Financial Advice – who to speak to

If your car breaks down – you go to a mechanic.

If you are unwell – you go to a doctor.

If you need financial advice you go to………a family member, internet, a work colleague?

If you want professional advice, you should seek out a professional adviser.  More and more individuals are doing their own investment research as the level of trust has been eroded between investors and the investment professionals.  This is particularly true within younger generations.

People I meet, tell me they do not know what to look for when they are choosing a financial adviser to work with.  The key areas I always tell them are:

Qualifications: – What qualifications does the adviser hold? 

When the adviser tells you what they hold it is important that you question them further to establish:

  1. When they earned that qualification?
  2. Who is the regulatory body overseeing that qualification?
  3. What level is that qualification compared to your home country?

Unfortunately, I have come across plenty of adviser who have no qualifications or qualifications that are no longer acceptable as the minimum standard in the developed world.

How comfortable would you be with a doctor who has not received any further training or education for the last 10 years?

Experience: What have they done in the past?

It is important to know what your adviser has done in past positions and how relevant is that to the sector they are working in now?

While people can change careers throughout their lives it is a major benefit if your adviser has experience in Finance and Wealth Management and have been through both the good times and bad times.

Ask for referrals from existing clients and if possible, reach out to them for real feedback.

Employer: Who do they work for?

A full review of the employer should be done online to determine what the company’s Corporate Social Responsibility policy is and how does that fit in with your own ethics.  If the company does not have a good reputation or business practices, then your adviser will be under pressure to do things their way.

Online Research:

Carry out your own online research to see what reviews are available about an adviser.  Independent sites like Trustpilot can help to establish that the reviews are genuine.

The red flags that I would look out for include:

  • No qualifications or vague answers when you ask about them.
  • Offering guaranteed returns that seem too good to be true. Remember only death and taxes are guaranteed.
  • No history online regarding the adviser.
  • Unable to talk about general economic facts that they should know. If they are giving you false information at this early stage it would indicate that they do not know their material or worse.

Working with a Financial Adviser is a long-term relationship, and it is important that you find someone that you can trust with your hard-earned savings.  As with all purchases, it is important that you do your research so that you make the right choice and reap the rewards for years to come.

Author: Ben Buckley

Tel: +971 56 955 1328, +353 86 3345684

Email: [email protected]

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