What does a financial adviser actually do?
A financial adviser can do much more than choose funds. The useful question is which parts of the planning process you are actually paying them to handle.
Understand your position and goals
Advice normally starts with information about your finances, objectives, family circumstances, timescale and attitude to risk. This fact-finding gives the adviser the basis for any personal recommendation.
Make a personalised recommendation
Depending on the adviser's permissions and service, this may cover pensions, investments, retirement income, protection or other regulated financial planning areas.
Help put the plan in place
Some advice services include arranging recommended products, transfers or investments. Others may be advice-only, so confirm what implementation work is included.
Review the plan if you pay for ongoing advice
An ongoing service can involve regular reviews, changing assumptions, retirement withdrawals, investment oversight and responding to significant changes in your circumstances. Ask exactly what the annual fee buys.