Independent financial advice
Always get independent financial advice
If you have savings, properties or investments you may want to speak to an independent financial adviser. When appointing a financial adviser you should consider:
- Are they suitably qualified and experienced to provide advice on the topic you need? Sometimes it might make sense to speak to a specialist in a certain field, for example, a Later Life Adviser who would specialise in advice for older people.
- Is the payment for through a standard fees structure, is it commission-based or is it a mixture of both?
You should find out up front how they expect to be paid. You should also check:
- the cost;
- what is included in that cost;
- how will it be paid.
If the financial adviser expects to be paid on commission, you should find out how this is calculated. Before you enter into an agreement, you should fully understand, and be comfortable with, the payment process. You should also check if the cost paid includes a periodic review of your finances, or if you would have to pay a separate fee for this service.
As well as talking to a financial adviser, you could also speak to your bank, building society or insurance company. However, these organisations are not independent and may try to sell you their products or services. If they are only telling you about what they have on offer, they should explain this to you.
Money Advice Service
The Money Advice Service, run by the Consumer Financial Education Body (CFEB), provides unbiased and independent advice and information regarding your finances. The Money Advice Service website has plenty of interactive toolkits to help the public make educated decisions about their finances.
Society of Later Life Advisers (SOLLA)
The Society of Later Life Advisers, or SOLLA, was set up in 2008. It is a not-for-profit organisation which can provide you with information on financial advisers who specialise in the later life market.
Younger Disabled People
Finding independent financial advisers who specialise in this field is difficult, although some SOLLA advisers may have expertise in this area. In addition, the Money Advice Service works on information to support parents of children with disabilities.
Where else can I get financial information from?
The following organisations can also provide you with financial advice:
Independent Age - They offer impartial advice and guidance for older people on issues around their care. For more information call 0800 319 6789 or
Age UK - If you need advice or information around issues such as paying for care or arranging a care package, you can speak to them on on 0800 169 6565 or
The information provided on this page has been compiled and written with the assistance of the Association of Directors of Adults Social Services, the Putting People First Consortium and Local Government Improvement and Development, with help from Moneymadeclear.