Planning for your future is a difficult task which is made even more
complicated by the sheer range of financial products and different
providers that are now available in the market place. This huge range
of different products is good news in that it means the right product
and provider for your circumstances is probably out there, but the
problem is how do you find it ?
By talking to an Independent Financial Adviser (IFA) we have the required
expertise and research facilities available in order to provide you
with expert and impartial advice on your finances, and find the most
suitable product and provider to meet your requirements from the huge
range that is are currently on offer. |
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Working closely with you, we will carry out an in-depth analysis of
your financial affairs or acting on your specific instructions to
help identify key areas where you could benefit from the most appropriate
products available.
We can then start to assess the market in order to create a personalised
financial package tailored to your specific needs.
We review the large number of products and providers on the market
constantly, in order to identify the products which would best suit
you. In particular, we would examine the financial standing of a product
provider, their investment performance, product flexibility and service. |
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benefits of Independent Financial Advice |
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By
choosing to use an Independent Financial Adviser (IFA) you are taking
the first steps towards making the right financial decisions. There
are many other benefits to be gained working with an IFA :-
· You will be offered a fee option · You will be offered products from the whole of the market and will not be limited to the products of just one company, or a limited number of providers.
· You will be regularly advised of any changes in financial
legislation as they happen, and told how these may affect you personally.
· You will be protected by a stringent Government controlled
regulatory system which ensures that only the most competent IFA's
may provide advice.
· We act solely on the client's behalf, which ensures that
you are the focus of attention at all times. This means that you receive
impartial advice based on fulfilling your financial requirements.
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How
do the types of advice differ? :-
Independent Financial Advisers
(IFAs) offer unbiased financial advice to their clients and
recommend the most suitable products, if any, after researching
the whole market. The key differentiator is that they act on
your behalf and will offer you the option of paying by a fee,
as well as the option of paying by commission.
Tied
Agents can only advise on the products of one provider.
Multi-tied
Agents are financial advisers allowed to recommend
the products of a limited selection of providers, rather than
just one.
The
benefits of Independent Financial Advice
Independent financial advice: the big advantage of independent
financial advice is that you have access to all the products
on the market through a qualified practitioner. An IFA’s job is to research and
recommend the most appropriate financial solutions after asking
their clients a whole range of detailed questions about their
circumstances, their financial goals and their attitude to
risk. IFAs are answerable to the FSA to ensure that they keep
to the rules. As they act on your behalf they provide personalised
written reasons why they have recommended particular products
or a course of action.
Tied
and Multi-tied advice
Many people buy financial products through tied agents, such
as the sales staff who work at their bank or building society.
When they want a pension or investment product, they often
find it easier just to nip into their bank and accept what
is sold through that organisation’s relationship with
a single life insurer or investment house. The person providing
the product information or advice is acting on behalf of the
product provider. Many people buy product, this way, usually
because they feel more comfortable buying from a big name
organisation and assuming, sometimes incorrectly, that they
are bound to get a good deal. What they are actually getting
is limited information from a small selection of products.
Confusingly, some banks also have an IFA available upon request!
Multi-tied advice: multi:tie arrangements were introduced
in late2004 because the FSA believed the 16 year-old regime
of ‘polarisation’ (the official term used for
the system of either tied or independent advice) wasn’t
working efficiently for consumers. By giving organisations
the opportunity to link up with several providers instead
of just one, the regulator hopes to create more choice for
those consumers who are not inclined to use a IFA themselves.
Banks and building societies that previously had a single
tie to a financial product provider are likely to include
in their range one or two products from other providers. This
will avoid the time and cost of having to look across the
whole market for the ‘best’ products. Customers
need to checkout the breadth of products and providers on
offer and decide if the choice of products available is a
suitable enough range for them
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