IFAs, Financial Planners, Wealth Management...????

bigfreddiel

dunstonh wrote: »

The average consumer has no idea of the different types of adviser that exist. Even when people have seen a restricted adviser, many would not know the extent of the restriction and may not even realise they are restricted.

Why doesn't the advisor explain what type he is and what that means exactly? Surely that should be a mandatory requirement of all advisors?

And to repeat my other question when would someone choose a restricted advisor, under what circumstances?

Earlier you said they should be avoided.

Cheers fj

sandsy

bigfreddiel wrote: »

Why doesn't the advisor explain what type he is and what that means exactly? Surely that should be a mandatory requirement of all advisors?

It is a requirement already.

greenglide

And to repeat my other question when would someone choose a restricted advisor, under what circumstances?

Anyone who doesn't know the difference!

People still goto banks etc for advice!

bigfreddiel

greenglide wrote: »

Anyone who doesn't know the difference!

People still goto banks etc for advice!

Never! Do they?

I bet no self respecting MSEer would admit asking their bank for any advice!

Cheers fj

dunstonh

hy doesn't the advisor explain what type he is and what that means exactly? Surely that should be a mandatory requirement of all advisors?

It is mandatory to state the type of adviser (as mentioned). However, it not mandatory to promote the status of independent if you are restricted or downplay restricted and the restricted adviser can promote themselves and what they think they are good at.

fairleads

[FONT=&quot]who do I need to avoid?
For starters, any advisory group/institution that has “wealth” in their title.[/FONT]

bigadaj

fairleads wrote: »

[FONT=&quot]who do I need to avoid?
For starters, any advisory group/institution that has “wealth” in their title.[/FONT]

It's a bit like countries with the word 'democratic' in them, though to be fair to the 'wealth' companies at least it's an accurate description of their own position in the relationship if not their clients.