What Does A Financial Adviser Do?
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What Does A Financial Adviser Do?
David Stirling talks us through the role of a financial advisor.
What exactly does a financial adviser do?
A financial advisor helps you build towards your goals and targets in the future. That’s often by helping you build investments, pensions, mortgages and protecting your family against events like death or critical illness.
We support you with a plethora of financial products. Typically, we look at your current financial situation and your goals, and how to get to them, taking into account your attitude to risk.
What services does a financial advisor offer?
At the initial meeting you would have with a financial advisor, we would look at your current situation and put a cash flow model in place to look at your assets and liabilities and what that means for your money over your lifetime.
We will look at your current protection products, mortgage products and any existing pensions and investments that you have. It’s quite holistic in exploring where you’re at and where you want to be.
We would do that at least annually with you to review that you’re still aligned to your attitude to risk and everything’s on target for you. If necessary, we swap things about for you and realign them. The cash flow modelling includes products like insurance. So if you were to lose your job or became unable to work to try we would avoid any shortfalls by putting income protection in place, for example. It’s a holistic look at your financial situation and how we can improve it.
When should I see a financial advisor?
There’s no right or wrong answer to that. There are lots of different reasons to see a financial advisor. We might see first time buyers looking for a mortgage, or someone who’s just had a child and wants to put an ISA or pension in place for their future.
Perhaps a self-employed person wants to start a pension, or somebody is looking to start an ISA, a bond or some kind of investment for their future. We help people looking to remortgage, clients who want life and critical illness cover in the event that they have a heart attack, stroke or develop cancer. There’s never a right or wrong time you can seek the advice of an IFA. We will always come up with bespoke ideas for you.
What would happen if I called you today?
Initially we would have what we call a ‘discovery meeting.’ We’ll chat to you to find out about your assets and liabilities, your income, your protection products. We’ll see if you have a mortgage or current investments and pensions.
We then put that into cash flow modelling to tell us what your life will look like financially at age 65 or 70 or whatever your target retirement age is. That initial meeting gives us a feel for each other and an idea of what you want to achieve.
What is the normal fee for a financial advisor? Does it cost for an initial consultation?
The initial meeting wouldn’t cost the client any money at all. Fees depend on the situation and the product that you go for. That would all be discussed at the second meeting.
With pensions, for instance, there are fees payable, while for protection there’s no fee because we receive commission from the provider. All of that cost detail would be discussed at our meeting before you decide whether to go ahead.
It’s kind of hard to tell you an exact cost as it will be led by what you need and how complex the advice you need would be.
The main things that a financial advisor provides tend to be investments and pensions. We offer access to a wide range of funds and insurance products, as well as residential mortgages, Buy to Let and much more. The conversations you can have with us are limitless, so the best thing to do is to get in touch and see how we can help you further .
The value of pensions & investments and any income from them can fall as well as rise. You may not get back the amount originally invested.
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