Non Regulated Advice

wjr4

itsthelittlethings said:

You could try an accountant for tax efficiency I think.

You’d be surprised how limited some of their knowledge is. 

sandsy

Advice is regulated when it's given specifically in relation to a particular (named/branded) regulated security or investment product or the rights that some of those products give their owner. 

Marcon

sandsy said:

Advice is regulated when it's given specifically in relation to a particular (named/branded) regulated security or investment product or the rights that some of those products give their owner. 

Pasting what AI has to say on the matter doesn't always result in a complete and correct answer... Probably better to have a look at what the FCA thinks about it.

BrassicWoman

I post on a specialised facebook group for retirement planning and many experts with time on their hands are happy to tell me all the ways I am wrong, for free.

Albermarle

BrassicWoman said:

I post on a specialised facebook group for retirement planning and many experts with time on their hands are happy to tell me all the ways I am wrong, for free.

Yes, but if you follow their advice and it turns out to be poor, you have no comeback.

The other issue, which we see a lot of on this forum, is that the person asking a question(s), only supplies limited info about themselves and does not mention 'that other old pension they have', or that their spouse has these investments or whatever.
So by not having the whole picture, you can easily give the wrong answer.
The first part of an IFA's job is to find out everything about you and your finances and document it. ( a reason why some potential clients might shy away as it makes them feel uncomfortable ) 

RecliningInPeace

Cbjroms said:

 

Just wondering if anyone out there knows of such a service provider?

I have used neither of these resources, but maybe something for you to look into.

1. Financial coaches, or 'restricted advisers' to use Citizens Advice's term. Read more here. YouTubers such as Dianne Sullivan put themselves into this category. Dianne offers an initial free call.

2. Buying Voyant via an IFA to test your work on industry standard software. You cannot buy it directly, but a couple of options I've seen are via Chris Bourne, with three options at £145, £395 or £795, and Pete Matthew's meaningful academy, priced at £695. I think all these give you one year's access to the software, after which there is an annual subscription fee. You could also speak to your own IFA about this option; they might have licenses available to similar software.

Cbjroms

Thanks for all the comments on my question.

Forums such as this are really useful ways to get answers. I frequently use forums to improve my understanding of all sorts of issues and try to 'give back' by responding to any questions that I can help with. As per the spirit of the responses above, there are very few questions that somebody out there cant answer. 

I completely understand the need for, and benefits of, regulated financial advice. Society requires such controls to prevent the vulnerable to be protected. But I also believe that regulated and competent are two different things and I have personal experience of dealing with professionals (including financial professionals) who are measurably regulated whilst being somewhat less competent than I would have hoped!         

As regards my interest in seeking unregulated advice, there is a difference between asking a question on a forum and having a one-to-one with somebody. Key is to understand the knowledge and ability of the person with whom you are dealing and for them to understand where I am coming from. Such a relationship (remote or in person) takes time and thus, in my opinion, requires a willingness to recompense someone for their effort. 

Thanks again all.

Albermarle

As regards my interest in seeking unregulated advice, there is a difference between asking a question on a forum and having a one-to-one with somebody. Key is to understand the knowledge and ability of the person with whom you are dealing and for them to understand where I am coming from. Such a relationship (remote or in person) takes time and thus, in my opinion, requires a willingness to recompense someone for their effort. 

I think dispensing unregulated personal financial advice for monetary reward is actually illegal in the UK AFAIK.