Everything you need to know about Financial Advisers

How a financial adviser will help you and what you need to know about financial planning

Financial advisers are consultants that help you with your finances. The services offered cover a wide range of financial related areas that you will likely need throughout your life – buying a house most likely requires a mortgage, building savings and wealth will require investing. A financial adviser can help you make the right decision and provide the best products for you.

Quite often the role of an adviser is to really keep things in order while you carry on with your career, family and other life interested.

Types of advisers

There are two types of adviser: Independent & Restricted. Independent financial advisers often known as IFA’s.

Financial advisers offer services ranging from general financial planning and investment advice through to specialist and sophisticated products such as pensions and tax planning. Independent financial advice can offer a full range of services where the restricted adviser may be limited to certain areas – it is important to consider this when selecting an adviser.

When you may need advice

  • Financial or Tax Planning
    Mortgages & Equity Release
    Investments & Wealth Management
    Pensions and Pension Transfers

Costs of advice

Financial advice does cost money as you would expect with all the benefits of the expertise, access to research and the protections in place. There are 3 main ways in which advice is charged and these are as a percentage, fixed fee and hourly rate.

Financial adviser fees vs commission

Benefits of getting advice

If you buy a financial product based on advice you will receive a recommendation. This recommendation should be based on an assessment of your needs and should be suitable to the particular circumstance.

If your adviser is independent you will most likely benefit from a wide range of product choice carried out by whole of market research – often advisers have access to the leading financial updates & research. The experience of your adviser will also take out any worry and complications due to their working professionalism with the providers and products.

Advisers have access to all the information they need, therefore the limited information a person has could mean that they end up with not the best deal, product or investment return. An example would be the exact mortgage criteria required for your loan or the expertise to keep your investment portfolio at the correct level of risk for you.

Having it all done for you – advisers administer the process taking the work load away from you.

There are also added protections for the financial advice process in the UK which is backed by our national regulator called the FCA – they provide a structured process that all advisers adhere to and follow.

Professional experienced advisers will offer you peace of mind and security, taking away the risk that faces the DIY financial enthusiast.

A good financial adviser will be a fantastic addition to your team working with you, helping you plan and achieve financial targets.