Choosing a Financial Advisor - Additional Information

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Types of Advisor

There are lots of different names and below I indicate what they are likely to offer:

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Financial Consultant                              Typically generalist                                           

Financial Advisor                                    Again mostly generalist                                     

Financial Planner                                   More specialist but wide ranging                        

Wealth Manager                                     Investment specialist including planning                         

Stockbroker                                            Investment advice only                                     

Mortgage Broker                                     Loans and mortgages                                       

Estate Planner                                        Death planning

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Independent advisors can take a view of all of your investments whereas those tied to one investment group are restricted in what they can offer. 

 

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Qualifications

There is a minimum level of qualifications required to provide retail investment advice in the UK. 

 

The Chartered Insurance Institute and Personal Finance Society (https://www.thepfs.org/) are the most common examining bodies associated with financial advice. They offer a range of examinations (see below) and require that members keep up their studies to remain expert.

 

Their basic level of qualification is Diploma Level but it is possible to go beyond this by taking advanced exams. The ‘gold standard’ is to hold the Chartered Financial Planning qualification.

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