Your IFA or Independent Financial Advisor should be a qualified expert in all areas, competent to offer professional advice on mortgages, savings and investments, pension annuities, commercial finance, equity release and life assurance. But why should you build a lasting relationship with your IFA?
In this article, we look at the top 5 reasons why a long-term relationship with an IFA is beneficial to you.
ONE: Personal Care Factor
A good IFA offers a professional service with great personal care. Developing a personal relationship takes time, as your IFA learns to understand your needs more intimately, you build trust. When you have a query or problem, you know your IFA is just as the end of the phone. That’s real personal care. Over time, your IFA becomes more like a trusted friend.
TWO: History
With a long term trusting relationship, it’s possible to build on your financial strengths by taking advantage of new products and services as they become available. You can trust your IFA because you have a shared history of great advice and making positive results together. The better your IFA knows you, the more specifically they can fulfill your needs. Likewise, because your IFA will be so familiar with your circumstances, they won’t offer you unsuitable products.
THREE: Security
Long-term financial security takes time to develop and is established over a period through good advice and prudent financial decision-making. By building a long-term relationship with your IFA, you will have someone watching over your long-term security every step of the way. Both you and your IFA share benefit from a long-term mutual relationship, this encourages your IFA to stay on top of your financial growth.
FOUR: Good Times and Bad
Developing long-term security requires seeing your investments rise and fall through good times and bad. In a long-term relationship with your IFA, you trust that their decisions are always made in the interest of your long term benefit. Trust takes time to develop, but once it’s in place, it will see you right through good times and bad. Don’t forget, all investments can rise and fall, but in the long term, the economy advances.
FIVE: Investments by Nature
By their very nature, investments require time; they are meant to grow over the long term. It’s very difficult to please clients who expect immediate results, so by building a relationship that lasts, you can watch your investment and see that your IFA is carefully coaxing the best performance out of your money. In the short term, it can be difficult to see growth, but over time, you will enjoy the benefits of your IFA’s great advice. If your IFA believes that your money is not performing to its maximum potential, they will provide you with the best advice to make the adjustments you need to get the most out of it.
