Financial Management Features
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Financial Consultants… There are two kinds of financial consultants: Independent Financial Advisor's, or IFA and tied agents. Both of whom sell life insurance and other related investment products. One such product would be linked saving plans. While independent financial advisor's must survey the marketplace for the best deal around, Tied agents are normally linked to one insurance company. A good example of two IFA's on the Internet are Money supermarket.com and Go compare.com. Where they differ from the traditional is that they offer far more services than merely financial, but the idea is virtually the same as IFA's. Another marked difference is that Tied agents normally do not charge a fee for their services, where as IFA's don't. IFA's tend to make their money on commission, but some also charge a fee. If this is the case, make sure their commission is deducted from the final fee before you pay a cent.
Banks… The bank will give you financial advice on a commission basis, but most, if not all, are tied to one company. They may also have their own in-house company offering financial advice. This service is not normally promoted via the banks themselves, and is not available within the bank. On request they will normally point you in the right direction with contact information and advice should you require it.
Lawyers… Lawyers will normally give you any financial advice you require, but they must advertise the fact in their offices and on their letterheads. Lawyers cannot be tied to any one company or institution. They must give independent advice and normally charge a fee. If you get the help of a lawyer when buying a home or making a will, find out if he is authorized to help you in other financial matters.
Accountants… By and large, most accountants are authorized to give you financial advice, but they normally charge a fee for this service. If you do not require a written report, an interview can be arranged which will significantly lower the cost of any advice given.
Stockbrokers… The main function of any stockbroker is to buy and sell shares. However, many also give advice on many aspects of financial planning. They can advise you on unit trusts and life insurance, to name but two. Beware, stockbrokers in major and capital cities will only agree to take you on as a client if you have a substantial amount to invest.
Trust to your own instincts in financial matters. If, you are ever unsure of anything, always get a second opinion. Even if it does cost you a little more, it will save you in the long run. Remember: there is no substitute for peace of mind.
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