What happens when you meet a financial adviser

A financial adviser’s priority is to get to know you, your financial circumstances and your goals, so that they can help you to make the right financial decisions – now and for your future.

They will aim to find the financial products to best suit your needs, whether it’s a mortgage, investment vehicle or a protection product like life insurance. 

A truly independent, or ‘whole-of-market’ financial adviser, like our team at PIL Southampton, isn’t tied to any particular provider’s products, which means that we can advise you on any product available across the whole marketplace.

If you haven’t engaged the services of a financial adviser before, you may be wondering how it all works. In this article, our team walks you through the process, so you know what to expect and to enable you to make the most of your meetings with them.

Tip: When you are looking for a financial adviser, check that they are registered with the Financial Conduct Authority (FCA), who regulate financial services firms across the UK. You will want the peace of mind to know that they are legitimate – a fully qualified financial adviser will be happy to show you their certificates to prove they have the specialist knowledge to advise you in particular areas.

Why do people need a financial adviser?

Many individuals who reach out to a financial adviser are driven by one or more of these key questions:

• How do I get a mortgage?
• How much should I be saving to fund my ideal retirement?
• How can I get out of debt?
• What amount of savings should I have?
• How do I make sure my family are protected if anything happens to me?
• What do I need to think about if I want to start investing?

PIL Southampton’s process 

First meeting

This initial meeting is completely free to you, with no obligation.

We normally meet at our client’s home to have an informal conversation and get to know you. We gather initial information, including any current financial products you may have in place, and we review your current plans and goals for the future.

You may have a specific topic in mind, but our conversation is likely to cover a wide range of topics, to give us a full picture of your current circumstances, including your lifestyle and your responsibilities, as well as looking ahead to your goals and future plans. 

If you have a partner, we strongly recommend that you both meet with us together, so that we can get the full picture from both your perspectives.

The more overall information we have, the more helpful we can be – it might be that we make suggestions for going down routes you hadn’t considered. 

If you choose to go ahead with us, we will ask you to sign our client agreement, and privacy notice and, if it’s relevant, we will ask you to sign a letter of authority that will allow us to speak with providers on your behalf. 

Second meeting

Once we have reviewed your current plans, and thoroughly researched the current products available across the marketplace, we will meet with you to present our recommendations, advising you of all the details involved and covering all associated fees so that you can make an informed decision. 

Progress updates

During the process, we will liaise with you regularly, keeping you up to date and providing you with all the electronic or hard copy paperwork that you need.

We pride ourselves on our personal touch and will be quick to respond to any questions you may have at any point.

Keeping in touch

We review our clients’ plans every year, meeting with you to discuss your current circumstances and to see if your plans and goals have changed. This information, combined with a review of how your financial products are performing, enables us to ensure that we are continuing to do all we can to keep your financial goals on track. 

What you need to bring to your first meeting with a financial adviser 

To make the most of our time together at our initial meeting, we will need you to provide all documentation relating to any savings, pensions, investments and insurance policies you have, and your mortgage if you have one.

Questions to ask your financial adviser in the first meeting or phone call

• What can you do for me? 
• Do you have the right qualifications to provide financial advice?
• How can the products and services you recommend help me to achieve my goals?
• How much will your advice cost me?
• What benefits and value will I gain from your advice?

Tips for your meeting with your adviser 

Don’t hold back! There’s no such thing as a silly question. We are here for you and want you to be fully informed. People have different levels of financial awareness and knowledge, so please ask us to break anything down or explain what certain products or terms are if you are unsure.

It can be helpful to repeat back what your financial adviser has explained to you, to make sure that you have understood what they mean and that you haven’t misinterpreted anything.

It’s important to talk about your attitude to risk, too, as this will have an impact on your financial adviser’s recommendations.

General guidance 

Talking about your financial affairs can be very personal for many people. As well as feeling confident that the financial adviser you choose has the qualifications and expertise, you will also want to feel comfortable with them.

Ideally, they will make you feel that you can put your trust in them, and that you can build a rapport that will prove to be a beneficial relationship for a long time to come. 

Make sure that you understand your financial adviser’s fees – the cost of investing in financial advice should be far outweighed by the value you gain from that advice.

How PIL Southampton can help you 

We care deeply about each of our clients, and we always act in your best interests. We like to build long-term relationships with our clients so that we can truly get to know them and support them through their various life stages and the financial implications that come with them. Many of our clients have been with us for over 30 years! 

Our friendly team of highly experienced financial advisers can support you and advise you on all your financial needs.

How you can contact PIL Southampton

You can email us, fill out the contact form on our website or call us on 02380 668407. We look forward to hearing from you.