What to look for in an IFA

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1The Relationship

Your financial planner or IFA 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

2The 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

3The 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)

4The 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

5The 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

6The 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

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