A financial planner is a trained investment expert who assists individuals and companies meet their long term financial goals by evaluating the status of the client and setting up a program to accomplish the objectives of that client.
Financial planners in Bournemouth have different experience, qualifications, and training. Many financial planners Bournemouth have passed exams and courses in financial planning, and hold assignments allowed by standards body or an educational provider.
Financial planning credentials...
Provided your planner provides investment advice and sells investments as well, they have to be registered under their securities regulator. Registrations are in different types. For instance, a number of planners are registered only to give advice on mutual funds. Some others are allowed to give advices on a wider range of investments. Verify and ensure the services for which they are registered match what you are looking for.
Six tips for selecting a financial planner...
1. Understand your financial needs and goals
Opt for somebody who can meet your needs and objectives. For instance, provided you want your planner to give investment advice, opt for somebody for someone that is registered with their regulator, and if you prioritise insurance more, choose someone that is licensed to give insurance advice.
2. Check qualifications
Referrals from reliable sources are very helpful, but not sufficient. Check every prospective planner’s background and qualifications to check if there has been any sort of complaint about them.
3. Speak with more than one planner
Ensure you are comfortable speaking about your finances with the individuals you interview. Learn if they give the kind of services wanted by you.
4. Ask for references
Make a request for references from customers with the same or similar requirements as yours. Enquire if they work together with other professionals, like insurance agents, accountants, and lawyers. Make a request for references from these people.
5. Compare fees
Ask the planner for explanation on how they will be paid, and compare their fees with other planners. Ensure you obtain a written letter stating your agreement terms specifically. Ensure you obtain a written notice of any modifications to the structure of compensation during your relationship.
6. Understand any conflicts
Provided your planner is qualified to sell and buy investments also, have an understanding of how investments are chosen for you. Do they suggest a broad scope of products? Or they just recommend particular products like mutual funds from particular companies or just products which are sold by their firm?
If you haven't already, check out our last post on why you need a Bournemouth IFA.