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We
clarify and distinguish
Financial
advice options |
Explore all the benefits of using independent financial
advisers. Our
financial advice will make the best use of your money and help you find
a financial product best suited to your
needs. Our financial services use independent financial planning to locate the best
financial product for you. Discover all benefits and how to distinguish between
other UK financial advice options. Independent financial advisers ‘shop around’ for you. We know
where to look to ensure financial products that match your needs are not
overlooked. |
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Get quick
access to these headings |
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We’ve set out a
summary of benefits that ensure you get:-
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the right
financial product for your needs by using independent financial advisers. |
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the benefit of independent financial planning
to evaluate your goals and judge what you can afford. |
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a sense of satisfaction and achievement from knowing you are
using your money wisely. |
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no sales pressures to coerce you into buying – suitability is
our watchword – use this
link that explains how we give financial advice and matching product
selection - then it’s up to you. |
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alerted to other requirements that you may need but were not
previously conscious of . |
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any likely financial product in the market place checked by
independent financial advisers against your needs – Visit this link to
see how we pinpoint the most suitable products for you. |
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made aware when to activate future goals at the most appropriate
time. |
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a written record of what you asked us to consider – plus justification
in writing for our recommendations so you can check we understood your
request. |
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an established personal link with a qualified professional
adviser whose financial advice you can trust as well as discuss any topics as
they crop up. |
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a gateway introduction to our regular professional associates
such as solicitors or accountants should you wish to consult them. |
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our
range of financial services explained and adapted to suit your needs
within the security and convenience of your own home. |
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qualified independent financial advisers to ‘shop around’ for
you. This saves ‘leg work’ because we know how and where to look so that any
suitable financial product that will match your needs is not overlooked. |
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offered a
full independent financial planning review of your existing financial plans. |
We
clarify financial advice alternatives. We feel
that it may be useful to let you know your various options whilst broadening
out the range of financial services available to you in the market. We therefore spell out what your alternative
advice options are and explain how you can tell the difference between them. We put into plain words the respective
benefits and pitfalls.
Your alternatives are known
as tied advisers or multi tied advisers. They work as salesmen to sell
commercial financial products for organisations such as banks, building
societies and insurance companies etc.
We emphasise that these are not
like with like comparisons and to protect your interests you need to focus on
what each type of adviser actually does. In plain language, independent
financial advisers advise – tied advisers sell. And in a ‘nutshell’ that’s the
real difference.
Distinguishing between financial advice
options is essential and clear-cut. The alert signal word to trigger caution is
‘advisers’ - especially prior to first contact or shortly after any discussion
has begun. In so doing, you avoid being bamboozled into buying a financial
product you don’t need. So what are the essential differences that set
‘advisers’ apart.
Independent
financial advisers don’t sell products
- we provide financial services that assesses and compare your needs
against any likely financial product alternatives. Importantly, the eventual and most suitable selected product for
you surfaces at the end of the independent financial planning search process.
Only qualified independent financial advisers are allowed and regulated to do
this by the financial watchdog.
However, with tied advisers, the selected product starts at the
beginning. That’s because they need to sell or convince you to buy the product
they’ve got for sale. By itself,
there’s nothing wrong with this.
But be mindful though, that without comparison to all other
products, you will be unaware whether you’ve got good value for your money or
not. The financial product you are buying should also be what you need as
opposed to what the salesman has got for sale.
Tied advisers sell the product of the one
company that employs them. They work for banks, building societies or Insurance
Companies.
Multi-tied advisers sell more than one monetary product since they can
be tied to separate employers each having different products.
Tied advisers are salesmen who will of course advise you to buy
their products. That’s what salesmen do. Things get ‘blurred’ though if
organisations that sell financial products give the impression that they are
offering advice. They may suggest that they have the best product or the best
track record and ‘recommend’ you purchase it. That is not strictly advice but
more of a sales pitch.
However, the payment of a separate fee for financial advice is
usually the way to distinguish qualified bona-fide advisers from salesmen. This
is because the financial watchdog holds independent financial advisers [who
charge a fee] to a much higher accountability level than ‘advisers’ who do not
charge and offer advice as ‘incidental’ to the salesmen role they perform.
A distinguishing characteristic of tied advisers is their
commercial prominence in television and newspapers that advertise financial
products for sale, typically from high street offices. This indicates that they
are advertisers as opposed to advisers.
Sales promotion campaigns focusing on the sale of particular
financial products are the ultimate factor to distinguish tied advisers from
independent financial advisers.
As we stated earlier in this section, the eventual and most suitable
selected financial product for you can only surface at the end of a rigorous
independent financial planning search process. Therefore any ‘adviser’ that
mentions a named financial product from the outset is not likely to be an
independent financial adviser.
Note though that you will not miss or lose anything by not going
into a tied advisers high street sales office. This is because qualified
independent financial advisers are experienced and will include those products
that are sold by tied advisers if they match your requirements.
The basics of independent financial planning mean that we have to find out what percentage of your income
is necessary say – to cover tax liabilities, expected inflation and projected
return on investment – in order to meet a minimum balance for your target
date. We satisfy a clients risk
tolerance whilst maximising the return on investment.
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Be clear about what you want. If you’re unsure about your goals
and priorities, then get expert professional financial advice from an
authorised adviser who performs the same role as us. |
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Knowing the difference between independent financial advisers
and tied advisers is vital – always establish which type of adviser you contact
or are speaking to from the outset. |
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Make a few note headings to help you keep track of your
ideas. For example the financial
services you are considering may be inheritance tax planning. |
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Ask lots of simple questions - and don’t continue until you get
an answer to each point that you can understand. For instance re inheritance
tax planning – are you qualified to advise me on this ?. who by ?. what are my present allowances ? can I improve these in any way ? etc. |
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Don’t rush into anything and give yourself time to mull over
things – do note what friends or family may say – but bear in mind that what they
have bought or know about – may not be suitable for your needs. They are not
you. |
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Read our website contents at your leisure
‘ bit by bit’, and not from a computer screen. You’ll be able to take it in
better in an armchair with a cup of tea. So to print ‘off line’ – save/add to favourites – right click
here |
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With any ‘adviser’ always find out: |
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* what kind of advisers are they ? [ independent or tied] |
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* what kind of financial advice do they
offer ? is it specific for my needs -
in writing ? |
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* what qualifies them to give that advice ? |
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* are they familiar with independent
financial planning ? if so, can they explain
it ? |
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* are they authorised by the FSA – if not,
who are they accredited by ? |
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* will they
charge for the advice ? if so, how
much ? - if not, how are they paid ? |
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This may all seem like a chore – but we’d like you to be sure
about what you are getting and that it’s what you need – so take your time
and shop around now that you’re more aware of the benefits and pitfalls. |
We operate
from our office near Gainsborough, Lincolnshire and across the Humber Bridge to
Yorkshire. This includes the key towns of Hull, Grimsby, Scunthorpe, Lincoln,
Harrogate, Leeds, York, Skipton, Wetherby, Sheffield, Market Rasen and Caistor.
Please remember that we really do listen and look forward to
meeting you during 2009.
benefit from financial advice to suit your needs - send Email to: advice@independent-financial-planning.co.uk
Authorised and
regulated by the Financial Services Authority
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