would you trust an dependant financial adviser ?

Question

who would you seek for financial advise ?
I want someone whos not going to make money out of me in commision

sorry independant adviser

Answer 1

Unless you are really rich (£1m + these days) you really do need to learn how to manage your own money ...

If Stocks & Shares are beyond you, either stock to Building Society accounts or go for a ISA wrapper & buy Index Tracker funds.

"If you don't want to be taken for a ride, learn to drive yourself"

Answer 2

The non-independent advisers are normally called 'tied' rather than 'dependent'. If they can offer products only from a single provider, it is extremely unlikely you will be getting the best available for your circumstances.

An independent adviser should offer you a choice of payment through commission or a fee, the amount of which you should agree before seeking any paid-for advice. Personally, I never understand why it should cost more to invest £50,000 than £5,000; but if you are paying commission on all the investments you buy, you may well be paying ten times as much.

If you care to drop me an email, I will let you have the name of a firm I have used for a long time, though I have not yet sought advice. I would certainly speak to this company first if I did decide to take advice.

You cannot however expect any company to make no charges whatsoever.The important thing is how visible the charges are.

Answer 3

If you don't want your adviser to be paid by commission then you will have to pay for their time - £150 per hour is not unusual. They then pay you any commission they receive on the product(s) they sell you. This in theory means their advice should be independent - just remember they may not be any smarter than you - they have just sat exams, a large part of which teach them how to cover their as*!

Check also that any "ongoing" commission - many policies pay a yearly commission to the seller in addition to the upfront fee - is payable to you. If not you can always switch the policies to be held by a "money supermarket" which pays most of the commission to you.

The best thing to do is research for yourself online and in financial newspapers/ sections BEFORE you see an adviser so you can ask sensible questions. This may help focus their mind on giving you good advice, if they think you know a bit about the subject!

Sometimes the best advice can be to do nothing - few if any advisers will ever tell you this though because 1) they earn no commission and 2) it would look as if you'd paid them for nothing.

Good Luck

Answer 4

By the terms of your question a dependant adviser would be working on behalf of a particular financial company and would offer you biased advice and is probably on commission or has sale targets to achieve. You want an independent adviser who probably is in a position to advise you several different schemes and would be more likely to suggest the one that is most suited to your requirements. He may be on commission but it will not matter too much to him what scheme or investment you select. He will be more concerned with suggesting something that suits you rather than not make a sale.

Answer 5

A fee charging independent adviser is usually OK, but there are some incompetent ones as well and regulatly some are being sued by their clients for giving blatantly bad advice. It is best to go by recommendation, but even then, be careful.

Their charges are hefty at about £200 - £400 per hour, so ask for their terms first. You must stand to gain much more than that to make economic sense.

Answer 6

Yes, its important to ensure that your adviser is not dependent on you.

For someone seeking an independent adviser, you're still out of luck. Advisers are paid directly or indirectly on loads based on the performance of your portfolio. Remember, theyre there to bring in the money and keep it there. A truly independent anything is one who does not need your portfolio- in such cases, they will have to charge u a flat fee.

Answer 7

I pressume you mean Independant Financial Adviser?

Well if you dont want an IFA to take commission you can agree to pay an hourly fee for their time.

The IFA has to be paid, they don't do it for the love of the job. They have bills to pay as well. Do you go to work and not expect to be paid? I bet you don't! ! ! !

There are basically 2 options for paying an IFA, they can either take commisison or you can pay them an hourly fee.

Depending on the IFA the typical hourly fee could be anything from £100 upwards, depending on their experience and what you want them to do for you.

You could try setting a fixed price for the work at outset and then anything they earn over and above that they can re-invest for you.

Speak to lots of IFA's. Find some in your local area by looking on www.unbiased.co.uk

Answer 8

Advice costs money.

You can pay for advice in several ways:

a. commission based on transactions executed on your behalf

b. fixed fee based on assets e.g. 1% per year of the assets being managed.

c. performance based. i.e. you pay the adviser a certain percent of the appreciation of your assets as a result of the advice.

d. any combination of a. b. and c.

Discuss these alternatives with your choice of financial adviser and chose the compensation structure for the adviser that you feel most comfortable with.

Answer 9

You might want to try grammar/spelling advice first.

Yes, I would trust a dependABLE financial advisOr for financial adviCe. Most, now adays, charge a fee for managing your assets instead of making commissions from selling you certain funds. Look for advisors that are fee-based only.

Answer 10

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