Financial Advisers

financial planning advice

Financial Advice

The financial services market can be overwhelming with an array of products and providers as indicated below:

Products: Insurance | Investment | Pensions | Mortgages | Banking | Loans and Credit

Providers – Distributors: Insurance Companies | Banks – Bancassurance | Asset Management Houses | Platforms |Discretionary Fund Managers | Wealth Managers and Financial Advisers.

Financial Advisers: 23000 + Registered Advisers.

With over 30000* financial products, finding the right advice can be a challenge as the advisory sector is fee charging.

Regardless of your finances, finding a fee-based adviser in your area who is qualified to meet your requirements is essential.

At FBA we will give you access to the best fee based advisers who you can trust for relevant advice.

We offer further information on adviser status, qualifications and fee schedule on our download page.

Choosing the right adviser is vital as it can affect the advice given.

* Unit Trusts, Open Ended Investment Companies (Oeics) and Investment Trusts | Managed Funds – Life and Pensions – Offshore Investments | Mortgages – Savings and Loans. Source: FE Trust Net.

 

Adviser StatusAdviser Status

 Overall there are two key categories of advisers:

Independent Advisers :  Independent Advisers offer unrestricted products to meet your objectives, they are referred as “Independent Financial Adviser” (IFA’s)

Restricted Advisers: Restricted Advisers in comparison to IFAs can only recommend a restricted range of products either for one provider, a panel of providers or specific product area.

For further information visit Financial Conduct Authority (FCA): http://goo.gl/28K14R

Irrespective of their positions Independent or Restricted, Advisers have to disclose their status as defined by the regulator Financial Conduct Authority (FCA).

They charge fees for their services on all “Investments and Pensions related products” as they can no longer receive commissions. However, they can still receive commissions in relation to various protection products including Life Insurance, Mortgage Protection and Private Medial Insurance (PMI). All commissions and fees are fully disclosed with your adviser.

The Chartered Insurance Institute (CII) is the main qualifications and examination body in the UK. Financial Advisers are further differentiated by their qualifications.

fee based financial advice

Chartered Financial Planner 

The Chartered Financial Planner title is the top adviser status as designated by The Chartered Insurance Institute (CII) and Personal Financial Society.

Certified Financial Planner

The Certified Financial Planner (CFP) designation is a professional certification mark for financial planners. Qualification – Level 4 and above.

Financial Planner / Personal Financial Planner

A Financial Planner or Personal Financial Planner is a professional who prepares financial plans for people. Minimum Qualification – Level 4

For further information visit The Chartered Insurance Institute (CII): http://goo.gl/Rj8e5W

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Frequently Asked Questions (FAQ’s)

financial planning advice

What is fee-based advice?

Fee-based advice is advice that you pay for in a transparent and upfront way. Such fees are usually paid directly to the adviser on an hourly basis but sometimes fees can be paid to them by a third party based on a fully-disclosed commission payment, or, in the case of some investments, as a percentage of the overall investment. Fee-based advisers will always go to the open market to get the best advice and product information for you and they will always make sure that any fees they receive are explained to you in an open and transparent way. At FBA, all our advisers offer fee-based advice.

How easy is it to use FBA to source an adviser?

It’s incredibly easy to do this. If you know what type of advice you need you can register and then post some details on the website (following the user guide). FBA advisers will then bid for the job and you will be able to choose which one to use based on your own criteria – for example, where they are based and how much they charge. Alternatively, if you are less certain about what kind of advice you need, just make an enquiry and we will send you details of three qualified fee-based advisers in your area to get you started.

How do I know the advice I receive is the right advice?

We know that quality advice is important to you. For that reason, we make sure that all our fee-based advisers have the right professional qualifications before we match them to your needs. Our fee-based advisers are registered with the FSA and some are also Chartered Financial Planners and members of the Personal Finance Society (PFS).

How much will it cost me to use FBA to source an adviser?

Fee-based advisers may charge you in a number of different ways but they are always honest and up front about it. Most will quote either a fixed fee or an hourly rate – these can vary between about £75 and £350 depending on the job at hand. Others may earn commission, but where this happens it will be made clear to you. Also, when making some investments, the adviser can sometimes earn a percentage of the overall investment which is payable to them directly from the fund. Again, such payments will be treated transparently and explained to you in advance.

If I have other questions, who can I ask?

For further information, send an email to info@fba.com and the FBA team will aim to respond to your question within 24 hours.