In this day and age, everyone can stand to benefit from receiving sound financial advice. Still, rather than listening to what every member of your family and neighbourhood has to say about your financial affairs, why not consult an expert?
During the course of our lives, there are so many times when we might need financial advice.
You might be looking to buy a new house or change you existing mortgage to get a better deal or you might have gotten a promotion that came with a lovely pay raise or you just inherited some money from a relative and want to know the best option to safely invest that financial influx. In all these situations and in many more, a qualified financial adviser will consider your circumstances from all angles and create a personalised financial plan just for you.
They’ll also help you keep track of your savings and investments. Naturally, you’ll be able to talk with them through every step of the way and make sure that they understand your financial goals.
How Do You Start Working with a Financial Adviser?
Firstly, when you have your first meeting with your financial adviser, you’ll complete a fact-finding process. Essentially, this gives your adviser the time to get to know your financial circumstances and goals. You’ll answer questions such as:
- What are your goals?
- Are you looking to save up for something or to invest?
- How much risk are you willing to take?
- Do you have an investment in mind?
- Can you afford to lose any money?
- How quickly do you want to see the results of your investment?
After you answer some of those questions, your adviser will create a customised financial plan for you. Working with a financial advisory firm is a great experience even if you can’t answer some of these questions. Your adviser will also help you establish goals and find investments that are as secure or as risky (but potentially lucrative) as you’d like them to be.
Ultimately, a good financial advisory firm will be regulated by top financial institutions like the Central Bank of Ireland, being able to offer you all sorts of financial services. If you don’t feel comfortable giving someone control over your finances, you can start by entrusting your financial adviser with smaller tasks until you feel comfortable. Have them handle a small investment stash, or just use their advice. You can always ask your financial adviser about anything from insurance and savings accounts to pensions, mortgages, and investments. On the other hand, you can also devise a full holistic financial plan with your adviser. It all depends on the type of services you’d like to make use of.