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Calculator Baby costs calculator. Calculator Mortgage affordability calculator. Calculator Mortgage calculator. Money troubles. Calculator Pension calculator. Calculator Workplace pension contribution calculator. Tool Find a retirement adviser. Calculator Redundancy pay calculator. Choosing a financial adviser. The key to finding the right financial adviser is knowing what type of advice you need.
How to find a financial adviser. Back to top. Types of adviser. Join our Facebook group. Advisers who deal with investments. This includes: investments pensions and retirement income products holistic financial planning. Advisers may also have a specific qualification to advise on pension transfers as well.
Advisers in this category are classified as either independent or restricted. Find out more in our guides: Financial adviser fees Key questions to ask your financial adviser. Advisers who deal with mortgages and equity release. Mortgage advisers must have specific mortgage qualifications. Some mortgage advisers also charge a fee for their services.
Many mortgage advisers can also advise on protection insurance, such as life insurance. Money Navigator Tool. Advisers who deal with insurance. This includes: general insurance such as home, car and travel insurance protection insurance such as income protection and critical illness.
These advisers are often also known as insurance brokers. Need someone to talk to about your finances? Was this information useful? Yes No. Thank you for your feedback. Share this article. Email Facebook Twitter.
More options. Share this with. WhatsApp LinkedIn. Explore this topic Close Financial advisers. Now you might probably be thinking, why should I engage a tied agent to conduct your financial planning? Tied agents, although they can only sell products from their specific insurance company, have advantages of their own.
Tied agents usually get full access to the range of products that the insurance companies offer. The reason for this is simple, insurance companies need to retain their unique selling points and have control over the distribution of their products. If they allow FAs and IFAs to sell the whole suite of products they carry, nobody would join the insurance company as a tied agent.
This reduces their profits as they have to pay additional distribution costs to the FA firms. If you purchase a product from a tied agent, there are usually no serviceability issues. FAs and IFAs however, have distribution agreements with insurance companies. Should these agreements terminate or issues arise from it, the insurance company will withdraw their products.
Although uncommon, it has happened before. As you can tell, this is obviously an issue. Because they only can sell products from a specific insurer, they will only try to sell you products from that insurer. Not necessarily. In actual fact is, there is no best policy. Thinking too much into this causes analysis paralysis — something you should avoid. A financial advisor is someone who provides advice on investment and financial matters. The FA is usually able to represent multiple insurance companies without being inherently biased towards any companies.
These FAs can even have subsidiaries of their own. Well, the ability to represent multiple insurance companies is one — if not the biggest — reason why many seek out FAs. You can possibly get the best policies from each of these insurers, making sure that you are paying the least for the most value. This advantage is pretty much linked to the previous one but deserves an entire section to itself. In theory, as long as you are aware of the restricted advice a tied adviser can offer, then you are free to choose which route to travel — however why buy from someone with limits on their advice when the whole world is your oyster with an IFA?
Disclosure: iExpats. It is specially designed to provide its users with general information. We may from time to time publish content on this site that has been created by affiliated or unaffiliated contributors. A tied adviser is also just what the description implies. Does the difference matter?
Monthly insurance premiums for life, critical illness, income protection etc. A tied adviser should always declare their affiliation to the company that they work for and explain that they will only be able to provide advice and guidance about their own or a limited range of interest rates and products. This can limit any possible alternative products which may be more suitable for you, as the adviser will be unable to discuss this with you.
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