Enlisting the help of an IFA gives individuals access to knowledge and expertise. It also enables them to utilise the skills of a financial expert to ensure they are best placed to achieve their future goals. IFAs dedicate their working lives to financial planning. They can, therefore, commit the time, resources and know-how to help maximise the potential of their client’s finances.

Financial advisers assess the financial needs of individuals to help them achieve their future short- and long-term objectives. They look at the bigger picture to inform and aid clients’ decision making around topics such as investments, tax, and goal setting to put them in their best possible financial position. By making bespoke plans, they recommend, implement, and monitor the investments and plans to match their client’s specific dreams.

Charges for financial advice usually come as either a flat one-off fee for a piece of work, or as a proportion of the money a client wants to invest and be managed. If the latter, it will be charged as a percentage of the client’s assets and will generally comprise an initial fee, ranging between 1% to 3%, and an ongoing charge somewhere between 0.75% and 1%. All costs should be discussed and agreed with upfront.

Look for a ‘Chartered’ and or ‘Independent’ financial adviser. Chartered status means that the individual has gone above and beyond the required level to provide advice. Similarly, a firm with the Chartered status has a stringent code of ethics they must follow. An ‘Independent Financial Adviser’ has access to the whole market of products rather than being tied to just a select few. Any legitimate IFA will be regulated by the Financial Conduct Authority.