Since Lockdown I have been feeling overwhelmed with my finances, I have decided to seek financial advice but do not know where to begin. What do I need to look for when choosing an Independent Financial Adviser?

Carl Lamb of Smith & Pinching Responds

Taking financial advice is a huge step for anyone and we believe that this has the power to deliver game changing benefits to clients.

The COVID-19 pandemic will have lasting effects on our nation’s finances and we believe we are uniquely placed to help our clients by delivering the reassurance, expertise and support they need right now. Financial health is fundamentally linked to emotional wellbeing, and we have a responsibility to make sure our clients have the peace of mind they need.

Finance is more than saving for a rainy day – working with S&P to create a financial life plan that is robust and that takes into account your individual circumstances and aims is so important.

Knowing you’ve made the right decision with your financial adviser is important.  Broadly speaking most IFAs will have the basic certificate in financial planning, but choosing a firm that is chartered like Smith & Pinching, will ensure the advice you receive is impartial, professional and of the highest standards. Chartered Financial Planners must adhere to a strict code of ethics to order to protect clients.

In turbulent times as we’ve recently experienced it’s also important to know the financial position and strength of a company that you are dealing with.

Smith & Pinching are required to hold capital resources recognised by the Financial Conduct Authority as Regulatory Capital.  The purpose of this requirement is to make sure that there are sufficient funds within our business to allow us to operate for a while should we suffer a major setback.

We firmly believe financial strength is key to running our business and with net assets on our balance sheet at 30 June 2020 of £4.3m, we hold 180% of our Regulatory Capital requirement.  We have seen the comings and goings of several IFA practices over the years simply because they were not in the strong financial position that we are in.  This is one of the factors that shows why we are the name you can trust.