How can a financial adviser help you?
by monika r. ConsultantFinancial advisers provide guidance and
recommendations on complex financial products. Here are just some of them:
1. Tax and inheritance planning
2. Pensions
3. Life and health insurance
4. Investments
5. Long-term care planning
Getting expert advice chaser for some
complex things such as pensions and investments can be crucial. That's where a
financial adviser comes in. A financial adviser can scour the market to find
best solutions and help you personally plan the things you want to do with your
money, at this moment and in the future.
Financial advisers are regulated by the FCA
agency and have to stick to a strict code of rules. If you've decided that you
need the help of a financial adviser, then the next step is selecting one.
Types of financial advice
There are different sorts of financial
advisers, and they are regulated by different rules. Mortgage advisers even
today can be paid by commission. From January 2013, new rules have applied to
financial advisers offering advice on all 'retail investment products', from
unit trusts to stakeholder pensions.
All financial advisers will have to have an
undergraduate degree minimum qualification. And it doesn't depend of the type
of advice they give.
Getting a financial advice
Usually people start when the adviser
spends about an hour finding out what you’re looking for. You should also get
from him something called a 'key facts document', describing their fees and
what you can expect from your relationship. When you will accept it, you’ll
have to provides the adviser with information about your finances, attitude to
risk and goals. They'll use this information to offer you the most suitable
products and services. Followed by a full financial plan, it will include
product recommendations and available tax benefits. Once you have agreed the
plan and its cost, they will start implementing it. These are the essentials
that you find the right adviser to meet your requirements.
But what if something goes wrong?
Financial
advisers are regulated by the FCA organ. And it gives you the opportunity to
get help if something goes wrong. So, you can complain if you're unhappy with
any advice you've been given. The FCA is able to find a financial advisor who
have broken regulations.
Just don't forget, that when it comes to investments, you're not covered if your investments lose you money - that comes as part and parcel of putting your money on the stock market.
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Created on Jun 2nd 2018 06:04. Viewed 264 times.