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Financial Education Online

Financial Advice

Why regulated financial advice is important

If you’re looking to invest, plan for the long term or purchase a financial product such as life insurance, then it may be prudent to seek regulated financial advice.

Regulated financial advisers are qualified individuals who can carry out ‘fact finds ‘to determine what product is right for you and if you need a product at all. A regulated financial adviser will also have the expertise and knowledge to find suitable options, as some products are only available if you go through an adviser.

Following receiving regulated financial advice, if a product or service is suitable, then you will be provided with a recommendation; however, it is your choice if you wish to proceed with these recommendations.

Using a regulated financial adviser can often help with complex problems or tax efficient financial planning, although, a fee usually applies for their services but they could end up saving you a lot more.

Regulated financial advice offers you more protection if things go wrong, for example, you are protected if unsuitable advice is given, or your adviser is found to have not acted in your best interests. Similarly, non-advised investors would also be protected if they were misled or mis-sold a product.

5 tips when looking for a regulated financial adviser

  1. Always ensure your financial adviser is regulated by the FCA. This means that the financial advice you will be given is fair and not misleading. It also means that you’ll have access to the financial ombudsmen service if you feel you have been given poor advice. You can check to see if a firm is regulated at https://register.fca.org.uk/
  2. Ask if your regulated financial adviser is independent or restricted. An independent financial adviser will be able to advise on the whole of market, whereas a restricted adviser will only be able to advise on specific products.
  3. Ask about the charges before you get regulated financial advice. The price for this can vary largely depending on the products you wish to get advice on.
  4. It can be a good idea to speak to more than one adviser. Products and fees will vary between financial advisers and if you’re making a large investment or making an important decision, it could be a good idea to get more than one opinion.
  5. Instructing a regulated financial adviser is normally not just a one off visit as your circumstances can change. Ask your financial adviser what happens if they leave the company or retire? If they are part of a large company this could be beneficial as you should get consistency from the next financial adviser you deal with.

my wealth

Employees who have attended our financial education workshops, can also have access* to our regulated financial advice service, provided by my wealth**. This can help you to understand your own personal financial situation and what options you may need to take if you need to mitigate any future tax charges.

To begin your journey please look out for your personal invitation to attend a workshop.

* Subject to availability and qualifying criteria.

** WEALTH at work and my wealth are trading names of Wealth at Work Limited which is authorised and regulated by the Financial Conduct Authority and is part of the Wealth at Work group. Registered in England and Wales No. 05225819. Registered Office: Third Floor, 5 St Paul’s Square, Liverpool, L3 9SJ. Telephone calls may be recorded and monitored for training and record-keeping purposes. Find out more about my wealth visit the my wealth website.