The top three questions to ask when choosing your financial adviser

When it comes to your finances, the right adviser is worth their weight in gold, says Family Business Network Partner, Seven Investment Management. But to find one you have to ask the right questions. Read their top tips:
“Car test drives, dating, school open days, house viewings, job interviews. It’s at crucial moments like these that asking the right questions can make all the difference. Asking the right questions can also help you choose the right adviser. Checking out websites and brochures can be a good way to get started. And recommendations often prove reassuring. But try out these three key questions on your shortlist of candidates. They could help you really get to grips with who might be right for you.
1. How do you manage your own money?
It’s a good sign if they give a clear and simple explanation. They should propose a process for you that’s pretty similar to what they use for their own finances.
2. How will I interact with my investments?
Communication is key in any relationship. Aim to find out how your adviser will interact with you. What information will you be able see, and how? Will you get regular emails? Can you see your portfolio online? How often will they be in contact?
Everyone has their own view about how much communication is appropriate or helpful. You need to feel comfortable with what your adviser is doing. You’ll want visibility about where your money is invested. Make sure your adviser’s overall communication strategy is a good fit with your ideal.
3. Who will look be my point of contact?
When you look to appoint a new adviser, you hope it’s going to be a long term relationship. Financial planning is a long term kind of activity after all. You’ll want to have a good relationship not only with the firm, but also with the people (or
person) working with you. And good, long term working relationships are more likely to grow over time if you’re working with people you like and respect. Find out who is going to look after you and take some time to have a decent chat.
There you have it. If you pose these three questions to a few different advisers, you’ll soon get a feel for who could be right for you.”
If you’d like to put these three key questions to the team at 7IM, please give them a call on 020 3823 8678. One of their advisers will be happy to chat with you.

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