The intent of this lens is to help someone who is trying to open their own salon or small business. As an independent financial adviser in Wimbledon, covering South West London, (Kingston, New Malden, Richmond, Roehampton, Putney, Raynes Park, Barnes, Clapham, Fulham, Battersea, Earlsfield, Chelsea, Kensington) we will listen to you and help you to clarify what you really want to achieve and then assess how to make it happen. It takes years and a great deal of study to acquire the knowledge and skill possessed to assist clients to identify, prioritize, and achieve their financial goals.
Require your (prospective or current) financial advisor to place his or her answers to these questions in writing. There are many in the legal community who believe that financial advisors” should not seek to act as both a fiduciary” in some aspects of the relationship with the client, while not in other aspects of the relationship. While many firms choose to bundle” their fees for financial planning and investment advice, in the view of many industry observers a better approach is to charge for these two types of services separately. We understand that finding the right company to provide financial instrument is not easy.
Although financial planning and investment advice are inherently related, they can be unbundled” – and for good reason. Often a financial plan is a prerequisite to the design and management of an investment portfolio. The advisor cannot really know how to design an investment portfolio for you until after other issues have been addressed, such as: Should you pay down debt instead of investing?” or Do you have an adequate cash reserve?” The financial planning process, for a new client, can take time. After the initial financial planning is undertaken, revisions to that plan may not be required for several years (absent some change in your circumstances).
It may be a comprehensive financial plan” presented all at once, or the financial planning recommendations may be presented in reviewed in a series of meetings in which specific issues are addressed. In addition, educational and other services or software are often provided to advisors by custodians (brokerage firms your advisor may work for, or with) or mutual fund or other companies.
A proprietary investment or insurance product is one that is manufactured by the firm you are dealing with, or affiliated firms. The fact is that broker-dealer firms make a lot of money from principal trades” – much more so than acting as your agent to secure the best possible price for you. Answer: I recommend that consumers receive advice from only expert financial advisors and/or investment advisers. This is not to say that there are not some fine – and exceptional – financial planners and investment advisers out there who don’t possess any of the foregoing marks.