How to choose a financial advisor

Paul Crichton

Paul Crichton

How to choose a financial advisor

Are you searching for the best financial advisor Dundee has to offer for your personal or business finances – or both? If so, it helps to know what you should expect and how to determine who is right for you. This article offers some information on the role of a financial advisor and what to look for before you take the plunge.


Is a financial advisor the same as an accountant?

Not at all, although the two roles can overlap to some extent.

Our financial advisors in Dundee are experts who can offer you specialist advice and guidance on how to best make your money work for you. These financial advisors work with our team of accountants Scotland wide to help in the preparation of your accounts, for personal or business needs, and/or to satisfy a regulatory requirement.


How do I choose a financial advisor?

Your first step in deciding which financial advisor is best placed to help you is to determine what you need assistance with.

This can be as specific as finding the right mortgage or investment opportunity, or as broad as helping you to create a plan to manage all of your finances into your future. It’s often worth asking friends and family for a recommendation if they have been in a similar position, but remember that very often, the results of any financial decision cannot be fully evaluated until long into the future, as many investments can take years to mature. Word of mouth recommendations are useful for determining whether a particular financial advisor is approachable and explains matters in a way that’s easy to understand, so you feel able to make informed decisions.

It’s also important to determine their level of expertise by asking for qualifications and experience of dealing with clients in a similar position to your own.


What’s the difference between independent and restrictive advice?

Once you have a list of what assistance you need, look on the company’s website for evidence of expertise in that field. You should then determine whether they offer independent or ‘restricted’ advice.

Restricted means either that they can only offer products of a certain type, like insurances, mortgages and so on; or that they are restricted to one or more providers when recommending products to you. Even if you only require mortgage or pension advice at this stage, it is often worth selecting a company that can offer a wide range of advice, as they will be able to view your financial situation holistically. That way, you can build a good ongoing relationship with advisors who will get to know your situation and can help you with issues in the future.


Is a local advisor best?

Like sultanas in a Dundee cake, there are as many types of Dundee financial advisors as there are issues that need to be dealt with!

Any independent financial advisor, in Dundee or beyond, will be able to point you towards products that are most closely aligned with your circumstances and needs, often either saving you money or getting you a better deal than you otherwise might have received.

We believe real value comes from getting to know you. It all comes down to trust. Knowing we are located in Dundee is a comfort to some as we always have the kettle on and enjoy taking the time to get to know our customers in face-to-face meetings. If tea is not your bag (pun intended!) our increased use of technology means that we are able to communicate with our clients at a time and location convenient for them. As small local company we are able to offer the right level of service for you.


How much does a financial advisor cost?

That really depends on the type of service you require and the complexity of your financial affairs. Finding a financial advisor based in Dundee may seem long-winded, labour intensive and potentially expensive. But once you have made your decision and taken their advice, you can be more confident that your money matters will be under control, offering you peace of mind for the future. And the best advisors may actually save you money than they cost!