Getting independent financial advice

What the financial adviser should tell you

When you first meet with a financial adviser, you should be given clear information on the services the adviser offers, including:

• whether the advice is independent, or restricted. If the advice is restricted, the adviser should tell you how it is restricted. For example, whether they are only offering products from certain companies
• the level of advice you will receive. For example, you may just be looking for information to help you decide what to do, or you may need someone to suggest the best options for you
• how much you'll have to pay for the advice.

Your adviser should also give you a key facts document with information about:

• the adviser or firm you are using and the services they offer
• the products they have recommended for you
• the right to change your mind about taking out a financial product and how long you have to do it
• your right to be given further information or an explanation if there is something you don’t understand
• how to make a complaint if you’re not happy with the service or product provided
• who the firm is authorised and regulated by
• the cost of the service and/or product.

If the adviser doesn't give you this information, make sure you ask them for it.

How much will the advice cost

You will have to pay for financial advice and you may also have to pay charges on the financial products you buy.

You need to be very clear about how much the advice is costing you and what the charges are on the products you are recommended. Make sure you understand all the costs involved and compare fees and investment charges between different advisers before you make a final decision. You may be able to get the same product at a cheaper price with another adviser.