in practice for a few years. They have an even greater understanding of risk management, how to prepare for the future, and what is reasonable if you need additional advice. But when it comes to experience, he or she ideally has decades of involvement in financial services – what are you looking for?
ii. Expertise
Does the IFA have experience with your particular needs and family situation? Do they specialize in one type of financial asset? In addition, if you have any special needs or circumstances, make sure to ask about them and if they’ve helped clients with similar situations.
iii. Training
Financial advisers are considered professionals, but that doesn’t mean they are all the same. Even if they seem like they’re an expert based on their experience, it’s important to make sure you’re receiving good advice. Ask about their training and education, as this can prove to be a major factor in your decision.
iv. Approach
Many IFA’s are independent, meaning they aren’t tied to any one financial institution and can offer a different approach. They, most likely, will be able to find solutions that are custom-fit to your situation and your needs.
v. Accessibility
There are many ways to communicate with an IFA and many of them can work in different time zones as well as on weekends. Depending on the role you want them to fill in your life, it might be useful to find an adviser that works around the clock.
vi. Investment Style
The investment style an IFA uses should fit your personal goals, because if it doesn’t then you aren’t going to be happy with the services you’re receiving. Remember, most independent financial advisers do not get paid unless you do.
vi. Location
Location can be considered in two ways. First, you want to make sure that the IFA is located locally so if you need face-to-face interaction or want guidance walking through a situation, it will be easy for them to help you out. Second, depending on your needs, finances and other considerations it may be more useful to have an IFA located in another part of the country so they are able to compare rates and provide a more objective analysis of your situation.
Independent financial advisers are an excellent resource when it comes to hiring them. They can help you and your family manage money in a way that is tailored to your needs and financial situation, helping you achieve your goals. Plus, they have the experience to give you unbiased advice that is based on facts and not on what would benefit them in their own business.