- pensions and retirement income products
- holistic financial planning.
Advisers may also have a specific qualification to advise on pension transfers as well.
Advisers recommending these types of products must carry higher levels of qualifications and can’t receive commission from the products they sell.
Instead, they charge a fee for the advice they give but there might be different options for how you pay the fee.
Advisers who provide advice on the products listed above might also provide advice on protection insurance (such as life insurance) and sometimes mortgages.
Many offer holistic financial planning, where they’ll advise you on all aspects of your financial needs.
Advisers in this category are classified as either independent or restricted.
Restricted advisers might either be restricted in the type of products they offer, the number of providers they choose from, or both.
Independent financial advisers (IFAs) can recommend all types of retail investment products and pension products from firms across the market without restriction.
You might want to consider choosing an adviser who can deal with a wide range of product providers for the product they are recommending – and not just one or two. That way, you know you’ll be getting the widest choice.
But the quality and suitability of the advice shouldn’t be affected by whether you decide on an adviser who can advise on all the market or one who’s restricted to one or more providers.
Make sure you understand the type of service they offer before you decide whether to get advice from them. That includes the cost of the advice and the method of charging.