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Published on April 5th, 2013 | by P2P Lending Advice

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What could a financial planner do for me?

If you are busy making money you may find that there isn’t enough time to make sure it is working hard for you. This is where a financial planner might come in. They can help you organise your savings and investments and recommend other appropriate opportunities, aiming to maximise any returns.

Firstly you will need an accurate idea of the current value of all your assets. Draw up a complete list of all savings and investments, including bank accounts, property, stocks and shares, bonds, ISAs etc. The financial adviser will also be able to assess the suitability of your mortgage, life assurance and pension policies so have these details to hand as well.

The advisor will then review this information and work out your portfolio’s current value. Make sure you are given the estimated annual return for each item and an assessment of whether this is a good investment. You will then be able to decide what to keep, consolidate or close.

Next you will need to give your financial advisor an idea of how you want to grow your portfolio, what level of risk you are prepared to take, what year you want to retire and what funds you want available at this date. You will be presented with recommendations of other investments that fit the bill. You can then decide which ones, if any, you will instruct them to proceed with.

Any fees should be made clear from the start. Most financial advisers may charge a one-off fee for your initial assessment. Or they might charge a fee for each investment that you buy. They may also claim ‘finders fees’ direct from companies whose products they are recommending, so make sure they are upfront from the start on what they are earning and from whom.

For more information please contact us here.

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