If you’re wondering how often you should meet with your financial adviser, you’re not alone. Everyone’s circumstances and needs will be different. There will be times when you need help on a one-off basis and there will be times when you need more guidance and support.
Curious to know what’s right for you? This guide explains how often you should meet your financial adviser, what you should know before your meeting and what to expect in your first session.
How often should you meet with your financial adviser?
If you’re considering working with a professional financial adviser, it’s common to wonder how often you should meet with them. The answer is: your personal situation and needs will determine how often you need support from your financial adviser.
Getting financial advice can mark a huge step in your life. You might need help comparing mortgages when buying your dream home. Or you may want to understand what your options are at retirement. Above all, working with a financial adviser is much like maintaining a healthy relationship. Communication, honesty and respect are all important.
Local Financial Advice founder, Nigel Borwell, explains: “Getting quality financial advice means finding the right balance for your needs and managing expectations with your adviser. Some people enjoy being hands-on with their finances and meet often with their adviser to ensure that everything is on track. While others trust their advisers to do the legwork and report back in their annual meeting’’.
Whatever your personal advice style is, there will also be times when you need to meet your adviser more often. This could be due to an unexpected windfall or a big life change.
What you should know before meeting with a financial adviser
Financial advice is a personal service that helps you tackle financial problems with tailored advice. And a professional service that provides you with personalised advice costs money.
The question is: do you feel confident in your own financial knowledge to deal with your finances yourself or do you need expert help and advice?
If you think financial advice could work for you, it’s wise to consider what you hope to get out of your relationship with your adviser. Your needs and circumstances will change throughout the year. And, there will be times when you need more support than others.
It’s okay to not have all the answers. Your adviser is there to listen. Their expertise means they can help you pinpoint your concerns and goals and help you find your own path.
Knowing what you want to get out of financial advice can help you make the most of your time with your adviser. Asking key questions can help you better understand what you’re looking for.
Take five minutes for yourself. Grab a notebook and pen and ask yourself the following questions:
- How do you picture your life in one year, three years and five years’ time?
- What financial concerns are most troubling to you?
- When you think about the future, what do you expect to change in your life?
- What are your personal values and what’s important to you?
Take your time with each question. If you feel comfortable, share them with your financial adviser at your first meeting.
What to expect in your first meeting with a financial adviser
Most financial advisers will offer a free face-to face consultation when you meet them for the first time. Lasting around an hour, this meeting serves as an introduction for you and your adviser. The adviser will ask questions about your circumstances to see if their services and expertise can be of any benefit to you.
After your free initial consultation, there is no obligation to take your adviser’s services. And you’re well within your right to walk away if you feel they're not the right fit for you. You may even use this meeting to evaluate your shortlisted candidates before you make your final decision.
That’s why this meeting is a good opportunity for you to get answers. It’s a good idea to note down questions you’d like to ask, such as:
1. Are you regulated by the Financial Conduct Authority (FCA)?
Always check that the adviser and/or firm you’re thinking about working with is on the FCA’s Financial Services Register to ensure you’re not speaking to a scammer.
2. What experience and qualifications do you have?
The FCA requires that all practising financial advisers have at least a Level 4 qualification and an annual Statement of Professional Standing. It’s also worth noting whether your prospective adviser specialises in the area you'd like advice on.
3. What type of financial advice do you offer?
There are two types of financial advisers - those that offer restricted or independent advice. If an adviser is restricted, it means they can only recommend particular products, providers - or both. If they’re independent, your advisers can offer advice and recommendations on the ‘whole of market’.
It’s worth noting that both types of financial adviser will give you impartial advice. But, if a restricted adviser finds that their products and/or provider isn't suitable for your needs, they’ll search the whole market to find one that is.
If you have a preference over what type of adviser you’d like to match with when you use our free adviser matching service, let us know. We’ll find you a more suitable match for free.
4. How much do you charge for advice?
As with any service or product, it’s good to know how much you can expect to pay and when. How much you’ll pay depends on what you need financial advice on. For example, if you need advice on choosing a suitable mortgage, your adviser may charge a one-off fee.
But if you’d like investment advice and would like to see your adviser regularly, they may charge you an ongoing fee. Many financial advisers are open to working with your budget, so don’t be afraid to ask if you can negotiate your fees.
What can you expect from your annual meeting?
Traditionally, financial advisers book an annual review with their clients at the beginning of the year. This annual review is the bare minimum that’s required to ensure your budgeting, tax and investments are on track.
Like an annual check-up with your GP, annual reviews can be very insightful assessments of your overall financial fitness. They’re a good opportunity to take a step back and reflect on your financial situation over the past 12 months.
Your adviser will guide you and help you find ways to make your money work harder in the coming year. They can also help you evaluate how well your investments have performed.
If you have questions or an unexpected life change before your next meeting, it’s worthwhile checking in with your adviser.
Should you meet your financial adviser more often?
Your annual performance review can be an essential part of maintaining your financial wellbeing. But if your circumstances change or you have an urgent question that can’t wait, consider booking a meeting with your adviser.
Here are a few examples of when you may consider seeing your financial adviser more often:
- You’ve had a big life change such as a marriage or divorce, or you’ve become a parent
- Your income has changed due to a promotion or redundancy, or the addition of a debt such as a mortgage
- You’d like to start investing, but don’t know where to start
- You’ve had a windfall from an inheritance, insurance pay out or other source
If you can relate to any of the above circumstances, rest assured that your financial adviser can help. Your adviser can help you adjust your budget if you've lost your job or are struggling to tackle the rising cost of living.
They can also help you put extra money to good use if you've had a pay rise or windfall. Your adviser can help answer those big questions such as how much you should spend, where to invest and whether you’re affected by Inheritance Tax.
Striking the right balance with your adviser
Your adviser can be a valuable sounding board for all your financial decisions and help you understand their outcomes. They can also offer reassurance and help you understand complex products and options.
Whatever your reason for taking financial advice, you’ll want to make sure you get the most out of their services. Here are a few things to consider:
It never hurts to ask
Everyone is different – and that also goes for advisers. Ask your adviser how often they think you should meet. Their answer will depend on the services or products you want to discuss and their personal advisery style.
Your adviser also wants to give you good service so they may seem overeager at the start of your relationship. Tell them whether the annual review is enough and be honest when you need extra support.
Finding your happy medium
At the end of the day, you pay your adviser to give you advice on how to manage your money. Putting this level of trust in someone means that the lines of communication should always be clear.
Your adviser can offer the insights you need to make your most important decisions. It’s up to you to determine the boundary between a proactive adviser and an overbearing one.
Getting your money’s worth
If you’re paying by the hour, it makes sense to make the best use of yours and your adviser’s time. Remember, every video call and meeting is coming out of your wallet.
Whether your pay hourly or ongoing, it’s always best to understand your needs before meeting with your adviser. Going in unprepared will waste your time and theirs.
Understanding your own needs
Everyone wants financial security. But not everyone will follow the same path to get there. Your needs and circumstances will change throughout the year. There will be times when you need more support than others.
It’s okay to not have all the answers. Your adviser is there to listen. Their expertise means they can help you pinpoint your concerns and goals and help you find your own path.
Take five minutes for yourself. Grab a notebook and pen and ask yourself the following questions:
- How do you picture your life in one year, three years and five years’ time?
- What financial concerns are most troubling to you?
- When you think about the future, what do you expect to change in your life?
- What are your personal values and what’s important to you?
These questions can help you better understand what you’re looking for. Take your time with each question. If you feel comfortable, share them with your financial adviser at your next meeting.
How we help you find quality, local financial advice
Taking financial advice could help you make the most of your savings, income and investments. If you think working with a financial adviser could help you take more control of your financial future, we’d love to help you take the next step.
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Editor’s note: This article was published in February 2021 and has been updated for accuracy, comprehensiveness and freshness.