FINDING A GOOD FINANCIAL ADVISER By Huw Wedlock
Seeking out a good financial adviser might feel like something of a challenge. There are lots of options to consider, especially if you face added complexities such as living overseas. The last few years have seen increased regulation of financial advisers across the Globe, for example in the UK with the Retail Distribution Review in 2013. This eliminated commission across the UK advice sector and meant that advisers had to embrace stringent qualifications. The result was a significant drop in the number of advisers in the UK.
you. A typical approach, and the most common, is a percentage charge based on your investment portfolio, but other options include an hourly rate. Some firms are more expensive than others, so it’s important to consider what you feel is fair and reasonable for the service you are being offered.
important with regard to the Financial Advisers they worked with, and the 3 most important things listed were; transparency, trust and a thirdly, a tailored advice process. These three qualities are exactly what we at The Fry Group aim to deliver, in Singapore and all around the world.
Impartial endorsement Do consider the accreditations of the firm, and whether there is a programme for regular, ongoing training for advisers. One of the most useful checks is whether the firm itself is recognised by the CII as a Chartered Financial Planner. This is a widely accepted ‘gold standard’ qualification for financial advisers in the UK.
But how do you find the right firm for you? As a first port of call you might start by asking friends, family or colleagues, or using a directory, your chosen news source or another third party. Yet these routes might be loaded Ultimately it can be helpful to consider with bias or personal experiences and how firms rank against their peers. And ultimately leave you more confused. it’s not just a case of who is the largest – being big certainly doesn’t equate to Independent or restricted? good client relationships and quality of advice. One of the most useful tools It can be useful to start with available is the FT Adviser Top 100, determining whether the adviser is truly one of the most sophisticated and independent or restricted. Advisers reputable lists which can be used when who are independent can offer you a choosing a financial adviser. range of financial products and services from across the market. Those who FT Adviser ranks financial advisers based on a range of criteria, reviewing are restricted are limited in terms of which firms attract the most business, what they can provide to their clients, usually to their own product and/or the number of advisers employed and their professional qualifications, fund range. the age of the business, the ability to A question of fees retain clients along with an estimated performance based on asset growth. Advisers must provide you with clear The FT also asked end clients information about what they will charge what qualities they felt were most
The Fry Group was ranked 4th in the 2019 FT Adviser Top 100 list and was also named Best Overall Adviser in the International Adviser Best Practice Awards 2019. Contact us to speak to one of our Financial Planners about your personal circumstances and to see how we can help you.
advice@thefrygroup.sg www.thefrygroup.sg Tel: +65 6225 0825
The information in this article aims to provide information. However, this is not intended to form professional advice nor should it be relied upon as such and before taking any particular action, specific and personal advice should be obtained. All levels and basis of, and relief from taxation illustrated here are subject to change. The Fry Group (Singapore) Pte Ltd is authorised to act as a financial adviser by the Monetary Authority of Singapore - licence number FA100057.
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