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In a previous blog, we wrote about how to choose a financial adviser

There are a number of factors covered ranging from their trustworthiness, experience, reputation and more

In this blog, we look at how a relationship with an independent financial adviser can help you reach your financial goals.

Financial advisers can assist you with investing and reaching your long-term goals in so many ways. 

Here are eight examples:

1. Knowledge

Simply through their level of expertise and the role they perform,  financial advisers know more about investing and managing money than most people. 

They will help guide you to better financial choices than you would likely make by yourself.

The role of a financial adviser is varied and covers many aspects of the world of savings, investments, pensions and insurances.

If you’re looking for a financial adviser, to help reach your financial goals, look for one that can offer a range of services such as:

  • Financial and wealth planning

  • Savings and investments

  • Pensions

  • Estate planning and IHT

  • Personal and business protection insurances

  • Mortgages 

2. Accountability

The role of an adviser is to help keep you on track towards your financial goals and objectives.

In some cases this includes, talking you out of making emotional decisions about your money.

People that go down the route of self investing, can often make emotional, knee-jerk financial choices like investing in a stock that’s been skyrocketing or cashing in on their investments when the market plummets.

The role of a financial adviser is to provide careful considered advice aligned to a long term plan. This doesn’t include short term, panic based decisions.

A financial adviser’s ongoing relationship with you reflects the advice they give you and the outcomes.

Reputation is key in this industry, so ensure you are working with an adviser with a solid track record.  

3. Experience

An experienced financial adviser is what you need.

Just like an accountant, to become a financial adviser, you need to go through years of training, exams and evolve your expertise by doing the job over a number of years.

Experienced financial advisers, will have seen it all. They will have worked through recessions and understand the need to ride out short-term market corrections.

Additionally an experienced adviser will have a full and broad understanding of the financial products and asset classes available. This experience, when aligned to a plan will help achieve your financial goals.

And admittedly, they would have made a mistake or two in their early years. Don’t we all? However, where your long term financial dreams are concerned, how costly would the mistakes of an inexperienced adviser be to your plans?

4. Independence

An independent financial adviser can access the whole of the market, to select the most appropriate investments and strategies for your money.

They aren’t restricted to a small basket of funds, a limited pool of pensions or mortgages.

Each customer’s financial goals are different.

Therefore, having access to all of the investment opportunities in the market will only help realise your financial goals and plans.

5. Advice

It’s in the name.

Financial advisers use their knowledge and experience to make the right advice.

They will make suggestions regarding the right tactics and strategies to implement to either improve your finances or reach your goals. 

Advice can only be given, when an understanding of a customer’s end game is in place. Make sure you work with a financial adviser who works to a process

6. Process

Perfect planning prevents poor performance. 

Whilst an independent financial adviser can’t and shouldn’t make claims around future performance, a plan will stand you in the best position to reach your goals.

A financial adviser who works to a process, will get all the right information to help you reach your goals.

When looking for an adviser, always ask what process they will take you though.

As an example Better Wealth Management has a 6 stage process we take our customers through. 

  1. Discovery Meeting
  2. How we will work together
  3. Research & Analysis
  4. The proposed financial plan
  5. Delivering the financial plan
  6. The ongoing relationship

This process is covered in a recent blog we wrote around what a financial adviser does (link to blog).

7. Change

Lives change and so do our plans.

In life, there are many twists and turns, good and bad. 

An experienced financial adviser will help realign your plans and objectives when change occurs. Examples:

  • Marriage and divorce

  • Falling pregnant

  • Redundancy

  • Promotion

  • Children unexpectedly wanting to go to university

  • Illness and death 

As your life changes, the role of an adviser is to help you adjust your financial plan to align with your new normal.

Communication is key to an ongoing relationship with your financial adviser.

8. Action

This one’s on you.

In our experience, many people avoid taking the right steps or don’t take the steps to successfully manage their finances.

This can often be due to time, inertia or simply not knowing what to do and making no decision or taking any action.

There can then often be a mad scramble in later life to address issues around retirement, income, children’s inheritance and more.

Though instructing, and working with the right financial adviser, you have an additional, experienced pair of hands working in your best interests. 

It’s more than that. You have an expert, a financial expert working on your behalf, helping to realise your financial goals and dreams.

Are you currently working with an independent financial adviser?

If you are and you’re looking at your options, we’re here t help.

If you’re not, and are looking at your long term financial plans and require some guidance, we’re here to help.

Call us directly today on  01329 550190 or drop us a message via our contact page.