What to look for in an advisory firm

A financial planner is not a one-time support agent. They provide you with ongoing support over a lifetime and guide you through a variety of different financial areas that you will no doubt encounter and have questions on. Before you reach out to a financial planner, ask yourself, “What should I be looking for in an advisory firm?”

Here are our six points for when you are seeking out a financial planner for the first time:

1. The Relationship

Your financial planner will:

  • Clearly explain or document the services we provide
  • Define the responsibilities of the planner and the client
  • Agree how long the professional relationship is expected to last
  • Explain in full about payment terms and how the payment is derived

2. The Data

Your financial planner will:

  • Ask for information about your financial situation
  • Mutually define your personal and financial goals
  • Understand timeframes for the results
  • Discuss how you feel about risk (if relevant)
  • Gather all necessary documents before giving you advice

3. The Analysis

Your financial planner will:

  • Analyse your information to:
    – assess your current situation
    – determine what you need to do to meet your goals
  • Analyse your asset liabilities and cash flow, current insurance coverage, investments or tax strategy (depending on service chosen)

4. The Recommendations Your financial planner will:

  • Offer financial planning recommendations that address your goals, based on the information you provide
  • Go over the recommendations with you, so you can make an informed decision
  • Listen to your concerns and revise the recommendations appropriately

5. The implementation

Your financial planner will:

  • You will both agree on how the recommendations should be carried out
  • Your financial planner will EITHER
    – implement the recommendations
    – OR serve as your coach coordinating the whole process with you and other professionals such as accountants, solicitors, lawyers or stock brokers

6. The Monitoring

  • You and your financial planner decide who will monitor progress towards your goals
  • If the planner is in charge they will report to you at agreed intervals to review your situation and adjust recommendations as appropriate and as
    life changes

If you are keen to know more – request a call back for a no obligation consultation.

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