Independent Financial Advisers

Independent Financial Advisers FAQS

Below, we have answered some frequently asked questions concerning independent financial advisers

• Do I need financial advice?

  If you’re looking to invest, purchase a financial product, or simply manage your money more effectively for the future, then financial advice can be really helpful.

  If you are having troubles in relation to financial decisions that are beyond your level of expertise and experience it can be helpful to discuss this with a financial adviser to gain some clarity on the situation and assess your options.

  See below some things a financial adviser can do:

  • Meet with you to assess your current financial situation and goals
  • Develop a comprehensive plan that would address any major areas of financial concern i.e. retirement, insurance, Trust funds, avoiding estate tax, etc.
  • Provide advice as unexpected financial issues arise in your life
  • Help set up investment funds and accounts for you
  • Locate appropriate financial vehicles for you i.e. insurance policies

• What types of financial advisers are there?

  Financial advisers look at your current personal circumstances and your financial plans and then recommend products to help meet your needs. However, the type of financial adviser you approach for advice may limit the range of products you are recommended.

  There are two types of financial advisers:

  • Independent Financial Advisers (IFAs) give unbiased advice about the whole range of financial products from all different companies available.
  • Restricted Advisers give advice on a limited range of products. Usually specialising in one particular area, i.e. pensions, or they may only offer advice on products offered by a limited number of companies.

  It is advisable to get independent financial advice so that you can look at the widest range of advice and products available.

• Can a financial adviser assist with pension and retirement planning?

  Yes, some financial advisers, including members of our team, can provide specialist advice in respect of pensions and retirement planning. A financial adviser can help you provide a secure future through careful retirement planning by reviewing the pension provision you have made so far and telling you how much you can expect when you retire.

• Is there a charge for a first appointment with a financial adviser?

  The majority of financial advisers will offer a free, no-obligation first meeting, during which they can tell you more about what they do and also allow them to listen and understand your personal circumstances and exactly what you are looking for. As part of this discussion, it is useful to take with you a list of your current income and assets (e.g. cash, investments, pensions).

  The adviser will then be able to look at your financial situation and explain how they can help you if you appoint them.

• How do I check an adviser?

  If you’ve chosen your adviser it’s worth checking with the Financial Conduct Authority (FCA) to see whether they’re regulated and approved.

  The Financial Services Register shows details of the firms, individuals, and bodies that are currently or have previously been regulated by the FCA or The Bank of England’s Prudential Regulation Authority (PRA)

  If you use an adviser that is not approved by the FCA, you will not be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme. Both schemes allow you to seek compensation if things go wrong.