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Top Tips for Finding a Financial Advisor

Top Tips for Finding a Financial Advisor

Financial management is one of the most important activities businesses of all sizes can carry out, but it often gets put off or overlooked in favour of more ‘exciting’ tasks. That’s why more and more companies are enlisting the help and advice of financial advisors, but where are you supposed to start your search? We’ve put together our 4 top tips to consider when looking for a financial advisor, to make your journey to financial expertise that little bit easier.


1. Independence

Sometimes larger corporations give the appearance of being more trustworthy due to their apparent success, but when it comes to looking for a financial advisor it’s important to find an independent firm. Independent firms and advisors have no obligation to sell products or investments and subsequently put their clients first.

2. Industry Experience

Although there are thousands of financial advisors, none of them specialise in all industries. If you’re an SME or a start-up, chances are you won’t have much of a budget to spend on a financial advisor. You will also have different needs compared to larger companies and may require more time and support. There’s therefore no point working with an advisor who specialises in large corporations, as they won’t be the right fit for you. Look for a financial advisor who has worked with businesses similar to yours and who understands what it is you need to succeed.

3. Approach

As well as working with a financial advisor who knows your industry, it’s important to consider the approach they take. Sometimes financial advisors work with a high volume of companies at one time, with no personalisation to their approach. Your financial advisor should understand the unique requirements of your business and be able to provide you with tailored advice and support accordingly. Alongside assisting you with tasks, they should also advise you on important financial matters centred around your business, rather than their own motivations.

4. Fiduciary

Fiduciary is a legal term which means a professional – such as a financial advisor – who puts your needs and requirements before their own, whilst remaining ethical and focused on your business goals. Fiduciary isn’t a requirement so not all financial advisors have this trusted recognition, which means they aren’t guaranteed to have high quality work. Make sure you check that the financial advisor you’re looking to work with has this status and ask them to provide written evidence if necessary.

Hopefully you’ll now have a better idea of what to look for when hiring a financial advisor, but if you have any questions feel free to contact us at Abacus Consulting, or book a free, 1 hour consultation.

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