Consumers consult experts in financial advice for a diverse range of reasons. While some are interested in making investments, other require assistance with planning, whether for their retirement or how their estate is passed on to their beneficiaries. In this blog, we’ll look at how you can be certain that you are getting the correct financial advice you need.
What type of financial products is your advisor recommending
Your advisors should ensure that the financial products they are offering are affordable for you and be suited to the amount of risk you are willing to take. This is sometimes referred to as “risk tolerance”.
As well as considering your personal circumstances, an advisor should only offer you products designed for your specific financial goals. For instance, you might be saving for the short or long-term. Finally, the advisor must always account for whether you pay tax.
If your advisor ignores any of these points or recommends an unsuitable product they are not right for your needs.
Independent financial advisors
For unbiased financial guidance, independent financial advisors (IFAs) can be helpful. Unlike a restricted financial advisor who is not obliged to inform you if a product is more affordable elsewhere, an IFA is not limited to set products they must promote. As a result, they can offer not only an impartial eye on investments but source the best products on the market.
If you need independent financial advice in Shropshire or Chester, contact our team at Hartey Wealth Management today.
