There are plenty of places that you can go for financial advice, some better than others. By and large, the type of advice you should be looking for is based on what you are trying to achieve and your own personal circumstances.
That being said, it's worthwhile knowing a little about the various types of advice available and the pros and cons of each.
Individual Providers - If you are looking for a particular financial product (a loan or mortgage for example) the first stop for many people is their own bank, building society or a provider that they have seen advertised. In the case of approaching your own bank or building society you may benefit from your existing relationship or track record with them. If you're lucky they may even know a little about your own circumstances that can help them suggest relevant products.
However, the major drawback of dealing with a single provider is that they can only advise you on the products they sell, and ultimately, it's a sales pitch. In most cases there is no way of knowing how their products and services truly stack up against those of the rest of the market.
Your Accountant - If you have an accountant, they may be able to help advise you matters relating to tax or inheritance. However, accountants are expensive and are unlikely to be in a position to recommend particular products that may be relevant to you. In other words, if you need a mortgage, loan, insurance product, pension or annuity, your accountant may not be the best person to help you find it.
Free Advice Services - If you run into financial difficulties, there are often free advice services like the Citizen's Advice Bureau that you can call on for help. The
benefit is that they are free, the negative is that unless you are struggling financially, they may not be the best port of call.
Financial Advisers - Financial advisers come in three basic flavours, independent financial advisers, tied agents and multi-tied agents. An independent financial adviser is required to act in their client's best interests at all times, they are not tied to any particular product provider and so can offer recommendations on products from across the whole of the market.
Tied agents by contrast can only offer advice on the financial products offered by their employers, a bank or insurance company for example. A multi-tied agent falls somewhere in between the two and can offer advice on products supplied by the companies they represent. In any event, individuals and companies offering financial advice must make you aware of the type of advice they can and do provide at the outset and whether they are tied to any particular company or companies.
When choosing which type of financial adviser (independent, tied or multi-tied agent) to work with, it's important that you do your homework, ensuring that the adviser you choose can offer the right mix of knowledge and experience to suit your needs. To provide financial advice, the FSA requires that advisers pass a basic certification but many advisers go on to specialise or improve their qualifications, with a select few independent financial advisers achieving Chartered status.
Experience and expertise aside, it's also important that the adviser you choose is someone that you feel comfortable working with.
The kind of financial advice you require will be based on your own particular circumstances, however, if you could benefit from both professional advice and access to the widest range of financial products, an experienced independent financial adviser will provide both.
Author Resource:-
Gareth Flanagan is an independent financial adviserwith Principle First Financial Services one of the UK's few firms of Chartered Financial Planners. To discuss your options, or receive
financial advice visit us on-line.
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