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Choosing the Right Financial Advisor

At some stage, everyone could do with a little bit of advice on the financial side of life. But where do you go to find someone who can provide that help? Finding a financial advisor who is right for your particular financial situation can be challenging.

This brief article aims to provide you with some tips on how to find the right financial advisor, regardless of the shape of your finances.

Financial Advisor -v- Financial Planner

A question we often get asked is whether to consult a financial advisor or a financial planner. Let’s look at them each in turn.

A financial advisor helps people at all levels of wealth to get their financial situation on an upbeat track. Advisors can work with you on a short or long-term basis, helping you achieve your financial goals and make better financial decisions.

Financial advisors tend to be more active with their clients compared to financial planners. As well as helping get your finances back on track, they can also advise you on pensions and investments.

Financial planners will help you create a plan to achieve a particular financial goal. They can also assess your current financial situation and help you set realistic financial goals for the short and long-term. Financial planners tend to give advice on things you ask rather than directly managing your money.

What Financial Advisors Have To Offer

A financial advisor can help you organise your finances in detail. They can advise you on particular financial products, investment options, mortgages, and other significant financial decisions. They can also help you deal with the financial implications of some life’s unexpected occurrences, such as an inheritance or divorce. 

There are two types of financial advisors. Restricted advisors can only advise on specific products and services such as private pensions or investments, for instance. Independent financial advisors can provide advice on a much more comprehensive range of financial products and services.

Choosing The Right Financial Advisor

Putting your financial situation in the hands of someone you don’t know or that has not been recommended by a close friend can be a daunting experience. If it’s assistance with a single aspect of your financial situation you need, consulting a financial advisor is a sound move. Such situations might include advice on pensions, insurance, investments, and the like.

Also, consider if you want to get advice on a long-term basis. For instance, you may need advice about organising your savings or setting up a retirement account. Alternatively, you might want your financial advisor to have a more hands-on management of your money.

When you have found a potential financial advisor, you should find out a few things about them. What is their experience? For how long have they been advising? What are their certifications?

For help in finding a certified financial advisor, you can use the Personal Finance Society’s database. The Money Advice Service also has a financial advisor database.


Hopefully, this short guide on financial advisors will help you find one that can help you with your financial goals in the short and long-term. 

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