We have all heard scare stories with regards to choosing an Independent Financial Advisor. Most of these anecdotes derive from years past once the whole industry had not been correctly policed. Nowadays there are so many different ways in which you can choose an IFA who is both reputable and right for you. Choosing an IFA is arguably one of the most important financial decisions you'll ever make so taking time and energy to research and compare providers is to be encouraged.
There are generally regarded as three different types of financial advisor - independent financial advisers who search the entire market for their clients, tied advisers who operate solely with respect to a particular company, for example a bank. There are also advisers that are multi-tied and who sell products supplied by a fairly limited range of companies.
Benefits
The true and outstanding benefit of consulting an IFA is that they will act with respect to you the client instead of within their own interests or the people of the organisation they are selling financial loans for. The IFA will search the entire market and will actively seek out and provide tailored solutions which will suit you the customers needs.
So what should you do?
One of the first steps you will need to take when looking for an IFA would be to select a handful of providers which look likeliest to meet your requirements. Speak with family, friends and colleagues and have for personal recommendations. Have a look at internet review and comparison sites. The local press may also be a starting point.
When you have narrowed your search right down to a few individuals, contact the IFAs of one's choosing. Call them for a casual chat and to observe how you feel. You have to be confident and more comfortable with whoever you choose to advise you on your finances. Remember that you're the one in control and not the other way around!
When you are talking to the IFAs of one's choice, ensure that they're completely independent. Enquire about qualifications - you shouldn't be scared. Try to find an adviser who has either a Diploma or Advanced Diploma in Financial Planning or who is a certified or chartered financial planner. If you are in doubt and so are searching for a testimonial it isn't unfair to ask to be placed in contact with other current clients. Remember this is your hard earned money we are talking about.
Enquire about fees. Do they charge by the hour or do they take a commission? Perhaps it is just a mixture of both? You will need your IFA to be completely transparent. If they're not then do not get involved.
https://www.colemanadvisory.com.au/financial-planning is that you your client feel comfortable based on the arrangement. Make sure that all dealings and conversations are transparent and that you realize just what the IFA is doing for you at all times. This works both ways, always be honest about your situation and you will not go wrong.