When life moves at lightning-fast speed, things get tough to manage single-handed. Organising your finances is usually a big one to manage and can often get neglected. With tons of opportunities in the market that can help achieve your fortune, it can be easy to miss out on some key things that could ultimately add to your wealth. This is where financial advice can make all the difference. 

Our financial planner, Sat Mehat of Quilter Financial Advisers highlights a few key factors to look for when searching for an adviser: 

First and foremost, check your adviser is qualified to do the job.  Search the FCA register to check your adviser is licensed to provide advice and which company they work for.  All advisers should be searchable on this register.  Link to FCA Register

Ask your adviser for their Statement of Professional Standing (SPS) Certificate.  All advisers will be qualified through an examining body e.g. London Institute of Banking & Finance, Chartered Insurance Institute.  The SPS is issued by the examining body and can also be checked on each providers website.  CII Search  LIBF Search

A financial adviser is there to suggest a specific plan or recommendation, not tell you what to do. The final decision will always be yours.  

Fee structures will vary across different advisers. Some advisers may charge a fixed fee for a recommendation, while others may charge you a fee based on the amount of money they have to manage. 

Some advisers may just be interested in filling their own pockets rather than yours.  Be aware of how much charges you are paying on your investment, because if they are too high, they may deplete returns on your investment which defeats the whole purpose of getting advice.

Your financial adviser must provide you with certain documents such as:

  - Privacy consent to protect your data

  - Suitability report containing the advice recommendations

  - Terms and conditions of the advice

  - Disclosure of fees

Ask your adviser if they offer an annual review service which involves regular analysis of your investment portfolio and fine tuning your plan each year where necessary.  Sometimes ongoing advice may not be required depending on your needs, and it is often made available as an optional service.

Different advisers will specialise is certain areas, so pick one that specialises in the area that you require attention in.  For example, you may need mortgage advice, pension advice, or insurance advice where you'd like to protect your loved ones.

How easy is it going to be to gain access to your adviser? Some advisers may offer to provide a review just once a year.  Others may provide a review service and offer other services throughout the year in addition as a result of unexpected circumstances e.g. dealing with family members who passed away.