Questions to Ask Financial Adviser

T

Titan

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Sorry if this is in the wrong forum but I'm not sure which forum it belongs in..

I am looking for an independent financial adviser but I was wondering what are the main questions that I should be asking before signing up to anything or using them for any investments?

Apart from the obvious how are they paid commission/take a percentage etc..

Thanks for any help
 
Thanks Brendan,

It was some help and gave me an idea of what to look for.

I have gotten some names of Authorised Advisers from the Central Bank website.

I will email some of them and see what they say...

From what I have read Authorised Advisers have to give you advice on a wide range of products not just from whom they are agents for.
I'm assuming this includes stocks,property and any other class of investment?
 

From The Central Bank:

AAs are required to provide broad-based investment advice whereby they must provide the consumer with the most suitable investment advice on retail investment instruments without the necessity of holding a letter of appointment from a product producer.

MAIs are required to provide the most suitable investment advice from the range of product producers from which they have appointments.

I have worked as an AA for years but set up my business as a MAI. There is no difference in the advice given. You can bet that 99% of AA's will give advice on investments/ products that they have agencies with.

Why? Because advisers will advise on products and funds that they are familiar with. And the industry is still largely commission based and AA's can get paid commission if they don't have an agency.

The Central Bank has proposed the abolition of AA and MAI status and is proposing that everyone is called 'Investment Product Intermediaries’

You should ask potential advisers if they will do the work for a fee, what their investment philosophy is and what their investment process is.
 
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