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Get the right financial advice
Putting your financial affairs in order may seem daunting but broken down into smaller tasks and professionals on hand, it's possible to substantially boost your assets. There is plenty of information and advice available For starters, there's Moneywise, packed with expert financial advice, while the internet has also made it much easier to get information about financial products. Comparison sites, such as Interactive Investor (iii.co.uk), are great for keeping up to date with the best buys in areas such savings accounts, credit cards and insurance. Even managing more complex areas of your finances, such as your investments, has been made easier with technology. As well as giving you access to lower charges and allowing you to buy and switch funds quickly and easily, fund supermarkets come with a range of portfolio management tools. However, sometimes it's wise to get professional advice. Independent financial advisers, mortgage brokers and insurance brokers can help you find the best deals quickly. Call in the professionals If you simply want help finding a mortgage or insurance then a mortgage or insurance broker can help. They are regulated to give advice in these areas and will be able to give you the benefit of their expertise. If you want someone to help you with your pension, investments or inheritance tax planning or to take a more general look at your financial situation, then an IFA would be more appropriate. It's also possible to see an IFA who specialises in a particular area, such as inheritance tax planning or investments. It's important that you do see an IFA with additional qualifications. If you need to review your pension, you should always seek out an IFA with the G60 pension qualification. There are three different types to choose from; the tied agent work for one company, so you will only receive advice on its products; the multi-tied agent work for a number of different companies but their recommendations will only be based on the products of the companies they represent. Offering the broadest advice is the independent financial adviser. These can search the whole market and are required to recommend the most appropriate product or services for your circumstances. How to find an adviser There are ways to ensure you see someone with the right qualifications and experience. Many advisers are represented by professional bodies such as IFA Promotion, the British Insurance Brokers' Association and the Association of Medical Insurance Intermediaries. Some advisers, especially for insurance, mortgage and individual savings account advice, offer telephone or online services and these may be more convenient. But, if you have more complex requirements a face-to-face meeting will be more appropriate. Make sure you like your adviser too, especially if you want to develop a long-term relationship with them. IFAs, mortgage brokers and insurance brokers are all regulated by the Financial Services Authority and you can check they are registered with it either through its website or by telephone. Most companies pay commission to advisers recommending their products, but not all advisers will take this. Some will rebate some commission so you get a better deal, others will rebate it all and charge a fee. If you opt to pay a fee you can expect to pay between £50 and £200 an hour.
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