6 Tips for Finding the Right Financial adviser

Jun 05, 2021

Financial advice is an important aspect both for your personal and business growth. Good financial planning leads to a great vision, better investment, right savings, and perfect expenditure. Managing everything, understanding the taxes and filing returns, and recognizing where you can save can be tedious. A financial adviser can help you with that. With significant financial planning, you can see better money flow and instant profits on your income while investing them in the right venture. When you start your business, investment and taxes can play a crucial role in making or breaking you. It is critical to select the best financial adviser as your finances are a significant aspect of life. Here are 6 tips for finding the best financial adviser for you:

Know the reputation:

It is critical to analyze the company's or the financial adviser's rapport because they are about to find out all about your monetary predicaments and statuses. The financial advisers you pick must be reliable and commit to keeping your privacy intact as it is an important aspect. You may go through their LinkedIn profiles, Google pages, and other online sources.

Are they qualified? Check their skillset.

It is essential to know whoever is handling your finances has excellent knowledge about managing them. It would be best if you always considered your financial adviser's qualifications. A perfect financial expert takes dignity in their professional growth and will seek the opportunity to exhibit their accomplishments. The financial adviser's qualifications speak a lot about their knowledge of the subject and the levels they can help you with your accounts. Here are a few qualifications you can look for:

Chartered Insurance Institute – CII is one of the highest accreditation for financial executives and insurance agents and will suit a justified requirement for financial advisers in the UAE. While there is no least necessity in the UAE, it is advisable to look for an expert that holds level 4. 

Chartered Institute of Securities & Investments – CISI highlights investments and is generally obtained by wealth supervisors and investment administrators. It serves as a relevant qualification for experts directed by the SCA and clearing exams designed explicitly for the UAE market. 

CFPBoard – An internationally recognized body for being a Certified Financial Planner. It is a peak in financial planning and a valid qualification to look for. Advisers will display CFP along with their names.

These are only a few examining organizations, and advisers can have several other well-respected eligibilities. If you come across a 'chartered' adviser, you've ascertained someone who has arrived at the top of their qualification.

Don't forget to review their presence:

The financial advisers' online presence and the market presence will give you a clear picture of what they have done previously and give you an idea of their efficiency. You can also consider meeting a few of their clients in person, if they agree to, or connect them online and get to know personal feedback on their working methodologies. 

Find someone dealing with your industry finances:

Every industry has to deal with different taxation policies and regulations. Your financial adviser must be completely aware of all those rules and must be able to suggest to you where you can save and invest as per your industry. Their previous projects or ongoing ones will give you a clear idea if they are the right fit for you or your firm.

Do they have a valid license:

If they work for a licensed company, there should be no legal hassles you could get into. Firms like B A Barry will help you get experts who will keep your privacy secured and, at the same time, will help you legally do all your financial planning. Several financial services are already in the UAE and are actively acquiring corporations from rogue agents. You may wish to avoid these organizations (and the adviser), despite their tempting promises. In case something goes wrong, you will even find it difficult to approach the situation legally. 

Consider their pricing structure:

'Nothing great comes free. There is always a price to pay.' When it comes to managing finances, you must know how much these advisers will charge you for their services and does this fits in your budget or do you need to work it extravagantly. In UAE, you may either be set in the following two ways: commission or fees. While both seem pretty similar, there is a slight difference between the two charging methods. When a financial adviser in UAE charges you based on the fees, he/she is asking you for a fixed amount for the entire service at once. Now, if they charge you on a 'commission' basis, they will charge you according to the work they do or the proportion of the finances they manage for you. 

Our CEO, Mr. Basem Barry suggests that you should always cross-verify who you get your financial advice from because it is your hard-earned money and you can not risk handling it to a naive consultant. To help you with the process of finding the right advisers, we have simplified the process for you. B A Barry is the firm to approach. The experts are highly skilled, qualified and well-experienced.