FAQ's
- What is an Independent Financial Adviser (IFA)?
- How much will it cost me?
- Why shouldn’t I go direct to the pension company or investment company?
- What is a financial planner?- Why should I choose a Financial planner over another type of adviser?
- Why do you offer three levels of service? Which level of service should I choose?
- Do I have to pay an adviser/planner for the first meeting?
- What sort of person will benefit from the Premier Service?
1. An IFA is a qualified financial services professional who is regulated by the Financial Services Authority (FSA). He is allowed to use the word Independent as distinct from “tied” or “multi-tied” because he sources products from the whole of the market to find the one most appropriate to the client’s needs.
He must, however, offer clients the choice of being remunerated by commission ( paid by the provider), fees paid by the client or a mixture of the two.
2. Financial advisers are obliged to agree the method of remuneration before any chargeable time is incurred by the client. If the fee option is chosen, this can be on an hourly basis, or on a set price for the advice he has been asked to give. This is set out in a fee agreement the client is required to sign.
If the commission route is preferred, all illustrations issued will have details of the amounts of commission earned.
3. You can go direct to a provider but the adviser will almost certainly not only be able to obtain the product cheaper, but will also give you peace of mind in knowing that what you are buying really does meet your objectives and risk profile.
4. Financial Planners will go through a process of meeting life goals through proper management of your finances. Life goals include buying a home, saving for the children’s education, planning for retirement or estate planning.
A financial planner will focus on your needs first before recommending a course of action. They are trained to take a broad look at your financial situation whilst accountants, investment advisers, stockbrokers and solicitors may focus on one particular area of your life.
5. We have devised three levels of service based on our experience built up over many years. We have many clients who only want us to make recommendations and action one financial objective. On the other hand, other clients want us to provide an ongoing service tailored to their individual needs. We help clients choose the level of service most appropriate to them with the cost implications involved.
6. We provide all first meeting free, and on a no obligation basis so that we can discover client’s needs and the amount of work that will be involved. At this meeting, we will advise you on our qualifications and expenses in the areas you are interested in. We will discuss the processes which need to be adopted in line with government regulations, so that clients understand how much work is involved in both making recommendations, and then offering an ongoing service.
7. The Premier Service has been set up specifically for those clients whose affaires may be complicated, where they want a higher level of service and commitment from their financial planner, or where he wants them to work regularly and closely with the rest of the professional team i.e. solicitors and accountants
Our service charter sets out the benefits of each type of service. The client decides which one to choose.