FAQs

Professional help to plan your personal finances is incredibly useful to ensure that you’ll be able to afford what you want to do now and in the future.

Common criteria are;

• Are they an independent adviser or are they a restricted adviser? 
• Who are they authorised by?
• Reference – has anyone you know had a good experience with an adviser?
• Expertise – do they advise clients like you?
• Cost – do the costs work for you?
• Do you get on with the person?
• Can they illustrate your financial future using cashflow software? 

Importantly, an adviser can help you to avoid making costly mistakes such as choosing the wrong investment for your needs or in the worst case, being defrauded. Advisers can recommend products that are currently competitive which may reduce ongoing costs, saving you money. 

If you need help making important financial decisions that can become complicated or time consuming.

It depends on a number of factors:

• What you’re asking them to do
• How complex it is
• The expertise required to provide the advice
• If you want just one-off advice or want an ongoing advisory relationship

Fixed costs

• Depending on the job, but typically £1,500 – £3,000 for a Financial Plan 

Hourly rates

• Variable based on the qualifications of the adviser, but typically £150-£500 per hour

Monthly costs

• Depends on the service provided but typically £250 – £500 per month

Percentage of the money invested

• Depends on the amount of money invested, but typically 1.5% – 0.5%

Source: MoneyHelper.org

Financial advice is provided by an adviser, whereas Financial Guidance is a structure for you to make your own decisions. 

It’s not possible to get free financial advice. 

However, you can access websites and organisations that can provide you with help in making your own decision.

Organisations that offer guidance are:

• MoneyHelper
• Money & Pension Service 
• Pension Wise
• Citizens Advice
• National Debtline

A document and supporting information which covers your:

• Aspirations
• Financial milestones
• Cashflow analysis and chances of success
• Debt management
• Investment preferences
• Investment appetite
  • Your investment tolerance
  • Your capacity for loss
  • Your need to take risk
• Short term funds
• Longer term investments
• Suggested actions in the areas of;
  • Wealth Enhancement
    • Tax saving 
  • Wealth Protection
    • Managing financial risk
  • Wealth Transfer
    • Business succession
    • Legal documentation

A Chartered Financial Planner has been accredited by an industry professional body as having a higher level of qualification. The Level 6 Advanced Diploma in Financial Planning builds on existing skills and knowledge, enabling advisers to offer specialist advice and provide a comprehensive approach to financial management.

An Independent Financial Adviser (IFA) is qualified to advise clients and holds Level 4 Diploma in Financial Planning.  

Independent advisers can arrange and advise on investments and products from any provider. 

Restricted advisers are either restricted by the provider or product they offer.

Advisers must have Level 4 qualification from a recognised provider. It requires studying and passing examinations.

Ongoing, advisers must provide evidence of 35 hours per year of continual professional development (CPD). 

Financial Advisors are authorised and regulated by the Financial Conduct Authority (FCA). 

An adviser must:

• Be registered with the FCA under the Directory of Financial Services Workers 

Advisers must hold:

• Statement of Professional Standing
• Level 4 Qualification

Chartered Financial Planners require these together with:

• Level 6 Qualification 
• Demonstrable industry experience 

A firm qualification following annual ethics and quality assessment by the Chartered Insurance Institute. The assessment tests the highest level of industry professionalism.  

Chartered Insurance Institute (CII), Personal Finance Society (PFS), Chartered Institute Securities and Investment (CISI).

• Your most important questions
• Your reason for wanting advice
• Your thoughts on your short, medium, and longer-term aspirations

• Statement of your financial assets
• Statement of your mortgage/loans
• Personal protection insurances 
• Income/pension/benefit details
• Expenditure
  • Essential 
  • Discretionary 

Ask whatever you think is important to ensure you have a successful outcome. There are no such things as “silly questions”. 

What’s important to you from the perspective of your future plans? And who is important to you in life. 

Some careful thinking on these questions is essential in advance of the meeting.  

In the meeting itself, the key components are to establish:

• Your personal milestones
• A broad idea of what your financial and tax position
• An investment timeframe
• A view on investment preferences. 

If you have specific timescales in mind or need to make important decisions by a certain date, let us know. 

• Families with complicated financial circumstances
• Individuals with investments who need help 
• Trustees who are looking for guidance
• Company owners who are building value in their business 
• Company owners who are selling 
• Deputies and Powers of Attorney who want help and support

Call the main office on 01249 903 000 and chat through your initial questions with one of our team.