# independent advice :how independent are these independent advisers?



## lz1 (22 Feb 2006)

We are getting some independent advice on our finances at the moment and looking at different options. Cost is €500. Adviser says they get paid by the companies they do business with.

My query is how independent are these independent advisers?
Can I trust anyone?

Thanks


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## CCOVICH (22 Feb 2006)

*Re: independent advice ?*

Are you paying as well, or is the only money received by the advisor coming from the company they do business with?

Could you clarify their status, i.e. are they:

(a)  Tied agent;
(b)  Multi-agency intermediary; or
(c)  Authorised Advisor

Note that an Authorised Advisor (the only 'true' independent advisor of the three listed above) may still receive commissions from institutions to which they introduce customers.


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## ClubMan (22 Feb 2006)

*Re: independent advice ?*

What sort of intermediary is this? See here. Authorised advisor, multi-agency intermediary (dealing with which institutions) or tied agent (ugh!). What exactly do you get for your €500? Are you saying that the intermediary has told you that they'll charge €500 *and* get commission from any companies with which they arrange business for you?

_Arrggghhhhh: post crossed with CCOVICH's again. _


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## brokeparent (26 Feb 2006)

*Re: independent advice ?*

Interesting article in todays Sunday Times on this very topic. Useful information for those (like me) who have no experience of Financial Advisors


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## PMU (27 Feb 2006)

*Re: independent advice ?*

I’ve received the list of authorised advisers from IFSRA and, simply put, it’s worse than useless. It just lists the advisers, their contact details and the product producers from which the adviser holds a letter of appointment. IFSRA helpfully point out that an AA is obliged to recommend the most suitable investment product available in the market, regardless of whether or not it holds an appointment from the relevant product producer. But nowhere does it tell you what particular expertise the advisers have or what services they offer. You can tell from their names that some specialise in pensions and others are insurance brokers, but that’s about it. You’ll get more info on services provided from the entries for advisers in the Golden Pages.


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## CCOVICH (27 Feb 2006)

*Re: independent advice ?*

Did this list come in e-mail format?  It would be useful if we could post details of AAs on AAM as it is a common question.


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## PMU (28 Feb 2006)

*Re: independent advice ?*

CCIVICH: It's a 65 page pdf file, that contains the authorised advisers 
Legal Name, Trading Name, Address, the Product Producers from which the adviser holds a letter of appointment and confirmation of their Status as an authorised adviser.  In many posts on AAM the poster says they've  a lump sum and what should they do with it.  The response is usually to get independent fee-based advice, but from this list unless you start making a lot of phone calls it's, in effect, impossible to see which adviser is the most suitable for your needs.  Say, for example, I wished to invest in ETFs and in geared property funds,  there is nothing in this list that would help me identify suitable candidate advisers.​


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## CCOVICH (28 Feb 2006)

*Re: independent advice ?*

But that's not really the remit of IFSRA. At the end of the day, it's up to consumers themselves to do some legwork. At least with the list provided by IFSRA, you will see

(a) who is independent; and
(b) are they based in your area

And aren't AAs supposed to offer broad advice on most/all products available in the market?  So in theory, any AA should be able to advise you on nearly any product you are interested in investing in if it's available In Ireland.

These are the questions we frequently get on AAM. Very few posters actually seem to use AAs, as any threads requesting the name of one get little constructive response. One recent thread on the issue was a disgrace-one frequent poster recommended an AA and some newbie alleged that the thread was a set up, and the OP actually started believing them.

For this reason, I have little time for threads asking for recommendations for AAs. IFRSA provide the list, it's then up to you to get on the phone or start walking.


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## Chamar (1 Mar 2006)

*Re: independent advice ?*



			
				PMU said:
			
		

> CCIVICH: It's a 65 page pdf file, that contains the authorised advisers
> Legal Name, Trading Name, Address, the Product Producers from which the adviser holds a letter of appointment and confirmation of their Status as an authorised adviser. In many posts on AAM the poster says they've a lump sum and what should they do with it. The response is usually to get independent fee-based advice, but from this list unless you start making a lot of phone calls it's, in effect, impossible to see which adviser is the most suitable for your needs. Say, for example, I wished to invest in ETFs and in geared property funds, there is nothing in this list that would help me identify suitable candidate advisers.​



Would you be able to post this file please?


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## CCOVICH (1 Mar 2006)

*Re: independent advice ?*

I doubt there is any way of posting a 65 page pdf file.


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## Chamar (1 Mar 2006)

*Re: independent advice ?*



			
				CCOVICH said:
			
		

> I doubt there is any way of posting a 65 page pdf file.



Well I mean upload it somewhere (e.g. rapidshare.de or megaupload.com) then just post the link. It would make a good sticky on AAM.


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## PMU (2 Mar 2006)

*Re: independent advice ?*

For some reason IFSRA don't appear to have the list of authorised advisers on ther web site (or if it is I couldn't locate it), but you can phone them on lo-call 1890 77 77 77 and they'll e-mail it to you.


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## CCOVICH (2 Mar 2006)

*Re: independent advice ?*

IFSRA have been promising that it is 'coming soon' for quite some time now.......


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