A financial adviser (FA) is someone who can help you make the right decision for different financial products whether it’s a mortgage, a pension, tax planning, your savings and investments, or making the most of a lump sum.
There are two types of financial advisers:
Whichever option you decide, make sure the adviser is properly qualified so that you can be confident that the advice you’re getting is correct. Our search tool above only includes advisers who are properly qualified.
Make sure you’re completely clear on how much the advice is costing you and what the charges are on the products you are recommended. As a guide, an average hourly charge in 2018 was £175 and advice on converting a £100,000 pension into a lump sum and an income might cost you around £1,350.
Be clear on what you're looking for. For example, is it specialist investment advice or a mortgage?
Find out what type of adviser they are, how they are remunerated, what qualifications they hold, how much they may charge and how you will receive your advice.
Make sure the firms are authorised by the Financial Conduct Authority and, perhaps even more importantly, check they don't feature on the unauthorised list.
Look for advisers using comparison engines like the tool above. You can search for an adviser based on qualifications, specialist areas, locality, or payment type. Also ask friends and family for their recommendations.
Finally, ensure you like and trust them. IFAs can help you through some difficult life stages like bereavement or divorce, so it's essential you get along.
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