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If you want one to one financial advice, then you should consult an Authorised Adviser. An Authorised Adviser is authorised by the Financial Regulator, IFSRA, to give clients advice on all financial issues.
You usually have a choice of paying a fee or letting the adviser earn a commission if you invest in a product through their agency. The commission is just too tempting for most advisers and turns them into salespeople for the companies they represent. Insist on paying an hourly fee. If you do invest in a product through the adviser, then they will refund or reinvest any commission they get.
A multi-agency intermediary is not an adviser. They can only discuss the products from the companies which they have agencies. They are not allowed to advise you on savings or investments which you already have with other companies for which they don't have agencies.
Tied agents work for only one company e.g. Irish Life. They will only sell you the products of that company.
Bank staff will only sell you products of the bank and the life insurance company associated with the bank.
Most accountants are not authorised to give investment advice.
It's always a good idea to be well informed before you meet an Adviser. Read up Askaboutmoney and have an idea of what you want to do yourself. This will help you assess the quality of the advice you are getting. You can always use Askaboutmoney to get a second opinion on the advice.
You can get a list of AAs in your area from IFSRA by emailing sesregisters@ifsra.ie or by phoning 1890 77 77 77.
Askaboutmoney is currently compiling a Directory of Authorised Advisers. This will provide basic information on the background and qualifications of the advisers and their means of operation. We are inviting AAs to submit details of their services to Askaboutmoney for inclusion in a Directory. Please email burgess7@eircom.net for a form to complete and we will include your details in the Directory. This is a service to users of Askaboutmoney and we do not charge AAs for inclusion in the Directory.
Page last updated - 30th May 2005 15:00 - email change requests to burgess7@eircom.net