All regulated financial advisers are authorised to give

advice by the Financial Services Authority (FSA) which

includes advice and recommendations on;

Mortgages;

General insurance; and

Protection insurance

Receipt of financial advice can take many forms including

telephone, e-mail and correspondence, but more often than

not is in the form of a face to face interview with an

adviser. Whichever of the above mediums you choose to

receive your advice one common factor should be apparent and

that is the gathering of sufficient detailed information to

enable an accurate and relevant recommendation to be made.

In all circumstances it is the adviser’s duty to only

recommend a product or service that is relevant to your

needs.

It is of course possible to purchase products or services

without having to receive advice However, as a consequence

it is up to you the customer, to decide whether the product

or service you are purchasing meets your needs. It is also

worth bearing in mind that your rights of complaint should

you purchase financial products or services yourself are

diminished should the product not turn out to be what you

expected.

Different firms will give different advice on product types

but broadly firms will offer products from either the whole

of the market, single product provider or a grouping of

product providers.

This all sounds rather complicated?

As mentioned earlier all regulated firms and advisers have

to follow strict guidelines laid down by the FSA regarding

the provision of advice. This is ultimately to protect you

the consumer and to ensure you are given accurate, fair and

relevant advice.

At the beginning of any interview you will be provided with

information by the adviser to quantify his status and what

products and services he or she can offer you. You will also

be provided with a ‘Keyfacts’ document which will further

detail the services provided. These items should provide you

with enough information to be confident around the services

provided, if you are unsure do ask.

It is always a good idea to have a think about your own

financial situation prior to meeting with your adviser.

Questions you can ask yourself before for example;

What are your aspirations for the future?

Do you have any borrowing under control?

Do you have any protection in place for you and your

family?

Do you have sufficient funds available should an emergency

arise?

How do you feel about retirement and provisions in place

today?

Following your information gathering interview with your

adviser he or she will take account of your responses to the

above questions and many more details obtained, to arrive at

a suitable suite of recommendations to meet your identified

needs.

It is then adviser’s responsibility to recommend solutions

in the form of policies to cater for these needs – remember

though, in an ideal world we would all like to be fully

protected and save lots of our hard earned cash for a rainy

day or retirement but this is not always possible.

Therefore, prioritise if you have to and ask your adviser

based upon your budget what are the most pressing needs

which need to be addressed now. You relationship with your

adviser should not be a one off but a continual progressive

relationship whereby you can agree to cater for and meet

your needs, on an ongoing basis.