We are bombarded with so much information on finance that it can seem impossible to choose between the huge range available. A financial adviser will help you sort through all the possibilities to find the right one for you. This guide is our advice for parents on how to get good financial advice for your family, online and offline.

Why use a financial adviser?

Without professional advice, you may not have the best information to help you make your decision, and you will not be able to complain should things go wrong. However, if you talk to a financial advisor, they will ask a series of questions about your financial circumstances, goals and risk outlook.

They will then tailor their advice to your particular needs and give you a recommendation in writing. Another bonus is that firms giving financial advice are regulated by the Financial Services Authority (FSA), and have to comply with certain standards. Check out a company carefully before you use them, and find out if they are on the FSA’s register.

If a company is not on the register, it can be difficult to make a complaint or get compensation.

Independent Financial Advisers (IFAs)

Different kinds of financial advisers are available. A tied agent can only give advice on the products offered by their own company, whereas a multi-tied agent can give advice on products from a range of companies. An independent Financial Adviser, on the other hand, can research the whole financial marketplace to find the most suitable product for you.

Choosing an adviser

There are plenty of financial advisers around. Search for advisers near you on www.unbiased.co.uk or www.findanadviser.org. Don’t just pick the first financial adviser you find – shop around, read the small print, ask friends and family for recommendations and consider the following:

Do you want the advice you get to be impartial?

What is most important to you, e.g. a local office with a personal service or a good website?

What qualifications and experience does the adviser have?

What are their areas of expertise: mortgages, insurance, investments? Make sure their expertise matches with the advice you need.

What are their charges and how are they paid? Usually this is through a fee, commission on the products you buy, or a combination of the two.

Where to go next

For further information on how to find financial advice, go to www.moneymadeclear.fsa.gov.uk or DirectGov. For advice on making a complaint about financial advice or services you have received, go to the FSA, the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

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