Types of Adviser
Tied Agents
Tied Agents can advise only on the products of one provider, such as the sales staff who work at a bank or building society.
The person providing the product information or advice is acting on behalf of the product provider. Many people buy products this way, usually because they feel more comfortable buying from a big-name organisation and assuming, sometimes incorrectly, that they are bound to get a good deal. In reality they actually receive limited information on a small selection of products.
Multi-tied Agents
Multi-tied Agents are financial advisers who are allowed to recommend the products of a limited selection of providers, rather than just one.
Again, banks and building societies that previously had a single tie to a financial product provider are likely to include in their range one or two products from other providers. This will avoid the time and costs of having to look across the whole market for the ‘best’ products. Customers need to check out the breadth of products and providers on offer and decide if the choice of products available is a suitable enough range for them.
Independent Financial Advisers (IFAs)
IFAs offer unbiased advice and select products from the marketplace as a whole, providing impartial advice and recommending the most suitable combination of products from all providers, free of commercial ties and/or commercial restraints.
At Wessex Investment Management we will take time to understand your needs in order to prepare tailored solutions specific to you and provide choice.
Types of Advice
There are two distinct levels to financial advice. These are:
- Full Advice – Where clients/investors prefer to have all aspects of their financial affairs cared for by a professional financial planner. Regular reviews are undertaken and a financial planning strategy is closely followed.
- Focused Advice – Those clients that have in the main looked after their own affairs but recognise shortcomings in a particular financial planning area will often refer to a professional financial planner for specific advice on products and/or companies without undergoing a full and long-term review process.
Young or old, we all make financial decisions. By making the right ones we can gain significantly. Making the wrong ones can prove very expensive, not just for us individually, but also for those who depend upon us.
If the business of financial planning seems too complicated or you are too busy to take the DIY approach then an Independent Financial Adviser (IFA) can provide guidance through the maze of the financial world. Only an IFA can provide unbiased impartial advice and make recommendations from the whole of the market.
Introduction to the Financial Services Authority
FSA Guide to Financial Advice
