Money Talks: advice on a financial advisor

'Firstly, I would recommend contacting a couple of different financial advisors and ask to make an appointment for an initial phone call to discuss your personal financial requirements and to also allow you to ask those all-important questions.'

I have decided that it is finally time to level up my finances and wish to engage with a good financial advisor. 

Firstly, how do I go about finding one, and what factors do I need to consider before deciding that they are the right person to help me get my finances on track?

There are many ways to find an advisor, through a personal recommendation from somebody you know or by using the “Find a Broker” search option on one of the main Broker websites such as www.brokersireland.ie or www.financialbroker.ie. Both websites allow you to access the contact details of brokers in your own area.

Firstly, I would recommend contacting a couple of different financial advisors and ask to make an appointment for an initial phone call to discuss your personal financial requirements and to also allow you to ask those all-important questions such as follows:

• Ask them to explain how their whole advice process works– what happens before a meeting, how many meetings are typically involved?
• How exactly do they charge for their service, if this is on a fee-only basis, when and how are these fees payable?
• Do they have agencies with all the main product providers in Ireland and how exactly are the most appropriate products selected for their clients?
• What is the exact charging structure in terms of the products they recommend – make sure you know the annual management charges, the allocation rates if applicable and any other relevant charges you may be subjected to?
• Will you have an online platform to track your policies?
• What do their usual clients look like? This is important as some advisors might specialise in certain areas such as Public Sector employees, Aged Clients etc. Your personal situation might not be the best fit here.
• What happens to your policies if you no longer wish to work with the Advisor for whatever reason?
• How much access do you have to the advisor that you personally choose – how many appointments will you have?
• How exactly will your investments be managed?
• If you have a requirement for out-of-hours appointments due to work or family commitments, can they facilitate this?
• If you have a specific personal investment preference such as ethical investing – can they support this?
• Is your chosen advisor part of a large team who can provide you with assistance should the advisor be out on leave or if they decide to retire etc?

One of the most important things overall is that you should feel a sense of ease, trust, and likeability with your chosen Advisor. You should feel comfortable enough to ask lots of questions. It is so imperative that you understand the advice that is provided so your Advisor needs to take time to explain all aspects of your chosen solutions in a way that is straightforward and relevant to your individual needs.

The advisor must have the appropriate qualifications either QFA or CFP and their firm must be licenced to provide advice by The Central Bank of Ireland. On first contact, they are obliged to supply you with their “Terms of Business” document which will provide all necessary information on the areas of financial advice and associated products they are licenced to provide, how they are paid and what to do if you ever had a complaint amongst other important key pieces of information.

Just remember that you are not expected to know everything, and a good Advisor will guide you through the whole process and help you uncover what you should be considering financially to successfully achieve your end goals.