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What Does A Financial Advisor Do?

Whether you are looking to buy a financial product, invest in your retirement fund or plan your future, you have to look into a variety of factors to ensure you make the right decision. And what’s right for you might not be right for someone. That’s where a financial advisor can help.

An independent financial advisor (IFA) will look into your profile, your risk appetite and your financial goals to create a well-defined plan to ensure your finances are highly efficient and on the right track to reach your financial goals.

Your IFA in Penarth can do a lot of things for you. Here’s a look at the services your financial advisor can provide.

Free Initial Review

At Romilly Financial, we provide an initial consultation to understand your current financial position, your goals and what you want to achieve. Based on the information you provide, we will work out the money coming in and going out. We then explore your financial objectives in the long, short and medium term.

Complete Financial Review

Near the end of the meeting, your IFA in Penarth will identify your goals and prioritise them based on our experience, and fix a budget for any specific needs.

Your IFA is required by the regulations of the Financial Services Authority to act in your interest at all times, and will provide a whole of market advice. He will look at your financial life from a variety of angles to help minimise cost and maximise the benefits.

Prioritise

Priorities are usually assessed based on the tenet that known risks are weakened and that resources do not go to waste. The first priority is to create a household emergency fund to meet expenses for mishaps such as the breakdown of a car, a leaking pipeline.

Why?

Because short-term loans are obscenely expensive!

The next priority is to minimise personal debt because it is highly unlikely that the interest you receive on savings, investments and pension will offset the borrowing costs.

Once these aspects are covered for, your IFA will look to provide advice in the order set by the acronym PRISM which expands to:

  • Protection
  • Retirement
  • Investment
  • Savings
  • Mortgage

Advice

Your IFA in Penarth will provide advice as well as execute those plans for you. However, taking heed to it or not is your decision. However, we highly recommend that you stick to your IFA’s advice and go by the plan.

So there you go. These are some of the things your IFA in Penarth will do for you to help you reach your financial goals with utmost efficiency. For a free initial review and consultation, get in touch with us today.