Free financial advice - does it exist?

[Globalti]

I always suspected IFAs were self-serving parasites and this was confirmed when Mrs Gti went to work for a Hungarian neighbour who is a self-styled IFA, "businessman", property developer and just about anything. The more she learned about his dealings and his lack of regard for clients or the basic rules of Compliance the more alarmed she became and in the end she walked out in fear of being involved with anything the bloke did.

 

[srw]

The Money Advice Service is not regulated by the Financial Services Authority and the Money Advice Service does not provide a regulated service.
The information and tools that the Money Advice Service provides are generic and should be of general assistance to you in managing your finances. However, the money advice service cannot recommend specific financial products and always recommends that you seek further information from an independent financial adviser, and/or further information from the providers of specific financial products.

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[Kiwiavenger]

it depends on what type of advice you want. if you phone a local NFU Mutual office they have a financial consultant who works for the mutual and can advise on life, protection, investments and pensions (to name a few) if you have a chat with the people in the office they can see if its something the FC can help with, there is also no charge and they can come to you during the week. (provided you get in before the RDR in january where all advise is charged for!)

 

[PK99]

it depends on what type of advice you want. if you phone a local NFU Mutual office they have a financial consultant who works for the mutual and can advise on life, protection, investments and pensions (to name a few) if you have a chat with the people in the office they can see if its something the FC can help with, there is also no charge and they can come to you during the week. (provided you get in before the RDR in january where all advise is charged for!)

No charge but they sell only their own products ie line their own pockets. No such thing as free financial advice

 

[selbs123]

I always suspected IFAs were self-serving parasites

Sorry to hear that you've heard of a bad financial adviser Globati. How long ago was that? I know there's some distrust about the financial sector, but as with all professions there are both good and bad IFAs. I know first-hand that there are plenty of great financial advisers (the company I work for runs a website which lets people rate and review their financial adviser - www.vouchedfor.co.uk). If you've directly encountered bad financial advice from your adviser in the past, why not rate them on the website? We're always keen to hear more about people's experiences, whether good or bad!

(provided you get in before the RDR in january where all advise is charged for!)

I think it's also important to be aware of the changes to the way that advisers are paid - known as the Retail Distribution Review (RDR). Financial advice from advisers has never been free - it's just not always been clear how the adviser has been paid. This will change as of 31st December when the RDR comes into effect as it will be clearer to the consumer what they are paying. The advisers will also have to declare whether they are "independent" or "restricted", depending on whether their advice is fully comprehensive and in the client's best interest (Independent) or tied to a narrower product range (Restricted). Worth reading more about RDR as it's a big change to the financial landscape and it's good to know where you stand.