How to choose which Independent Financial Advisor?

Here’s a little action plan to get you going:

1. Draw up your criteria for a good advisor. You may want to think about if you are happy to conduct meetings by Zoom as we’ve all had to do a lot of over the last couple of years. Or do you prefer the option to meet face-to-face? In the latter case location will be important. Think through the qualities you are looking for in an advisor and the aspects of the firm they work for which are important to you.

2. Ask friends, work colleagues and family for any recommendations

Ask about the service they receive, the fees they pay. Bear in mind though you may have different requirements and a different level of investment.

Some advisors will offer their service to anyone, whereas others will have a minimum investment value. Others may specialise in specific sorts of client eg. business owners or companies.

3. Do an internet search for IFAs in your area. Recommendations are great, though it always pays to do your own research too. An advisor’s website will tell you much about their approach. The information they present will tell you something about them. Are their fees transparent? Can you see the team you’ll be dealing with and do they look friendly and professional?

4. Check the credentials of the firm and individuals you’ll be seeing. Are they registered with the FCA? Do they hold the relevant qualifications and have the experience to deal with the sorts of financial matters you have in mind?

If you are looking for specific help, such as investigating a pension transfer, then be sure to enquire if the firm has the right specialists to advise you.

See if they have any additional external accreditation such as British Standard 8577 or ISO 222222 to back up their claims of good service and investment process.

5. Look for feedback from clients about the firm’s service. There may be some on the firm’s website. Also look at the professional trust site Vouched For. This is a good source of reliable testimonials on specific advisors within firms as it holds client reviews which cannot be altered or deleted by the advisor, in a similar fashion to Trip Advisor for travel.

6. From all your desk research draw up a shortlist of advisors to interview. Take time to structure a good set of questions and ask them all the same and make plenty of notes. If their answers seem woolly then probe further – remember you are about to entrust your life’s savings to someone.

7. Here’s 7 advisor questions to start you off:

1. Is your advice independent or restricted?
2. Talk me through your investment and advice process.
3. How do you measure my risk profile?
4. Show me your cashflow planning process
5. Explain your fees.
6. Take me through your client journey.
7. What guarantees do you give on your service?

I think by the time you’ve cross-referenced the answers to each of these you’ll have whittled down your selection to one or two advisors who seem the most professionally competent and operate within a supportive and reputable firm.

All of this is a very rational and sensible process when you are dealing with money matters.  Though bear in mind research shows time and again we make decisions far more on an emotional basis than we might at first think.

In this regard, instinct can serve you well in sussing out which out of your shortlist are really interested in you . . . not just your money.

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 0121 355 4455 or drop us an email to

appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises

clients around the Midlands on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).