The final point on your checklist is to set your own expectations for the process and hold your adviser to account for what they say they are going to do.
When we engage with a client here at Jackson’s, we ask them for their expectations, ideally in writing, and we also make our own notes about what we pick up from the early conversations. This then forms the framework by which the process will be judged.
In our case, we ask for half of our fee upfront and the rest is payable only if the client is happy that we have met all their expectations. If we haven’t, they don’t pay until we get it right. We’ve never not been paid. #smugface.
It’s really important that you and your adviser are fully on the same page throughout the process and working towards the same ends. Even if your adviser doesn’t ask you for your expectations, give them anyway, ideally in writing so that there’s no confusion. Any adviser worth their salt should welcome this.
If they don’t meet those expectations, you should not expect to pay the full agreed price for the service, in my view. Every adviser has terms of business that they are obliged to give to you at the first meeting, so check these over carefully before signing up.
Keep your adviser on their toes. Expect quick (but reasonable) response times. That’s not to say you should expect them to reply to an email in the evening or a weekend – I certainly wouldn’t do that.
You should never be kept guessing as to what is going on; they should be keeping you informed if there are delays or outstanding information and the like. Demand great service and shout if you don’t get it.
The checklist points we’ve covered over the last few posts will help you to get the most out of the advice process, and while its goal is to empower you, your adviser should be delighted to work with someone who is this prepared!
I’d love to hear what your experiences are of seeking advice after taking this information on board and approaching advisers with it all in mind. Whether good or bad, I’d be fascinated to know.
And if they ask you why you’re so prepared, because you will be, compared to most people, you know what to tell them. If I start getting death threats from crappy advisers, I’ll know we’re doing something right!
I know that throughout these blogs I’ve used financial adviser and financial planner, because to an extent they’re interchangeable. But look for a planner, because it’s planning you want, not product advice.
I’m also aware that in going through this I’ve also come across as a bit negative about my profession. Most financial advisers are good people; they want to help you. Yes, they want to earn money, but most of them are good, and with the information from these posts, you’ll avoid the bad ones.
