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5 things to consider when choosing a financial adviser

Nigel Green/Dubai
Filed on September 2, 2020 | Last updated on September 2, 2020 at 06.22 am

(Photo: Alamy)

It is advisable for clients to select an adviser who belongs to an organisation with an international presence

Parallels are often made between sports stars using the help of coaches and people seeking advice from independent financial advisers (IFAs).

In order to attain peak performance, world-class sportspeople seek advice from the best trainers. In the same way, in order to reach and perhaps exceed their financial ambitions, seeking advice from a financial adviser is routinely the best way for people to create, grow, maximise and protect their wealth.

Devising, implementing and managing a workable financial strategy with an IFA is arguably the most effective method to attain sustainable financial freedom.

There are a number of things to consider when seeking a financial adviser.

First, individuals should consider an independent rather than a 'restricted' financial adviser. By being independent, financial advisers are able to offer clients the full range of products and services across the whole of the market, as well as provide unrestricted, unbiased advice. 

Second, it's advisable for clients to select an adviser who belongs to an organisation with an international presence. Wealth management continuity is essential, so it's important for clients to know that, if they are to relocate to another country in the future, they will still receive the same level of service.

Third, ensure the adviser has access to and knowledge of cutting edge fintech. Financial technology, such as savings and investment apps, are extremely useful for helping individuals keep on track - your adviser should be able to show you a suite of fintech products that are right for you.

Fourth, it's also wise for clients to choose a company that has been in operation for at least five years. This will allow for a much more accurate view of the organization's quality of advice and service. Additionally, clients should find out the value of the company's assets under management. As a benchmark, an organization that is managing assets in excess of $5 billion would suggest they have proven their weight in the industry, highlight their substantial share of the market and show a strong organizational structure.

Fifth, full disclosure between adviser and client is paramount. From the outset, financial advisers should be completely transparent when it comes to fees, service expectations and levels of protection.

Choosing the right financial adviser to assist in reaching long-term financial objectives is one of the most important decisions to make. After all, finances are far too important to make costly mistakes.

- Nigel Green is the CEO and founder of deVere Group. Views expressed are his own and do not reflect the newspaper's policy.


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