5 tips on seeking financial advice

1. Don’t always rely on the family for advice

Almost one in five people would seek financial advice from their family, according to a recent survey by wealth managers, Sanlam. Although this seems like a reliable option, the cost of a bad decision on pension choices may be greater than any advice fee. What’s required is sensible, impartial guidance and advice given without emotion.

2. Shop around

When it comes to choosing a financial adviser it is important to do your homework and investigate a number of options. It’s worthwhile speaking to two or three of them comparing their prices and especially their services before committing to just one. You want to ensure you’re getting an adviser that specialises in what you want, whether that be advice on a long-term equity investment strategy or the best retirement drawdown product.

3. Check the financial adviser comparison websites

There are all sorts of websites that allow you to search for financial advisers based on your specific needs.  These include websites like Unbiased, Find An Adviser and VouchedFor.  And if you’re looking for a stockbroker, you should try the WMA.

Check the FCA register to ensure your adviser is approved

4. Make sure they are regulated

Once you’ve found an adviser that you’re happy with, check the FCA register to ensure they’re regulated and approved. If they’re not approved, then your not covered by the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if things we to go wrong. 

5. Face-to-face help

If you’re not quite sure whether you need the assistance of a financial adviser, consider Age UK’s extensive network throughout the country.  As well as providing free face-to-face guidance about a range of financial products and services, such as car and home insurance, the local outlets also provide broader assistance on services such as IT training and handyperson schemes.

Thanks to Share Radio’s Consumer Champion and presenter of the Consuming Issues Show, Georgie Frost for sharing these tips.

  • Share Radio has teamed up with the Open University Business School (OUBS) to launch a radio broadcast and audio podcast version of their successful ‘Managing My Money’ course. Broadcasting is expected to start by the end of June, and it will be possible for new starters to join the eight-week course every two to three weeks. For more details, click here.
  • PensionWise offers free guidance to people on the new pension freedoms. Find out more here.