Types of Financial Adviser and Financial Planners

There are different kinds of Financial Advisers and Financial Planners that you can approach for advice. Understanding the differences helps you choose the one which best suits your needs.

Independent Advice? 

Some advisers, known as Independent Financial Advisers (IFAs), can advise you on financial products from the whole of the market. Not all advisers are "independent". Those who can only recommend the products of one company are known as "Tied". A Financial Planner is likely to offer independent financial advice on products, however their primary service will be focused upon helping you create strategies to help you achieve your goals in life.  You should check their status when you contact them. 

A Financial Planner helps you:

• Set realistic financial and personal goals.
• Assess your current financial health by examining your assets, liabilities, income, insurance, taxes, investments and estate plan.
• Develop a realistic, comprehensive plan to meet your financial goals by addressing financial weaknesses and building on financial strengths.
• Put your plan into action and monitor its progress.
• Stay on track to meet changing goals, personal circumstances, stages of your life, products, markets and tax laws.

How to check if your adviser is authorised 

Individuals giving financial advice in the UK need to be authorised by the Financial Services Authority (FSA), specifically those giving advice on investments, savings, pensions life insurance and mortgages. Check whether the adviser or planner that you are considering using is authorised, and registered with the FSA by checking their website www.FSA.gov.uk