Sorting the winners from the wide boys

Article Abstract:

Investment advisers have a poor image in the UK but they can be useful. Some advisers are tied to companies while others are independent. Independent advisers amy be small and work for a commission, which can lead them to recommend products paying commission rather than products suiting investors. Investors can pay a fee per hour to ensure more impartiality. Tied advisers can be useful if an investors has already decided on a product. The adviser should know about the particular area that the investor is interested in.

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Sound out advice

Article Abstract:

Investors using financial advisers who benefit from commissions should be wary of the impact of commissions on the quality of the advice they receive. There have been problems with personal pensions and endowment mortgages, though regulations have since improved. Commission charges that come from the first year's contributions affect performance since early contributions are those that would bring greatest returns if they did not disappear as commission.

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Where to look for independent advice

Article Abstract:

Independent financial advisers (IFAs) are independent from providers of financial services products and can offer better advice than company representatives. They have to be qualified or supervised by someone who is qualified and holds the Financial Planning Certificate or similar. They may charge a fee per hour, or may earn their living from commissions. Fees mean that products are not recommended simply because they bring the IFA a large commission.

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