Choosing the right advisor

1 October 2006

Contact: Clive T Wright, Director Private Clients,

Source: DB Article

Location: Jersey

Choice is a good thing. But when the choice becomes too great it can leave you simply overwhelmed or confused. The range of financial products and services now available is almost bewildering, with everything from straightforward deposits to global hedge funds.

To help you through this financial maze you may be offered a dedicated manager, someone to look after your day-to-day needs and to provide those more complicated solutions – often with the claim that these will be tailored to your individual needs.

Your dedicated manager should provide an invaluable service, taking away the hassle of working things out for yourself and ensuring you have the right plans in place for the future. But how can you be sure you have the right relationship with your manager? Is it simply a question of the interest you earn or the charges you pay? These are important factors but what else should you look for? Here we will consider three types of manager – ‘‘the order taker’’, ‘‘the product pusher’’ and ‘‘the trusted advisor’’.

For many their manager is pleasant: calls as promises, delivers what is asked, doesn’t bother you with too many questions about your finances. This manager is often referred to as an “order taker”, waiting for you to tell them what to do. Your relationship is built around a series of occasional transactions without a great deal of thought about longer term plans.

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