Finance

Hi slynkey girls – because I have a crystal ball I know that you haven’t fulfilled your New Year’s resolution of getting your financial affairs in order.

Sorting out our financial lives is not something most of us can do alone. We need support; so how can you find good advice in an age of bad behaviour?

Firstly, remember that working with an adviser creates a relationship. You are 50% of that relationship, and must therefore bear at least that share of responsibility for the success or failure of the path you choose to follow.

Interviews are conversations – the more you are able to present regarding your goals and current financial situation, the better you’ll be at disclosing what you need and the better the adviser can work with you. The final responsibility is yours.

The best way to get clear and useful answers is to ask the right questions. I have a list of these for you – it’s okay to make notes of the answers you get.

• What value can you add to my business?
• What are your ideas on how I should be investing / what I have invested in?
• Who are your typical clients?
• Will you help me plan for goals or simply provide advice?
• How often can I expect to hear from you?
• In what areas do you specialise?

After your discussion, prepare a summary of the interview. This can make it easier for you to choose whether you should work with that particular adviser. Advisers should provide you with a written disclosure, which will answer many of your questions. You should also be asked to complete a fairly detailed statement of your financial position and goals and objectives.

Did the person you interviewed treat you with courtesy and respect? Did he or she listen carefully to your questions and answer them candidly? Did the prospective adviser find out about you by asking about your income and assets, ownership or company structures, what your financial goals are? Other aspects of your potential adviser you need to examine are set out below.
 
Experience – newbies do deserve a chance to prove themselves but not at your expense. At least five years’ experience is not too much to ask!

Reputation – you could ask for client referees, or even better in this technical age, check out websites – there is no single complete listing of qualified advisers, nor does listing of itself provide all the information you want.

Affiliations – does the adviser work independently or as part of a national or international organisation?

Compatibility – you are likely to have a long and hopefully successful relationship with your adviser – are you comfortable with him or her?

Other things you can do are:

• Go to seminars, classes, professional meetings or join a Slynkey Money Club.
• Subscribe to magazines/journals.
• Use the web – an amazing amount of information relating to discussion papers and tax law is easily accessible.
• Google your chosen topic.

Okay. You’ve chosen your adviser. What now? Read my next article to find out!