Importance of choosing independent financial advice

The most suitable product is certainly out there for you, whether you’re looking for a mortgage, pension plan, life assurance or an investment scheme. It’s knowing where to start and what to ask.

There is definitely more publicity nowadays about where to go for financial advice, but does it all make sense? Understanding about personal finances now features in school which is great and needs encouraging as it’s having this knowledge that helps in making important judgements when it comes to finance.

You can turn to family, friends, your bank or a professional adviser for advice, but it is only an independent financial adviser (IFA) who is able to offer you unbiased and unrestricted financial advice based on a comprehensive and fair analysis of the relevant market. And now with many banks closing their financial advice arm you want to be sure you’re getting the best options.

When looking for an IFA, probably the best way to start is to speak to friends and family about their experiences with local IFAs.  Follow that up with asking questions to ensure you’ll be getting decent advice backed up with good credentials. A few top questions to ask would be to check how long the IFA business has been established and whether they are authorised by the Financial Services Authority. Ask for their qualifications and a copy of their ‘keyfacts document or a ‘client agreement’ which lists all charges and states their status in giving advice.

A good website to use to find a local IFA in your postcode area is www.unbiased.co.uk  The search is free and confidential which helps you to do some research online before making contact.

 

This article does not provide individual financial advice and are the views of the columnist only. Vision Independent Financial Planning Ltd is authorised and regulated by the Financial Services Authority.