Where to find a regulated and qualified financial adviser with relevant experience
The key to finding a financial adviser is to work out what type of financial advice you are looking for. For example, do you want advice on investments or pensions? Once you have figured this out, complete our choosing a financial adviser checklist:
|Choosing a financial adviser checklist|
|Authorisation: Check if the financial adviser is regulated by the Central Bank. You can check this by typing in their name here.
If the financial adviser is not regulated and things go wrong, you may not have access to complaints procedures and compensation schemes. Also, the Financial Services and Pensions Ombudsman cannot investigate complaints against an unauthorised firm or financial adviser, so it’s very important to check they are authorised before contacting them.
|Status: Check what type of financial products they can give advice on. Are they independent and can they consider and advise on all financial products across the market or, only on financial products available from a limited number of financial services providers?
This information should be given to you by the financial adviser the first time they deal with you.
|Qualifications and experience: Check if the financial adviser has a recognised professional qualification to give financial advice. Also check if they have experience advising people in similar situations to yours, for example, about retirement plans, buying property etc.|
|Fees: Find out how much the financial adviser will charge. Check if ongoing advice will be provided and if so, what the cost will be? Also ask what other payments the financial adviser receives, for example, if they are paid commission from the financial services firm they are selling products for.
The first time you deal with a financial adviser, they must give you a document with information on their charges.
|Compare: Before choosing a financial adviser, contact a number of them and compare their fees, qualifications and experience.|
|Ask financial advisers for a quote for the product you’re interested in on a nil commission basis and compare them with quotes that factor in commission.|