Seeking the guidance of a financial adviser is a crucial step for growing your wealth in the best way possible.
However, there are many points to consider when taking the next step in your financial journey, so here are some of the top things to look for in a financial adviser.
Expert financial planning
You need a financial adviser who can help you create a comprehensive financial plan. This is key to give you a clear outline of what your financial goals are, and what steps you need to take to reach them.
With Netwealth financial planning, for instance, you’ll have the professional guidance of experienced advisers, who can use intuitive online tools to help build a financial plan for each of your goals and account types, including socially responsible investments.
A financial adviser will help you develop a plan to reach your objectives, which can factor in timelines for each goal, investments and contributions you need to make, and strategies to ensure you’re making best use of your tax allowances, for example.
It can also be beneficial for a financial planning service to offer investment management, wherein a professional team can manage your portfolios on your behalf.
Your adviser can help you choose the most effective investments to give you the best route to reaching your established financial goals, and help you balance finding sufficient returns against the level of investment risk you are comfortable taking.
You could also have the option to choose an adviser that specialises in socially responsible investing (SRI), where you can grow your wealth with high-quality investment strategies that reflect your personal ethics and values.
Continuous guidance and advice
A financial adviser can give you regular guidance and advice when handling your finances, even after you’ve established your initial financial plan.
Your plan can change as your circumstances evolve over time – this could be changes in career, new financial dependants to include in your plan, a change in goals, etc.
Therefore, you need an expert adviser who can help you adjust your financial plan to accommodate for these changes, and tailor their advice to give you the best financial outcome.
Financial planning tools
You should also ensure that your financial adviser is equipped with a range of financial planning tools to optimise your plan.
This could include tools that help you design your ideal investment portfolio, outline the trajectory of your income growth, and automate processes like individual savings account (ISA) subscriptions.
With your adviser’s advanced tools, your financial plan can be executed more efficiently and accurately in line with your financial goals and what you need to do to reach them.
When looking for the right financial adviser and wealth management service, why not incorporate these top tips, and you may well have a better foundation on which to choose the best services for you, your current finances, and your future wealth ambitions.
Please note, the value of your investments can go down as well as up.