When it comes to investing your money, are you working with a Chartered Financial Adviser, a Certified Financial Planner, or a Chartered Financial Analyst? If you haven’t checked, now is the time to do so.
Blair duQuesnay, a U.S. adviser, wrote an article titled “My Yoga Teacher Decided to Become a Doctor.” In it, she shares how her yoga instructor decided to retrain as a doctor—a process that will take about eight years. Blair contrasts this with the fact that a financial adviser can be regulated to provide advice within just a few months. The situation is similar in the UK, where it takes longer to train as a car mechanic than to become a financial adviser. Think about that—someone who services your car undergoes more extensive training than someone who might manage your life savings.
Don’t confuse social skills with advice.
Yet, countless investors seeking financial guidance fail to ask even the most basic questions: How long have you been in this profession? Are you Chartered or Certified? If the answer is no, it might be time to reconsider your choice of adviser. We understand why people trust these salespeople—they’re friendly, polished, and personable. However, they simply cannot have the necessary experience to provide sound advice after just a few months of training. If they claim to have been in the industry for many years, why aren’t they Chartered or Certified? Are they just unmotivated? Whatever the reason, if they’ve been advising for more than five years, they should absolutely be Chartered or Certified. This should be non-negotiable, no matter how good your relationship with them is.
It’s easy to be swayed by advisers who are friendly, likeable, well-dressed, and personable. But these qualities can distract from what truly matters when it comes to financial advice. As Blair wisely notes, *“It’s not always possible to recover from bad financial advice. Other than your health, what could be more important than your financial well-being? You only get one shot at maximizing your human capital, saving as much as you can along the way, and enjoying the benefits of compounding returns. The stakes are too high…”*
Insist on Chartered or Certified status
If your adviser isn’t Chartered or Certified—whether they’re with a national firm, an IFA, a wealth manager, a private banker, or a discretionary fund manager—it’s time to take your financial well-being seriously by seeking out those who have invested in their professional qualifications. Say no to the salespeople.
And yes, we’re friendly, approachable, and compassionate—but we’ve also invested in ourselves to provide you with the best advice possible. You can check out my qualifications here.