In previous posts, we’ve discussed various financial tips and considerations when it comes to your own money. However, it’s also valuable to question what to look for on the other side of the desk when looking for financial advice. Today, we’ll explore what qualities make up a great financial adviser.

Knowledgeable

Great advisors are on a continual path of professional improvement. They are lifelong learners, open to new ideas and committed to honing their technical knowledge and skills. According to the Financial Conduct Authority (FCA), advisers must hold a State of Professional Standing (SPS) issued by an accredited body. In other words, you need to be qualified and knowledgeable to be a financial adviser.

Authenticity

A great financial adviser also knows the clear professional boundaries in terms of how much of their own life and personality to reveal to a client. Whilst they will never be too open, it’s important that the client feels like they are speaking to a real person who considers the holistic considerations of financial advice, including the emotional impacts of financial decision-making.

Empathy

The last thing you want when you seek financial support is to feel misunderstood, or like your adviser cannot relate to you in the slightest. It’s important to find a financial adviser who takes a holistic approach to your financial situation. This means looking at your goals and values but then also your income, debts, assets and more.

Honesty

While it’s important to reassure clients, it’s paramount that they understand their situation for what it is. Strong financial advice is clear financial advice. Honesty has intrinsic links to professionalism and honouring the Financial Conduct Authorities professional standards.

Linked closely to honesty is transparency. This is often particularly sensitive when it comes to how much the client is paying for advice and any potential additional costs. Clients should always avoid advisers who offer murky advice or dodge questions about payment.

A sense of purpose

Having a strong sense of purpose and urgency around getting the right results for clients is vital. Listening, firming up clear goals and laying a path to get there is the way great advisers support their clients.

Listening skills

It’s hard to advise someone if you don’t understand their situation. Asking the right questions and then giving clients the space to tell their stories is really important. Great listeners don’t talk when other people are; they use facial expressions and other indicators.

Passionate

People’s finances are often a sensitive subject, so it’s really helpful for a client to see that their adviser is passionate about what they do and in finding the best resolutions. Passion is infectious, and a passionate and energised adviser may boost the client in terms of becoming more motivated when it comes to their financial situation.

Closing thoughts

A great financial adviser knows how to not only manage their clients’ finances but also how to make them feel safe and protected. There isn’t one singular factor that determines whether or not a financial adviser is great at what they do; instead a mix of skills and traits.

What makes a great financial adviser?