Getting financial advice
Preparing to talk to your adviser
Financial advisers can't make your decisions for you. They can only give you the facts as clearly as possible, help you clarify your own thinking and give you advice.
It's a mistake to assume they can take away the risks or make the decision for you. Ultimately it's your money and your choice.
That's why it's a good idea to do some preparation before you meet.
Know why you're investing
Are you looking for an income or do you want to build a lump sum? Do you want a specific amount of money at a defined date, e.g. for school fees?
Know how much you can invest and when
How much have you got to invest? Will you be adding to the amount regularly? When will you need the money?
Know what financial commitments you have
Make sure you have a clear picture of your financial situation. That includes debts, savings, life insurance, personal health/critical illness insurance, pensions and mortgage. You should know the amounts involved in each.
Prepare some questions first
Here are a few questions you may want to ask:
- Do you specialise in advising on investment companies?
- How will you get paid for giving me advice?
- What are the pros and cons of each suggested investment?
- What risks are involved with each suggested investment?
- What am I committing myself to?
- What are the problems if I change my mind or need the money earlier than anticipated?
Don't feel pressurised
If you have any doubt about a course of action the financial adviser is recommending, give yourself time to consider. Don't feel you have to decide then and there. If after thinking about it you are still unsure, you can always get a second opinion from another adviser. You should remember, however, that you may still be liable to pay for the cost of the advice given.
Finding an adviser
