An Effective Relationship With Your Financial Advisor
08.09.2011

While you can access a wealth of financial advice via the internet, specialist publications and money programs, Guardian Wealth Management know that there’s no substitution for professional advice from a qualified financial advisor.

The world of wealth management moves rapidly and with constant updating of products and services available, it’s easy to become confused by this complex subject. Having a qualified financial advisor that you can trust is essential to create an effective wealth management plan. In order to access the best advice it’s important that your financial advisor offers the following things during your relationship together.

What Should You Expect From Your Financial Advisor?

When working alongside a financial advisor there are certain levels of service that you should not have to compromise on. Your financial advisor should provide you with a comprehensive wealth management plan – this will allow for both yourself and your financial advisor to create a strong foundation and offer focus and direction for your ongoing relationship.

The wealth management plan that you create with your financial advisor should be subject to regular reviews – this should be at least once a year, although more frequent reviews may be required. Scheduled reviews ensure that your wealth management plan does not stagnate and provides an opportunity for your financial advisor to discuss matters such as investment objectives, tax situation and estate planning issues.

It’s reasonable to expect your financial advisor to have up-to-date training to ensure that they’re able to provide relevant advice. Always make sure that your financial advisor or the company that they work with are regulated by the appropriate regulator such as the Financial Services Authority (FSA) in the UK. Your financial advisor should also work in accordance to a service standard – you should be told the best way to manage any questions or concerns that you have and you may even find that your financial advisor has a secretary or assistant who can help you with any queries.

Clear Communication – The Measure Of A Good Financial Advisor

Your financial advisor should make it clear to you exactly what you’ll be paying them in fees or commission and any other costs that will be incurred when you set your wealth management plan in motion. This should be clarified before your advisor implements any services or recommendations.

Communication is a vital aspect of any successful relationship and the relationship with your financial advisor should be no different. The wealth management industry is full of acronyms and jargon but that doesn’t necessarily mean that you will understand them! Your financial advisor should communicate with you in a language that is easy for you to understand – if you’re not sure of anything ask for clarification.

Another important measure of your relationship with your financial advisor is this – ask yourself if you feel comfortable saying ‘no’ to their recommendations – if not, perhaps this isn’t the financial advisor for you. Your financial advisor is not a salesperson, but rather a consultant – you have the right to say no and should feel comfortable doing so.

When working with any financial advisor it’s absolutely essential that you trust them. By using a financial advisor that is regulated by say the FSA and who has access to the entire financial market place, you will benefit from honesty and objectivity – these two vital qualities are at the heart of the Guardian Wealth Management ethos, so by working with a GWM financial advisor, you can be sure that you will receive honest and impartial advice.

To contact a trusted Guardian Wealth Management financial advisor, click on the link now.

Guardian Wealth Management are experts for QROPS too – if you would like to find out more about transferring your UK pension into a QROPS, follow the link.