Financial Advisors

Armagh Financial Advice Guide

How To Get Financial & Mortgage Advice in Armagh

Sometimes in your life, you might face some financial challenges or find it hard to decide what to make up of your financial future. With a huge variety of financial products out there, it can also be difficult to make a choice. If you have little or no experience in handling finances, it could be helpful to receive professional financial advice. Some of the things a financial adviser could assist you with include:

– Saving or investing your money
– Your retirement planning
– Applying for a mortgage or buying a house
– Making the most from an inheritance or a redundancy payment
– With life changes such as divorce or starting a family

Some organizations and individuals provide financial guidance, which is different from financial advice. With professional guidance, you are provided with relevant information about the many options you have but doesn’t recommend any specific choice over another. On the other hand, financial advice lets you know which particular product would be most suitable for you.

Types of Financial Advisers

The main purpose of a financial adviser is to check out your financial plans and your financial position and recommend products that could assist you to meet your needs. Financial advisers are mainly divided into two: restricted advisers and independent financial advisers (IFAs).

– Restricted advisers – They offer advice on a limited number of products. These advisers may focus on one field such as pensions, or they might only provide advice on products provided by a certain number of companies.

– Independent financial advisers (IFAs) – They offer impartial advice about any financial product from any company available.

It would be a better idea to look out for independent financial advice to have the widest range of products and advice available.

How to Ensure You Are Receiving the Best Advice

If you visit a professional adviser, they should provide you with the right kind of financial advice you need. Failure to this, you have a right to complain. Every financial product recommended by an adviser should:

– Be suited to the amount of risk you are willing to take
– Consider your budget
– Consider the time duration you want to save
– Regard if you pay tax

Things to Consider Before You Meet Your Financial Adviser

As Mortgage Advisor Armagh outlines before you visit a financial adviser, consider understanding the kind of advice you require. This will assist you to find a better adviser for your condition. Below is a checklist of a few things to consider:

– If you have spare money to make an investment
– If you are planning for a certain event
– The length of time you want to invest
– The amount of risk you are ready to take
– If you are just looking for information or advice
– If you want advice on various types of investments
– Is it one-off advice?

What You Should Expect to Hear From a Financial Adviser

When you meet your Mortgage Advisor for the first time, they should provide you with clear information concerning the services the adviser provides such as:

– If the advice is restricted or independent
– The level of advice you will be provided
– How much it will cost for the advice

You should also expect to be issued with a key facts document that has information about:

– The recommended products
– The firm or adviser you are using, as well as, the services they provide
– The authorization and the regulation of the firm
– How you could make a complaint
– The cost of the product and/or service
– The right to reconsider the financial product you want

The Cost

There will be charges for financial advice and the financial products you purchase. This has to be made clear from the beginning. You could also compare the investment fees with other advisers to make a better choice. You might find the same product at a relatively lower price from another adviser.