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What Do You Need to Prepare For Your First Meeting With Your IFA?

We all need some financial support and guidance from time to time and once you have decided to engage an Independent Financial Adviser (IFA), there are a few points to consider and prepare for. In this article we will explore in greater detail what you will need to prepare in order to maximise your initial meeting.

What Will You Need to Prepare for Your Initial IFA Fact Find?

Whilst an IFA will be able to assist you throughout the process once engaged, there are a few things that you will need to think about and prepare in advance, including:

  • Work Out Exactly What You Need an IFAs Help With: Before engaging an IFA you will need to work out exactly what you need help with – whether it is a new mortgage, a consolidation of your pensions portfolio or inheritance planning advice, it is best to have an exact set of points to action.
  • Research Your IFA In Depth: Further information can be found below but ensure that you do your own due diligence and research of the firm before you request a meeting.
  • Book Your Complimentary First Meeting: Simply logon and book your meeting – remember that the first meeting is complimentary and designed to work out your goals and objectives only and you are under no obligation to commit! Once completed the IFA will then propose a more formal appointment to conduct a fact find in detail.
  • Gather All Documentation Prior to the Fact Find Meeting: Gather all your documents, policy numbers, supporting information and set down any pre-prepped questions that you might have for your IFA. For some products and services it is also essential that you have your passport number and National Insurance (NI) number to hand as well to verify your identity.
  • Dual Nationality & Non Domiciled Residents: For many services it will be crucial to have an NI number and passport scan to hand, this is needed for verification of tax purposes as well as the application of products such as ISA’s.
  • Income & Expenditure: It doesn’t have to be to the penny but your IFA will require a good overview of your income and expenditures to accurately assist you. IFA’s are also under an obligation to ensure that the advice given is sustainable and affordable.

Here is a checklist of what you will need to gather together or think about in advance:

  • Mortgages: How much are you looking to borrow, over what time frame and under what terms? If you have an existing mortgage please also gather all information together and let your IFA know on the call. You will also need to have an idea as to your wider finances including income and outgoings as the mortgage product proposed will depend on your financial circumstances.
  • Pension: Policy documents, income and projected income statements, policy numbers and other supporting documents.
  • Inheritance Planning: Please let the IFA know as to your circumstances, how much you intend to leave, bequeath or use prior to the policy or funds becoming available.
  • Investments: You will need to know how much you wish to invest and what sorts of returns you wish to gain – be it an ISA, shares or Bonds, an IFA will need to have a complete idea as to what you intend to invest and what you expect to get back.
  • Insurances: The product(s) selected will depend on what you hope to gain in case of the worst case scenario – you will need to brief your IFA as to what sort of level of cover you will require and also what you can afford in terms of premiums.
  • Hold the Meeting & Ask Questions: An IFA should be more than happy to answer any queries that you might have. Here are some questions that you could ask during the meeting:
    • Is the IFA an independent or a restricted adviser?
    • Are you regulated by the IFA?
    • For those advisers who are restricted, what percentage of the market do you cover?
    • What are your professional qualifications and areas of expertise?
    • How do you charge for your services and on what basis?
  • Take Your Time and Decide Whether The IFA Is The Right Fit For You: There is no rush to commit – take your time and evaluate the initial fact find, costs and solutions that have been proposed. If in doubt go back and ask for further clarification.

Developing an Effective & Long Term IFA-Client Relationship

Our personal finances are hugely private and as such we should be able to trust and value the advice of our adviser – as such many IFAs and clients develop a mutually beneficial and long term relationship.

For some, the main goal of engaging an IFA is to increase their overall portfolio income, whilst for others it would be to protect their family’s wealth and existing wealth. In any case, an IFA must be able to quickly react to the needs of their clients and having a positive relationship with your IFA is crucial.

A good IFA will know their client motivations – By doing so, an adviser will determine the amount of risk the client can afford to take in investing and advise accordingly. The most suitable investment or asset opportunities are then proposed and agreed according to the financial goals and current financial position of the client.

An IFA will then regularly update you as to the health of your finances, advise on upcoming market developments and regulation as well as review your portfolio each year.

Introducing Fintuity – The Only Digital IFA in the UK!

Fintuity is like a traditional IFA, only we are an online adviser which means we can offer a more cost effective, time-sensitive and flexible service! We offer the full range of IFA services via our digital platform, at below industry rates and at your convenience. Please do not hesitate to get in touch to see how we can assist you.

For all enquiries please visit www.fintuity.com or contact Fintuity’s Communications Manager, Nic Cobb at nic.cobb@fintuity.com.

Please Note: All information, references and dates included in this article were accurate at the time of publishing.

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