Financial Advisor - how to find a good one?

GustyGardenGalaxy

I have a couple of pensions which I'd like to get a Financial Advisor to look over and advise accordingly, however I'm unsure how to find a Financial Advisor who is particularly good.

Where would be the best place to start?

My wife recently had a very poor experience with a financial advisor which is why I'm being overly cautious.

Albermarle

Firstly you should be looking for an Independent financial advisor and not an advisor linked to a bank or other institution. 
Usually word of mouth in the local area is the best place to start looking for one .

Hudsonbutler

Don't know if you're in a union, but they normally have good recommendations. 

dunstonh

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

Hudsonbutler

Sorry for suggesting, I'll get my coat

garmeg

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

I think you need a flak jacket

cfw1994

garmeg said:

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

I think you need a flak jacket

  
bit mean of dunstonh to make that comment without giving a positive suggestion.

I’d start at https://adviserbook.co.uk, make sure you click the “confirmed independent” checkbox.
Pick at least 2 or 3, draw up a summary of your position and what you want to get from them, and in the “free intro meeting”, be sure that you are interviewing them about what they can do for you - remember that you would be “employing them” to provide a service, at a reasonable price.  I would expect to come out of such a meeting knowing very clearly what they would do and exactly what the costs would be.

On the idea of personal recommendations: tread carefully!   

No one ever wants to admit they made bad financial choices.  I have a good friend who is happy with his SJP advisor.....so I would perhaps steer clear of “personal recommendations”!

So: unless that person is financially where you want to be (nicer house, smarter cars, no debts, retired early - those sort of things), I would suggest their advisor might be taking rather more from their wealth than they provide 

BritishInvestor

cfw1994 said:

garmeg said:

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

I think you need a flak jacket

  
bit mean of dunstonh to make that comment without giving a positive suggestion.

I’d start at https://adviserbook.co.uk, make sure you click the “confirmed independent” checkbox.
Pick at least 2 or 3, draw up a summary of your position and what you want to get from them, and in the “free intro meeting”, be sure that you are interviewing them about what they can do for you - remember that you would be “employing them” to provide a service, at a reasonable price.  I would expect to come out of such a meeting knowing very clearly what they would do and exactly what the costs would be.

On the idea of personal recommendations: tread carefully!   

No one ever wants to admit they made bad financial choices.  I have a good friend who is happy with his SJP advisor.....so I would perhaps steer clear of “personal recommendations”!

So: unless that person is financially where you want to be (nicer house, smarter cars, no debts, retired early - those sort of things), I would suggest their advisor might be taking rather more from their wealth than they provide 

As I've mentioned before it's great to see AdviserBook getting some visibility

dunstonh

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

No need to apologise.   It is a common misconception that the unions do what is best for their members.   Over the years I have seen some of the products union members were marketed on and they were dire and expensive.   

[Deleted User]

dunstonh said:

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

No need to apologise.   It is a common misconception that the unions do what is best for their members.   Over the years I have seen some of the products union members were marketed on and they were dire and expensive.   

No need indeed.
Everybody in the financial service industry is promoting an angle. 
No exceptions.

[Deleted User]

GustyGardenGalaxy said

My wife recently had a very poor experience with a financial advisor which is why I'm being overly cautious.

If you may: What was your wife's financial adviser experience?