If you’re looking to make the most of your money then spending time with a financial adviser could be right for you. It could be that you’re considering buying a financial product. You might be looking for ways to manage your money more effectively. It may be that you want to put plans in place for the long term. In all these cases, a financial adviser can assist.

The world of investments, savings and all other things money-related can soon become a title complex. This is when expert advice and assistance with financial planning is a must. If you’re not sure if this is the kind of assistance that you need, read on to learn more about what’s on offer and how to get the best out of any meeting.

What does a financial adviser do?

A financial adviser is there to help you to select and set up certain products. They tend to deal with the likes of:

• Savings and investments

• Pensions

• Insurance

• Mortgages

• Equity release

• Tax and estate planning

• Planning for family finances

There are independent financial advisers and those that are restricted. The former have access to the whole market and can offer truly impartial advice. The latter will still be impartial but the products that they recommend will only be from a limited number of providers.

Financial adviser vs. financial planner

When you visit a financial adviser, you’ll find that any meeting tends to focus on one thing. It could be that you’re there to ask about your pension or you may be looking to secure a new mortgage. Whatever product you’re seeking, a financial adviser will be able to assist. However, some financial advisers offer financial planning and this goes a little further.

Financial planning is all about taking a holistic approach. It takes a look at your finances as a whole and goes on to create a plan for what you want to achieve over a number of years. You will find that many financial advisers offer financial planning as well as an advisory service.

Where to find a financial adviser

The reality is that everyone stands to benefit from a financial adviser. However, not everyone knows where to turn to find one. It’s vital to find an adviser who suits your circumstances and can guide you towards your goals.

You may want to seek personal recommendations from friends and family. Alternatively, you might want to explore sites such as Unbiased and VouchedFor. Either way, before you commit to a financial adviser there are key questions to consider:

• Is the adviser independent or restricted?

• Have you checked that they’re authorised by the FCA (Financial Conduct Authority)?

• Is your chosen financial adviser suitably qualified (minimum level 4 qualification)?

• How much are the fees?

• Do they offer a full financial planning service?

Preparing for your first meeting

To make the most out of a meeting with your chosen financial adviser, you need to ensure that you’re fully prepared. Some of the things that will help your meeting to be as productive as possible include:

Listing assets and liabilities

If you want a financial adviser to guide you to future wealth they need to have a clear idea as to how you are right now. That means that they need to see a full list of your assets and liabilities. Do you own gold, property, crypto or have access to significant cash? What are your debts and do these outweigh your assets? A clear picture will assist your adviser to provide guidance that’s tailored to you.

Detail your income and expenditure

Your financial adviser will want to have an insight into what happens with your money on a monthly basis. It’s best for you to write down every source of income that you have and to ensure that you’re accurate with the amounts. You’ll also need to make sure that your adviser is aware of regular expenses that you have as well as any that are likely to arise in the future.

Be clear on your goals

When it comes to financial planning, your adviser will need to know what you’re actually trying to achieve. It could be that your goals are modest and you’re just looking to raise funds for a small purchase. Alternatively, you could be looking at boosting your wealth to provide for your family for the long term. Either way, for the best advice your financial adviser will need to know.

Get your documents together

There’s a good chance that you’ll have an abundance of paperwork that relates to your financial affairs. Before you meet with a financial adviser, it’s a good idea to get this in order. This will give you a clear view of your exact situation right now as well as assist your adviser to gain a clear picture.

Compile a list of questions

If this is set to be your first experience with a financial adviser, there’s a good chance that you’re going to have a host of questions and queries. There’s also a good chance that once you take a seat in an office, you’ll suddenly forget these. Get your questions written down and take them along to your meeting. Remember, this is all about you and your wealth and you need to be clear on all that’s taking place.

Do I need a financial adviser?

In truth, everyone can benefit from a financial adviser at least once during their lifetime. When you’re looking at the likes of a mortgage, the best deals can be accessed by spending the time with an independent adviser who gives access to the whole market. It could be that once your mortgage is set up you have no need to seek advice again. For other people, their needs are different.

When it comes to growing and protecting, wealth, financial planning is a must. This is likely to lead to a longer-term relationship with a financial adviser as opposed to a one-off meet.