Exponent Investment Management you’ve never worked with a financial advisor before, you may be curious what the relationship is like, how they can help with your specific situation and how to know when you’ve found the right match. Often, people seek the advice of a financial professional because of a life change—buying a new home, inheriting money, retiring and so on—but it is also important to work with someone when you’re starting out in your career or have substantial wealth.
To get a sense of how you and your potential financial advisor will work together, ask them about the scope of their services and the range of clients they serve. It’s also a good idea to see whether they take a goals-based approach to wealth management, which means that their recommendations will be geared toward the pursuit of your personal and financial objectives.
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Another important question is what the total cost of their services will be, which will include both a fee for financial advice and charges on the investment products they recommend you buy. Many experts suggest seeking a fee-only fiduciary who does not act on commissions, as this structure will ensure that the advisor is acting in your best interest.
You’ll also want to find out if your financial advisor is registered with the FCA, which means they follow the rules set by the Financial Conduct Authority (FCA). If they are not, this could be an indicator that they are not a genuine independent financial adviser who can look at products across the market.