How to Choose a Financial Adviser
th Jan 2019 |
Wondering how to choose a Financial Adviser? This guide covers what to look for including qualifications, independence, online options, and charges.
A Financial Adviser is an individual that is professionally qualified to give you financial planning advice, some financial advisers are restricted in the areas for which they are qualified to advise, while others are qualified to cover the full remit of Mortgage Protection, Life Insurance, Income Protection, Pensions, Investments, and Savings advice.
How to choose a Financial Adviser
In the Republic of Ireland, a fully qualified financial adviser will hold the letters QFA (qualified financial adviser) or CFP Chartered Financial Planner.
Choosing Unbiased Advice
Just because your chosen adviser is fully qualified, does not mean that their advice is unbiased. To get unbiased advice you need to choose a financial adviser that operates as a Financial Broker, meaning they work with several financial institutions and offer a broad choice of plans and policies. Only by accessing a Financial Broker can you access the financial solution you want and also guarantee yourself the best value for money.
If you decide to go with an online provider, you need to choose one that offers financial advice and not just quotes without advice, known as an execution-only broker.
- Check a financial adviser’s credentials, look for QFA, or CFP.
- Avoid tied agents and buying directly from the insurer, as you will get limited choice.
- If choosing a fee-based financial broker, ensure that any agreed fee is in lieu of them also receiving a commission from the institution providing the product.
- If choosing an online financial broker, avoid execution-only offering by checking their terms of business, which they must supply and can normally be also found on their website.
- When seeking best value on mortgage protection, serious illness, life insurance or income, protection opt for an online financial broker, offering advice and full term discount.
- If you need a full financial review, request a meeting with your chosen financial broker, remembering that some but not all charge a fee.
Which Financial Broker
When choosing a financial broker check their credentials, any reputable financial broker operating online or face to face or both will have their own secure website, and here is where you should be able to do your initial investigations. Look for a link to their terms of business, which will not only outline their regulatory status but also how many firms they deal with and in the case of online-only operations, whether they are execution-only or advisory.
Guidance & Advice
The first thing to note is that there’s a huge difference between ‘guidance’ and ‘advice’. Guidance can present and explain a range of options to you, but advice can also help you choose through discussion.
Only a qualified financial adviser within a financial brokerage, can assess your individual personal circumstances and provide you with the best advice based on the most suitable solution from a full range of market options.
One Quote Financial Brokers
As a regulated financial broker, we work with all the leading protection, pension, and investment solution providers in the country.
Online guidance is provided through product learn more pages, video’s, FAQ’s, and top tips, as well as through our blog articles and advice is offered via phone, email, and face to face as required.
We offer transparency and value with pension and investment provided face to face by appointment.
Other sources of guidance are: Consumer Help
Paying for financial advice
Some financial brokers will charge a fee for their advice, or to carry out a full financial review of your personal circumstances.
Before engaging a Financial Adviser, it’s always a good idea to get clarity on exactly how much the advice is going to cost you and whether you believe it’s worth it. Some advisers may charge an hourly fee, rather than a fixed fee, while others offer free consultations.
To speak to a One Quote financial adviser, call: 01 845 0049 or, make an enquiry.
Ken O’Gorman – QFA
OneQuote.ie – Smart Financial Protection