How to Choose the Right Financial Adviser in Hull

Selecting a financial adviser who understands your specific financial situation and goals is a vital step in managing your finances efficiently. If you’re looking for support with investments, retirement plans or various financial services, it’s important to look for a local adviser who you feel comfortable with. Our financial advisers are based in Hull and use our vast experience in a range of financial specialisms to help clients in the area manage their money. This blog provides useful information to help you make a knowledgeable decision when selecting a professional to work with.

What can a financial adviser do for you?

A financial adviser delivers customised support to help you achieve your financial goals. Here’s a breakdown of their typical specialisms:

Pensions and investments: A professional financial adviser will offer advice on planning for retirement and handling investments to help you meet your financial targets.

Insurance planning: They will guide you in selecting the appropriate life, health and disability insurance for your circumstances, to provide protection for you and your dependents.

Tax and inheritance planning: Financial advisers will present a range of bespoke strategies to optimise tax efficiency now, and to prepare and manage the taxes that will be due when your wealth is passed to your beneficiaries in the future. This includes strategies to reduce tax liabilities and ensure that the transfer of assets is as tax-efficient as possible.

Mortgages and equity release*: Some financial advisers provide support and guidance on mortgage options and equity release plans that are suited to your personal financial needs.

Debt management: Whilst advisers do not provide advice on debt management directly, reputable advisers will take steps to look at this during the advice process.

Estate planning: They will assist with various strategies for managing and transferring your estate, focusing on minimising tax implications and fulfilling your wishes.

Types of financial advisers

You’ll generally find two types of financial advisers:

 • Independent financial advisers (IFAs): IFAs provide impartial advice by evaluating the entire market. Their recommendations are unbiased and not influenced by any specific product providers. Since 2013, IFAs have been required to charge fees rather than accepting commissions on investment and pension products, ensuring transparency for their clients.

 • Restricted advisers: These advisers can only recommend products from a limited set of providers or specialise in specific areas. They may not offer the full range of financial products available, which can limit the advice and options they provide. Restricted advisers are not allowed to call themselves independent and may earn commissions for some products.

In the UK, financial advisers must possess at least a Level 4 qualification endorsed by the Financial Conduct Authority (FCA). This ensures they have a solid foundation in financial planning. For specialist expertise, look for advisers with advanced credentials such as Chartered Financial Planner or Certified Financial Planner (CFP). These qualifications indicate a higher level of knowledge and commitment to professional standards.

Review their fee structures

Financial advisers can charge in several ways. It's important to get a clear understanding of each adviser's fee structure and what is included in their costs. Request a detailed breakdown to ensure their fees are transparent and aligned with your budget. Clarifying costs upfront helps you avoid unexpected charges.

Evaluate financial advisers from their client testimonials and reviews

A reputable financial adviser will be trusted by their clients and will display testimonials and online reviews proudly to offers insights into the quality and dependability of their services.

To find the right financial adviser for you, consider exploring our services at NGC Wealth Management. Contact us to help you find the right fit for your needs and budget.

*These services are by referral only.