Choosing a Financial Advisor in Northern Ireland
Financial Foresight have been around since 1982 but we realise that not everyone has got around to talking to us yet!!
Choosing a Financial advisor Belfast, is a decision that should not be taken lightly as it will almost certainly affect your financial future. It is important to ask a series of questions to ensure you find the most competent, trustworthy and qualified professional who is best suited to your needs.
Below we have outlined questions you should ask any Northern Ireland mortgage advisor or financial advisor. It would be even better to ask us these questions:
Are you an independent financial advisor?
Financial advice can be provided by firms regulated by the FCA on a restricted or independent basis. The difference being, an independent can advise you on products of different companies from the whole of the market, whereas a restricted cannot.
What are your qualifications?
This should be straightforward but there are many different professional qualifications that exist for financial advisers and planners in the UK that it can make it a little more complex.
What experience do you have?
Don’t hesitate to ask how long the planner has been in practice, the firms they have been associated with and how this experience relates to their current practice. The institute of financial planning (IFP) recommends that you choose a financial planner who has at least two years’ experience in working directly with individuals, planning their financial needs and offering money advice.
What financial services do you offer?
The services a financial planner offers will vary and depend on their credentials, areas of expertise and the firm for which they work. Some financial advisors offer financial planning advice on a range of topics but do not sell financial products, while others provide advice in specific areas such as taxation. Those who sell financial products, or who give investment advice, must be authorised and registered with the Financial Conduct Authority (FCA).
Will you be the only independent financial advisor working with me?
Often a financial planner will work with their team to provide a full financial planning service for you. Paraplanners are also often involved in the planning process. They are professionals who work to support the Financial Planner, providing technical research and backup as well as report writing and analysis.
How will I pay for your financial services?
Your planner should disclose the cost of their services in writing in advance of them starting to work with you so you are clear as to how they will charge you for the financial services they will provide. Although the amount you pay the planner depends on your particular needs, even at an early stage in the process the financial planner should be able to provide you with an estimate of costs based on the work they will be carrying out for you.
How are you regulated?
Financial planners who sell financial products have to be regulated by the FCA. Since 2013 all retail investment advisers must have a statement of professional standing (SPS) from a FCA accredited body. You should ask to see it and check that it is not out of date.
How often do you review my situation and offer money advice?
Any good financial planners will make sure that they review your situation at least once a year. Some will review more frequently but a thorough review once a year is sufficient to ensure that your plans tie in with your circumstances
Can I have it in writing?
Be sure to ask the planner to provide you with a written agreement that details the financial services that will be provided.
