Choosing an independent financial adviser

Article Abstract:

Accounting practices may desire the ability to offer clients financial advise to enhance their firm-client relationship and to create an additional source of revenue. Chartered accountants must apply to the Institute of Chartered Accountants of Scotland (ICAS) for permission to give financial advice. Firms should identify the probable needs of their clientele when deciding on the range of financial products and services to offer. Firms wishing to refer clients to independent financial advisors should also seek ICAS approval. When choosing an independent financial adviser, firms should obtain details on financial advisers from FIMBRA, the independent advisers regulatory agency. When choosing an adviser, the firm should assess the adviser's experience and professional qualifications, their professional indemnity insurance coverage, and the resources and systems they have to handle clients' needs.

Services, Accounting firms, Accounting services, Financial planners, Institute of Chartered Accountants of Scotland

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Watching their own?

Article Abstract:

The UK may finally have a cost-effective and logically structured financial services regulatory system if the recommendations of the report commissioned by the Securities and Investments Board (SIB) are implemented. The report proposed the consolidation of the activites of the various regulatory agencies governing independent advisers, life insurance and unit trust, and investment managers. A second recommendation was the funding of the Investors Compensation Scheme through the 'subvention' on product providers, plus a levy on independent advisers. Also recommended were the streamlining of SIB functions and the abolition of the Insurance Brokers Registration Council. There were rumors, however, that the SIB itself was trying to suppress the report's vital findings. Whether the recommendations will be implemented will depend largely on in-coming SIB Chmn Andrew Large's vision for the Board.

DEPOSITORY INSTITUTIONS, Financial services industry, Financial services, Industry regulations, Government regulation of business, Trade regulation, United Kingdom. Securities and Investments Board

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Investment trusts v unit trusts

Article Abstract:

Risks in entering the equity markets may be minimized through investment trusts or unit trusts. Investment trusts are companies that invest in other companies' shares. Unit trusts are funds of money divided into units representing equity values. The two types of funds differ significantly in their rates of return, their risks, and their potential for tax efficiency. Although investment trusts offer advantages such as lower costs and the ability to borrow, making a choice between the two should be based on expert advice and on the individual circumstances of the investors.

Methods, Investments, Mutual funds, Investors

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