5 things you will (ideally) get from meeting with a financial adviser
Some things we assume to be a given before we take out financial advice. We accept that a financial adviser will typically have in-depth expertise and know how to optimise our situation. Yet some of the more intangible factors can also be as crucial – and could make a big difference to our overall experience when seeking financial advice.
Here are five things you may or may not expect from a financial adviser, and once you know what they are, you’ll find it hard to imagine getting financial advice without them underpinning the service you receive.
1. Someone who understands your circumstances
Empathy matters. A good financial adviser will be able to appreciate the situation you are in, and understand the level of juggling you may have to do to achieve your goals. They will have helped countless others with similar objectives and challenges; they may have comparable ambitions themselves. Someone in your corner who knows and understands what you want to get from financial advice is not always a given – but it should be.
2. Someone who speaks your language
You shouldn’t need a translator to help you figure out the message – yet 70% of people reported being puzzled by financial jargon in a 2022 study¹. While the particulars of financial planning and investing can be complex, many will have a good idea of the basics.
However, few will know the ins and outs as well as a financial adviser. The key, therefore, is for an adviser to get across what is important without jargon, cut through complexity and to educate you so you can fully grasp your potential.
3. Someone who solves your problems, not sells products
This may have been more of an issue in the past, but it’s crucial that an adviser focuses on your financial goals and not their own. Be mindful of what you believe you need, and take a breather and reassess if you feel something is not right. A good adviser – one who is focused on the best solution to your challenges – should be able to smartly identify what you need and be totally open about what it will cost.
You need someone to solve your problems smartly – but not at any cost.
4. Someone who can offer a wide range of insights
An adviser will have their own fount of knowledge, but they should also be able to call upon a wealth of wisdom from colleagues. This may come in the form of regular updates: written insights about economic, stock market and industry changes that may affect you, and regular webinars and guides about how to plan effectively and to invest with more confidence.
Access to the right tech also helps – enabling an adviser to work with you on planning imperatives such as cash flow modelling, and giving you the tools to see how you are doing and make projections of your own by visualising various potential financial outcomes.
5. Someone who respects you no matter what your situation
One of the common misconceptions we hear is that financial advice is for the wealthy – it’s not. Advice is usually most relevant for people who have worked and saved hard and have built up a pot of money they want to protect and grow further. Certain scenarios often arise where it may prove to be particularly valuable – as we outline here – helping you avoid costly mistakes in the long run.
Your level of financial knowledge is not taken for granted, how much money you have is not an issue. An adviser’s role is to help you effectively and efficiently manage your assets – and to always maintain a principled and respectful approach.
Summary
At Netwealth we are very conscious of the characteristics above – and embed them in how we operate and whenever we offer financial advice. We’re not blowing our own trumpet for doing so; we simply couldn’t imagine working in any other way.
It’s likely you will value a service where an adviser really ‘gets you’. You may need one-off advice for a specific event, or you may prefer ongoing advice to ensure you optimise your investments and retirement plan.
We provide a free no-obligation consultation to help you decide what’s right for you – so please get in touch.
Please note, the value of your investments can go down as well as up.
Our advisers offer restricted advice that relates to Netwealth’s products and services and does not consider the whole market. Netwealth does not provide tax or legal advice and does not advise on transfers of pensions with safeguarded benefits.
