Wrong forum INDEPENDENT Financial Advisor...

[newbie2009]

Is there really such a thing?

 

[Fideroiste]

Hi newbie2009,
I researhed this a couple of years ago & from what I remember the most independent adviser you will get is an authorised adviser. You pay them money and they are supposed to give you independent advise & shop the market for the best product to suit your needed.
The alternative guys are linked (banks sell these & thus selling there own products) or I think the other type are called multi advisers who sell a select few products & you don't pay them commission they get it from the companies who's products they are selling.

N.D.,
Fi.

 

[Apollo]

A financial adviser has to issue you what is known as a reasons why statement at the end of the transaction which outlines his/her decision to recommend the product and the product provider. If the financial planner gets this wrong and you could've got a better deal elsewhere then he/she can face severe penalties not to mention reputational damage. If the financial planner isn't charging a fee then I'd say use them over an authorised adviser who will definitely charge a fee.