It may be tempting to cut out the middleman and ‘do it yourself’, but when you’re making decisions about your financial future, the guidance you receive from a qualified adviser can be invaluable. Professional advice can save you a lot of time and effort, not only with complex investments or pension planning, but also with outwardly simple financial needs that require many decisions to get right.
A qualified financial adviser can help you achieve your financial goals as they can contribute knowledge, experience and expertise. They will build a relationship with you, paying careful attention to your changing needs and circumstances. It works best where you can be really open about what it is that you want, what you may be worried about financially, and what your circumstances are. They can help you plan for your future effectively, helping you make appropriate financial decisions at key stages in your life.
You will get the most value from the advice process where the adviser understands you and your needs and can then make recommendations to you about your financial arrangements. If you do not understand the advice given to you, ask your adviser to explain it to you again. If you still cannot understand what the recommendation is and why it is suitable for you, do not proceed. It is really important that you fully understand any recommendations before you make any decision.
A good adviser will help you better understand your financial goals, and help you find the most appropriate way to achieve them.
For your security, our advisers do not hold your money. This means that we will never ask for the money you would like to invest to be paid to Tenet, the adviser or their firm. If you are asked to pay your investment money to the adviser, their firm or Tenet, please do not hand over any money and give Tenet a call on 0113 239 0011.
You will need to provide some information to your adviser which is required to help combat financial crime and protect you, e.g. the verification of your identity or where your invested monies have come from. You may also need to respond to checks that re-confirm instructions received by your adviser.
The charging structure is based on the level of service you require. For example, a mortgage broker providing a service for only providing mortgage services will charge a different fee to a financial adviser providing a full financial plan that incorporates numerous financial planning areas.
Whatever your needs, your adviser will ensure that you understand how much you will have to pay, when and how, before you receive any advice.
The fees for the advice may be paid directly by a payment to the firm. Alternatively, if the advice leads to your money being invested, you may have the option to have the advice fee paid through any investment product(s) that are recommended.
It depends on your needs as to the consultation process you experience. For example, if you simply need a mortgage you may see a mortgage broker rather than a financial adviser. An independent broker will not be tied to any lender and is therefore in a strong position to find you the best mortgage deal. They have access to the major lenders, such as banks and building societies, as well as mortgage deals which aren't normally available to consumers directly. However, some financial advisers also provide mortgage services in addition to other areas of financial planning like investments or pensions, so it really comes down to what you need.
If you see a mortgage broker or financial adviser who advises on mortgages, they will assess your financial circumstances in order to establish how much money it is possible for you to borrow. You will be asked about your credit history, income, outgoings, and will be asked to provide documents to prove your circumstances e.g. payslips, bank statements, P60s, utility bills etc.
A mortgage broker is a go-between for you and the lender. He or she should be able to answer any questions you have and help you organise the most suitable mortgage. Following up phone calls, chasing up documents and posting forms are all part of the job of the broker. You will be guided through a lender application form by the broker and only when you are happy with the application will you proceed with the mortgage.
After the initial no-obligation consultation, should you wish to proceed, your adviser will discuss which financial planning areas need to be addressed and the recommendations to be included within your personal written report.
Your adviser will then conduct the appropriate research and obtain any relevant illustrations and documentation to support their recommendations.
A report will then be created for you. This could be quite lengthy depending upon the number of areas to be reviewed and the complexity of your circumstances.
Your adviser will revisit your agreed objectives from the initial meeting and discuss the contents of your report.
At this stage, the necessary arrangements can be made to put any agreed recommendations in place.
Prior to leaving this meeting, a future contact date should be agreed between you and your adviser.
A financial review will take place in line with any dates agreed during your second meeting. Should the need for a review arise beforehand, you can contact your adviser at any time.
Whether the advice is for you, or your business, you can rest assured that you will receive financial advice that is tailored to your individual needs.