Financial
Advisors
A new breed of financial advisors
hit the streets this week in a move that the regulators, the Financial
Services Authority claims, will offer consumers more choice.
Until now there were two types of advisor – those tied to
a bank or building society that could only sell their own brand;
and the independent financial advisor offering products from the
whole market.
But now there’s another type of advisor out there –
the multi tied advisor – offering a limited number of products
chosen by them.
The FSA says this offers the consumer more choice –the Consumer
Association believes this choice is an illusion, On Your Behalf
looks at why is the FSA making these changes and what it will mean
for the consumer
Questions to ask your advisor
• Are you independent, tied or multi tied
• Why are you recommending this group of companies
• Are you owned by the company whose products you want to
sell me
• And how will I pay you – today and in the future?
Make sure you know
the answers before you proceed.
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