Trustworthiness is the number one consideration when choosing a financial adviser, according to a survey carried out by a global independent financial advisory group.
When asked the question: 'What is your number one priority when seeking a financial adviser?', 36 per cent of 388 people polled by the deVere Group responded that they must feel the adviser demonstrates trustworthiness. Some 29 per cent said the adviser must hold relevant qualifications and 27 per cent said that he or she should have a proven track record, whilst eight per cent answered that they did not know or could not answer.
deVere Group's founder and chief executive, Nigel Green, said: "The fact that the top three answers to the question are so close [in percentage terms] suggests that all of them - trustworthiness, the relevant qualifications and a proven track record – are enormously important considerations for those selecting to work with a financial adviser.
"Of course, these three aspects are all linked by the client's need to enjoy complete peace of mind. Any properly qualified adviser who has a record of delivering solid results will naturally be deemed trustworthy.
"In the eyes of the person whose financial strategy he or she is managing, the adviser enjoys a status very similar to that of a doctor, only instead of being trusted with overseeing physical well being, the financial expert is being entrusted with the fiscal health of the individual."
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Mr Green added: "Choosing the right adviser to help you reach your long-term financial objectives will be one of the most important things you do. The best way to go about selecting who to work with is to do your homework, don't be afraid to ask the awkward questions, look for someone who will help you make the right financial choices – even if they are not necessarily the 'easy' ones at the time - ensure the adviser has any specialist expertise you might need, and verify that he or she works within a robust organisation."
deVere Group surveyed 388 clients in August 2013.