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The financial and wellbeing benefits of a financial adviser – and how to find the right one for you

This does not constitute advice. Professional advice should be taken prior to acting on any part of it.

Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.

If you’re serious about getting control of your finances, then a financial adviser can help you achieve success. As a specialist in the medical profession, you likely don’t have the time to learn every aspect of financial planning, so work with a professional – who can not only help you improve your finances, but your emotional wellbeing too!

The best way to develop and manage a successful investment portfolio is with the help of a financial adviser who you trust to help you reach your goals. But before you choose who you will work with, you need to figure out what exactly you’re looking for in your working relationship. 

Here are a few things to keep in mind when searching for a financial adviser.

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Narrowing down the search

Firstly, you will need to determine whether you’re looking for an Independent Financial Adviser (IFA) or a Restricted Adviser. Independent Financial Advisers are independent sources of advice who will help you choose the right products, no matter the provider. A restricted adviser is limited to certain types of products and providers. This isn’t necessarily a bad thing; however it is very limiting and you could be missing out on some great deals. 

You should also look for an IFA who is fully qualified with at least a Diploma in Financial Planning (DipFP), but ideally, they should have an Advanced Diploma in Financial Planning (ADFP).

Selecting from qualified Independent Financial Advisers ensures that the advice you receive is quality, but to narrow down your search a bit more, you should find one that you connect with emotionally. You will develop a close relationship to your adviser over the years and will entrust them with personal and private information to help them do the best job, so you should feel comfortable with the person you’re working with. Ensure they’re someone who will listen to you and take your needs into consideration when building plans. Seek out testimonials and reviews from past clients in addition to meeting with them to help make your decision. 

Financial and emotional benefits of working with an adviser

While, of course, there will be financial advantages to partnering with a financial adviser – with research pointing toward an improvement of nearly 50% in pension savings for people who spoke to an adviser regularly compared to those who did so only once – the benefits don’t end there. When you build a long-term relationship with your financial adviser you’ll also benefit mentally and emotionally. 

Royal London customer research reveals that customers who receive regular advice are twice as likely to trust advisers to look after their money. Additionally, they feel more in control of their finances, feel more financially stable and prepared to deal with unexpected life events, and have more confidence about their future. For them, the benefits of an adviser far outweigh the cost. 

Peace of mind

The past few years have demonstrated how important it is to prioritise your physical and mental health. Getting your finances under control can contribute to a happier life and the benefits of a long-term relationship with a trusted financial advisor are unmatched. Independent Financial Adviser, Darren Scott-Guinness, can help you with all your financial planning needs. To get started planning and saving for your future, get in touch with Dental & Medical Financial Services today.

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