Follow these 6 tips to find the financial expert that is right for you

When is the right time to contact an expert? Here are some examples:

• If you want to plan your retirement
• If you want to create a long-term financial plan
• In moments of life where financial planning is particularly important: marriage, divorce, house purchase, inheritance, becoming self-employed, etc.
• If you want to invest a large amount of money
• If you want to invest in specific financial products, e.g. specific regions, industries or take out a mortgage.
• If you don't have time to take care of everything yourself or are afraid of making mistakes.

There are many different options. To avoid getting lost in the jungle of financial providers, it helps to define your fundamental  direction:

• Should the advice be independent or do you feel more comfortable with a bank that also develops and sells its own products? Independent financial advisors provide advice for a fee. Banks either offer only their own products or a mixture (open architecture).
• Do you need specialists or rather generalists? This depends very much on your goals. A generalist can be particularly useful if you want to review or optimise your finances from scratch.
• Do you prefer a big company or a boutique? If you decide to go to a smaller provider, you should consider how it protects its customers' data and money.
• Is personal contact important to you or would you like an online tool? If personal contact is not so important, you can easily draw on the variety of digital tools for various services.

Topics such as investor protection are important here, but even if you want to combine general financial advice with special topics, having several providers can be beneficial.

• How well does the offer fit your needs, do they already serve customers with similar needs?
• Qualification and official registration
• Reputation, e.g. current reports, awards
• Financial strength, ratings of the company
• History
• Costs and cost model
• Are there recommendations from customers, or do friends or relatives have experience?

Questions you should be asking:

• Do you have clients like me?
• How do your recommendations come about?
• How do you charge for your services? (always ask for total costs, not just percentages)
• What have you achieved for other customers?
• Which products do you offer? Only those from your own institution or also from others?

What happens before and after the interview is also very meaningful:

• Did she/he take time and listen to you to understand your situation and your goals?
• Did you receive clear and transparent information and relevant explanations?
• Do you realize how much and for what you are paying?
• Did you feel comfortable during the interview?
• How were you treated before and after the meeting?