How Do You Choose An Independent Financial Adviser?

From your bank to your insurer, to mailing lists you’ve landed on through social media, companies are probably falling over themselves to offer you savings accounts, pension plans, insurance policies and investment opportunities.

Some may be ‘big names’; others, you’ve never heard of. How do you know who you can trust with your money and your future financial security?

Wherever you are in life, seeking independent financial advice before making financial decisions is the wisest move.

If you’d value some advice, but don’t know where to start, here’s our brief guide to what to look for in a financial adviser.

• Seek out financial advice, not financial products

When you’re offered any new financial product out-of-the-blue (often dressed up as an ‘opportunity not to be missed’!), someone is trying to sell you something. It’s not necessarily a scam, and it might actually be a great product. But, no matter how many ‘you’ve been personally selected to receive’ messages there are, that product has not been recommended with the sole aim of meeting your needs, or of getting the best outcome for you.

That’s why we don’t talk about ‘products’ when you speak to a Talis IFA. What we offer is advice, based on your individual circumstances, goals (which we help you to clarify where needed) and aspirations. We look at what you want your money to do for you (rather than vice versa). Only once we fully understand your needs do we advise you on the financial solutions that are most appropriate to you.

• Look for an Independent Financial Adviser (IFA)

We’re often asked, ‘Don’t all financial advisers offer roughly the same service?’

Yes, and no. Yes, because we are all bound by the same industry regulations, But, no, because, the way that financial advice is provided can differ hugely.

At Talis IFA we are, as our name suggests, independent financial advisers.

‘Independent’ means that our IFAs aren’t tied to any particular financial institution. This is important for you, as it means that they aren’t limited in terms of the financial solutions that they can recommend. They are free to research across the UK market, and recommend solutions based on how well they match your needs and preferences – not based on ‘best fit’ from a limited portfolio.

Another area where IFAs and ‘restricted’ FAs can often differ is in how they are paid. An IFA is typically paid by their clients (i.e., you) for giving advice and implementing any recommendations you choose to take forward. They will be clear about the fee schedule and you should understand all the costs and charges involved.  This means you can have complete confidence that their advice and recommendations have your best interests at heart.

A restricted (or non-independent) FA, by contrast, is often incentivised by the company providing the financial products that they sell. They may have targets and quotas for recommending certain products, rather than being completely objective.

• Talk to an IFA who is genuinely interested in you

Taking the time to get to know you, to understand your financial position and, crucially, your plans for the future, is one of our core strengths. It allows us to offer you truly tailored advice based on a financial plan which we develop together with you, and to recommend financial solutions based on your circumstances, aims and preferences.

Talis IFAs are driven by a genuine commitment to helping you achieve the best possible financial future – from financing your first home, to achieving the lifestyle you want in retirement, to passing on your wealth to the next generation. You might find yourself having surprisingly personal conversations, once you are comfortable with your Talis IFA.

This isn’t just because we are approachable, friendly people (though that is also true). Knowing as much as we can about you enables us to recommend the solutions that best meet your needs. It’s also vital in certain areas that you feel comfortable sharing personal details – for example, lifestyle or health factors. The effectiveness of certain financial protections, like life insurance, rely on honest disclosure, and the more we know, the harder we can make your money work for you.

The Talis IFA approach

Talis IFA is a firm of independent financial advisers focused on helping our clients make smarter financial decisions when planning for financial freedom. We take a ‘life first, money second’ approach; yes, the numbers are important, but what matters more is that you feel free to live the life you want.

Personal preference and chemistry make a big difference to how you feel about the financial advice you’re getting. That’s one of the reasons why we take time to get to know you – not just your attitude towards money and investment risk, but what really matters to you.

We’ve been providing straightforward, fully independent financial advice for over 30 years, and now look after over £250m of our clients’ money.

We understand that money matters can make many people anxious, and we aim to provide reassurance and easy-to-understand advice, without drama, and never with a hard sell. We’re on your side, looking together into the financial world as we inform and guide the decisions that will make your money work for you.

If that sounds like the sort of financial advice you’d value, find a Talis IFA here.