We manage your finances - while you relax

Life can be very busy and sometimes we struggle to find the time to do everything we need or want to – it can be a tricky balancing act. There may be occasions when you are not sure what to do with your money or what decisions you need to make about your financial future but you know that you need to do something.

There are thousands of different financial products around and so choosing what is right for you can prove just as challenging as finding the time to attempt doing it in the first place. If you have little experience or indeed time for dealing with finances but feel like you want to be more organised for now and your future, it may be helpful to get professional advice.

A financial adviser can help with things like:
•    Saving and investing your money
•    Planning for your retirement
•    Protecting your assets 
•    Making your assets more tax efficient
•    Gifting to your family
•    Establishing trusts
•    Managing your estate

How a financial adviser operates

You have a personal adviser who recommends ways to meet your objectives and keep your finances on track. Think of them as your co-pilot, helping you stay cool, calm and collected in the face of whatever the financial world throws at you.

Our advised service gives you access to all the financial research and support of our team of analysts too. The first time we meet, we will ask you a lot of questions. This helps us to get the clearest understanding of your financial situation and the things that matter to you the most. We then use this information to recommend a strategy tailored to your individual requirements.

Once you are up and running, we will update and review your plans on a regular basis to make sure they continue to meet your objectives as your life evolves and we will flag any risks we see on the horizon. We will also remain available to you whenever required.

Types of financial adviser

There are two types of financial advisers:

• Independent Financial Advisers (IFAs) that give advice sourced from the whole range of financial products from all the different companies available across the market-place.
• Restricted Advisers that give advice on a limited range of products. They may specialise in one area, for example pensions, or they may only offer advice on products from a limited number of companies.

We believe it is best to get independent financial advice so that you have access to the widest possible range of advice and products available.

Making sure your adviser is qualified and registered

All financial advisers should have the following:

• Level 4 financial planning accreditation or above of the National Qualifications and Credit Framework.
• A Statement of Professional Standing (SPS). This means they have signed up to a code of ethics and have completed at least 35 hours of professional training each year. SPS certificates must be renewed annually so check your adviser is up-to-date.
• Competency assessed, confirming them to be fit to carry out their role by their company under the certification regime. This is a much stricter test than is needed to obtain a Statement of Professional Standing and requires the adviser to meet specified key performance indicators together with financial and ethical standards under the conduct rules.

All financial advisers should be registered with the Financial Conduct Authority (FCA). This means they meet the right standards and you get more protection if you are not happy with the service. For example, you can complain to the Financial Ombudsman Service and may be able to claim compensation if things go wrong.

What to think about before you see a financial adviser

Before you arrange to see a financial adviser, try to ascertain what kind of advice you require. This will help you find the right adviser for your situation. 

Here are some considerations:

•    Are you planning for a particular event? For example, your retirement or saving up to buy a house or for your children’s education fees/future. 

•    Do you have spare money to invest? Take a good look at your finances to see how much you can afford to save or invest. If you have them, make sure you have investigated clearing any outstanding debts, loans or bills first. Do you have regular disposable income?

•    How much risk are you prepared to take? When you invest, there may be situations where you could lose value on your investment. Some investments are riskier than others but can make you more money if they do well. As a general rule, the longer you invest for, the more likely you are to make money, rather than lose it. Also, what type of assets are you comfortable/uncomfortable investing in, for example do you like cash, property, shares or bonds?

•    How long can you invest for? Your investment horizon as well as your investment risk and capacity for loss will affect the types of products that an adviser will recommend.

•    Do you want advice on different kinds of investments? For example, ethical or environmentally friendly investments.

•    Are you looking for advice or just information? You may want someone to advise you what to do with your money or just information about a financial product so that you can make your own choice. Some financial advisers will provide both information and advice.

There are many considerations to be undertaken in organising your finances, so if you like the idea of relaxing safe in the knowledge that you have a team of people and subsequently your money working harder for you whilst you are enjoying the finer things in life, having a financial adviser could be your first-class ticket to that destination.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.