Independent Financial Advice
Use an Independent Financial Adviser
Getting an independent view on your financial advice has become vitally important these days! If you walk in to any financial institution on the high street they will have a vested interest and only sell you products from THAT institution. Clearly that doesn’t give you access to the entire market and you have no way of knowing how competitive (or not) they might be. And, in my opinion they do not have the right motivation in selling to you – their commission being the most important factor
Now, I am not saying that employing and Independent Financial Adviser is a panacea, but it does give you the ability to compare financial products from a variety of different sources. In my experience, it has always proved beneficial and always ended up with me getting the “best fit” deal that was available for me at the time.
Indeed, recently I did have a bad experience with a Bank selling only their own products. It cost me a four week delay on a property deal in Spain and very nearly lost me the property all together! Not good. When I went to an independent, I got exactly the right deal, quickly, efficiently and had “sight” of the entire market. Indeed, I ended up having four options to choose from.
Your IFA – Invaluable
Of course you have to be aware that deals and markets change. So, you really do need to develop an ongoing relationship with your IFA so that they know your situation intimately. Given this, if the products you are currently employing cease to be right for you, your adviser can let you know and quickly trip you over to soemthing that does meet your needs. Of course your adviser will earn a commission and you have every right to ask about their earnings for one product versus another. But…if they do a good job for you and save you money they know you will come back time and time again, this is by far a better motivation if you ask me!
I was very lucky that a friend made a personal introduction to Paula, however, if you are not in the situation where a friend or family member knows a good IFA they can recommend, then this video may help you to choose.