A Beginner’s Guide to the Role of a Financial Advisor

Whether or not you need to seek financial advice depends on your circumstances – what you are looking for, how complicated your financial affairs are and what your short- and long-term goals are. To give the best advice, a good financial advisor will be able to listen and ask the right questions to ascertain the client’s needs.


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If you decide that you would like to seek professional guidance, the advisor will start by asking questions about your circumstances, what you are looking to achieve and how much risk you are prepared to take with your investments. They may be able to recommend specific products to help you achieve your goals.

What are the benefits?

The main benefit is the advisor’s expertise. Knowing the market and available products as they do means they understand and can explain the small print and it makes them best placed to offer guidance. It is also possible that an advisor will have access to a wider range of products than an individual would, which may allow them to obtain the best product for you. If things don’t work out, you also have additional protection if you purchase based on advice and it was found that you were mis-advised or the advisor did not act in your best interests.

Financial Advisor

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Types of financial advisor.

The best advisor to approach is an Independent Financial Advisor (IFA). Being independent means that they give unbiased advice based on the whole range of products and companies available. With one of the leading back office systems for IFAs in place, such as https://www.intelliflo.com/intelligent-office-back-office-system-for-financial-advisers, the service an IFA can offer will be greatly improved.

Make sure your advisor is qualified and registered.

Financial advisors should be registered with the Financial Conduct Authority. If they are, then it shows they meet the correct standards to give financial advice and guidance and you also have more protection if something were to go wrong. Financial advisors must also be competent. Level 4 or above in the national Qualifications and Credit Framework, plus a Statement of Professional Standing indicates that they have signed up to a professional code of conduct and completed sufficient regular training.

When you meet with a financial advisor, be sure to ask questions so that you understand everything. It is important to take time to consider decisions, so don’t feel forced into signing anything there and then.