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A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
Our blogs will give you information, tips, insights and guidance to help you get to know your pension and support you on your journey to retirement.
No matter how clued-up financially we think we are, many of us could benefit from professional, financial advice at times.
But, in an uncertain financial world that often appears to be full of crooks, scammers and people posing as experts, it can be difficult to tell the good guys from the bad guys – never mind finding a genuine financial adviser who’s perfect for our needs.
So, to help you decide, we’re suggesting 10 questions that you should ask a financial adviser BEFORE you sign them up. Their answers should make it easier for you to choose a trustworthy adviser who is best suited to you.
1. Who are you regulated by?
3. How much do you charge for providing advice and when do I pay?
A financial adviser has a legal duty to tell you how they charge, and how much, before they start working with you. Some advisers will offer a free initial consultation, but others charge. A ‘suitability report’ - a document where some advisers will make their financial recommendations for you - is usually chargeable, so find out if this adviser provides one, and how much this would be, beforehand.
Some advisers charge hourly, others charge a fixed fee or percentage of the value of your pension, or it can be deducted from your ongoing investments. It also depends on the service you want, but it should be agreed in advance. Advisers should not be paid commission from your investment by product providers.
4. What specific financial services do you offer?
You should find out if the investments or actions this financial adviser recommends for you, are suitable for your ‘risk profile’. The adviser should ask you questions beforehand about your own attitude to risk and how long you wish to invest for. The investments chosen for your financial plan should be carefully selected and discussed with you, so they suit your own personal needs.
9. Would I work just with you, or with a team?
Many financial advisers will remain your point of contact throughout. However, advisers who work for large organisations may sometimes get a colleague to deal with some of their work. You need to know what to expect, and decide if this suits you.
10. How would I receive the advice?
Ask if the potential advice will be given face to face, on the phone, via email, via report or through an online portal. Find out if you can choose one way over another and if there are different prices for each.
Once you've received answers to all of these questions, and checked out any credentials, you should be able to tell if your potential adviser is reliable, trustworthy and a perfect fit for your needs, or whether you should start searching again.
Liverpool Victoria (LV) has been chosen as the official partner to give our members financial advice and has specific knowledge on the Scheme. You can contact LV on 0800 023 4187.
But you are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at unbiased.co.uk.
See more information on getting financial advice in our website blog ‘ Who needs advice anyway?’
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