5 Simple Techniques For Pension Advisers Oxfordshire

The one sentence version: Your trusted adviser will help you to achieve your short, medium and longer term goals and objectives in life by using a comprehensive financial planning strategy over time.

The longer version: You think you need financial advice - maybe on something specific such as an inheritance or a mortgage, or perhaps you realize that you can no longer put off planning for retirement. But where do you start?

You are nervous. It's good and understandable financial advisers recognise this and want to reassure you that their focus is on their clients, and helping them to make best use of their resources over time. It's our job to help you to make your money work harder!

Hopefully our other articles will guide you to a financial planning professional with the expertise you require or you are fortunate enough to have family or friends who already work with one, but once you find this person, what will happen next?

This is what the good guys do: First, a good IFA will meet with you to establish your current position and what it is that interests/concerns you.

This discovery meeting is often without charge and will be without obligation so that both sides can decide whether it is appropriate to take matters further. At this stage you may gain enough information to fully answer your query, you may be pointed in the direction of someone else who can help you, or the IFA may decide to offer his/her services.

The IFA will clearly explain the services offered by the firm and the ways in which they will be paid for these services. The proposal may be for one-off work or may be for an ongoing relationship. Ideally an agreement should be drawn up, understood, and signed by both parties.

The next step is for your IFA to gain a thorough understanding of your current circumstances and your future goals and objectives He/she will review your current financial arrangements as well as appraising your attitude to investment risk.

This information should be put into a report, with recommendations for future or immediate action along with the implications, advantages, disadvantages and cost of this action. It will highlight cost effective and tax efficient strategies.

The next stage is for you to meet to discuss the report and for the adviser to add detail and answer your questions. You will agree upon the action to be taken now and provisionally, in future. You will confirm the cost and the way in which the adviser will be paid.

The adviser will then implement the recommendations and set up any new contracts of insurance or investment, as well as rearranging any of your existing policies and plans to give you a more appropriate and coherent structure to your affairs.

Financial planning is an ongoing process, as your circumstances will change and the financial world will definitely change. No plan is going to remain entirely appropriate throughout your lifetime. In recognizing this, the best financial planners will set up a formal review schedule to ensure that you remain 'on track' to meet your objectives.

Top Tips

* Don't be afraid to ask searching questions; the best working relationships are based on openness and honesty

* Check whether there is an automatic review of your affairs included or whether you have to request one, and ask what it will cost.

* Disclose everything about your affairs so that the adviser gets a full picture.

* Keep your adviser up to date with changes in your life or future plans so that they can amend your strategy if required.

* Introduce your IFA to your accountant, solicitor or other professional adviser so that they can work together on your behalf.

* If you are fortunate enough to have linked up with a good professional financial adviser don't keep it to yourself - we need to spread the word!

Everybody in the working age group right from a fresher out of college to retired professional needs a financial planner. , if you handle finances in any way right from planning a household budget to running your own business you will have to meet with a qualified financial adviser.

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A qualified financial adviser is essential to our lives and they can prove to be the crucial difference between our success and failure financially. Rule number one is to find a financial adviser who finds time to explain things clearly to you. Knowledge is power and when you invest with knowledge and not just blind faith, you become better at it. You will becomes steadily better at investing and saving and generally be in control of your life. Most people have no clue about where exactly their money is invested and what they could have earned by investing in something else. This approach to investing will not work. Your financial adviser should be able to fully explain all options open to you keeping in mind your ultimate financial goal. He should be willing to share information on all options available and not just peddle investment he has a good commission on.

It is always better to seek independent financial advisors who have several products in their basket. They will be able to identify apt products for you. A financial advisor attached to one particular institution will only be trying to sell his company's products and may not have your interests at heart.

They should be willing to provide examples and proof of their financial plans with other clients. You can have proof of how much a person in the same situation as yourself has earned by investing in the same concern. Ask to see proof of previous performance. By asking this pertinent question you can really choose a financial adviser like an expert. You can also benefit by asking the financial experts further questions by Pension Advisers Oxfordshire using these templates. You can find out if the advisers had really given the outcome they promised, and how sensitive they are to customer's needs. Check the financial planner's credentials; this is an obvious tip to give, but really check if they are the right people for you.

Find out how commissions to the financial planner are calculated. , if they get commissions only on products they sell or the earnings made by the investor.. It is always better to pick the latter as they will be interested in making more money for you. Go online and check with their websites read thoroughly about their expertise and work ethic.

People are afraid to ask questions but by asking the right questions you can be in control and actually' plan' your finances instead of just hoping and investing for the best. All these tips given are practical and require no prior knowledge of finances and will help take you one step closer to financial freedom.

Financial planning is an ongoing process, as your circumstances will change and the financial world will definitely change. Financial planning is an ongoing process, as your circumstances will change and the financial world will definitely change. * If you are fortunate enough to have linked up with a good professional financial adviser don't keep it to yourself - we need to spread the word! If you handle finances in any way right from planning a household budget to running your own business you will have to meet with a qualified financial adviser.

Your financial adviser should be able to fully explain all options open to you keeping in mind your ultimate financial goal.