Thursday, October 15, 2020

What is the difference between an independent and tied financial advisor?

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How do I find local financial advisors near me? Which financial advisor should I choose? How can I check their credentials and background? What's the difference between an independent and a tied financial advisor? Finding the right financial advisor can seem like a daunting task!

Financial Advisor Finder provides background information, ratings, reviews, experience, qualifications and services offered by each financial advisor to make the task of choosing the right financial advisor easier.

A common question that arises is the difference between an independent and a tied financial advisor. Firstly, its important to recognise that all financial advisors must be approved and authorised by the Financial Conduct Authority (FCA), whether independent or tied, providing you with peace of mind. Secondly, it doesn't mean that one type of advice is better than the other. In fact, both independent and tied advisors must pass the same qualifications and meet the same FCA requirements.

In essence, independent financial advisers (IFAs for short) offer a broader range of financial products and providers than tied advisors who will generally offer a more restricted range of financial products, hence the name 'tied' advisor. An advisor must inform you in writing if they provide independent or restricted advice. Most advisors offer an initial, no-obligation meeting in which they will explain the difference in more detail and provide an overview of their fee structure for any future work that you may instruct them to carry out on your behalf.

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