Financial Advice: What Are My Choices?
by PNNL – Pacific Northwest National Laboratory
There are plenty of places that you can go for financial advice – some better than others. By and large, the type of advice you should be looking for is based on what you’re trying to achieve and your own personal circumstances.
That being said, it’s worthwhile knowing a little about the various types of advice available – and the pros and cons of each.
Individual Providers – If you are looking for a particular financial product (a loan or mortgage for example) the first stop for many people is their own bank, building society or a provider that they have seen advertised. In the case of approaching your own bank or building society you may benefit from your existing relationship or track record with them. If you’re lucky they may even know a little about your own circumstances that can help them suggest relevant products.
However, the major drawback of dealing with a single provider is that they can only advise you on the products they sell – and ultimately, it’s a sales pitch. In most cases there’s no way of knowing how their products and services truly stack up against those of the rest of the market.
Your Accountant – If you have an accountant, they may be able to help advise you matters relating to tax or inheritance. However, accountants are expensive and are unlikely to be in a position to recommend particular products that may be relevant to you. In other words, if you need a mortgage, loan, insurance product, pension or annuity, your accountant may not be the best person to help you find it.
Free Advice Services – If you run into financial difficulties, there are often free advice services like the Citizen’s Advice Bureau that you can call on for help. The benefit is that they are free, the negative is that unless you are struggling financially, they may not be the best port of call.
Financial Advisers – Financial advisers come in three basic flavours – independent financial advisers, tied agents and multi-tied agents. An independent financial adviser is required to act in their client’s best interests at all times, they are not tied to any particular product provider and so can offer recommendations on products from across the ‘whole of the market’.
Tied agents by contrast can only offer advice on the financial products offered by their employers – a bank or insurance company for example. A multi-tied agent falls somewhere in between the two and can offer advice on products supplied by the companies they represent. In any event, individuals and companies offering financial advice must make you aware of the type of advice they can and do provide at the outset – and whether they are tied to any particular company or companies.
When choosing which type of financial adviser (independent, tied or multi-tied agent) to work with, it’s important that you do your homework – ensuring that the adviser you choose can offer the right mix of knowledge and experience to suit your needs. To provide financial advice, the FSA requires that advisers pass a basic certification but many advisers go on to specialise or improve their qualifications – with a select few independent financial advisers achieving Chartered status.
Experience and expertise aside, it’s also important that the adviser you choose is someone that you feel comfortable working with.
The kind of financial advice you require will be based on your own particular circumstances, however, if you could benefit from both professional advice and access to the widest range of financial products, an experienced independent financial adviser will provide both.
Andy Rooney thinks Americans should know more about their money. Starting with the 0 billion federal bailout plan.
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who carries around $17 in change anyway?
it actually makes sence
This dude has lost it.
1 billion dollars stacked as 1 dollar bills would be 4,300,000 inches high. Hope this helps Loony Rooney.
fuck off rooney
Andy Rooney smokes Pot before going on tv.
Andy Rooney would get a bail from if he ever asked. LOL Thanks for the post I can’t get enough of him.
ANDY ROONEY GAME:
Considering how hard I worked to make what I have, I don’t understand why I’m so dumb with money. Does that qualify me for a bailout?
You have never heard of AIG? Well, why am I talking, the only reason I know what it is is because it’s Manchester United’s sponsor
In the 1980′s, Andy Rooney was making close to half a million a year. He may have $17 in his pocket, but he has millions in the bank. Either way, he is an amazing individual.
@theagent3 nope it’s under his mattress.
he’s brilliant
i make sure my money goes to companies that build weapons that kill
a stack of 1 billion 1-dollar bills should be about 247 miles high… holy shit
Me neither. I guess it is because there are some idiots that think that he is too old and should pass the torch to a younger person. As long as a senior citizen can do his/her job, he/she should be able to keep it without being told when to retire.
He is a funny guy and he makes good points. I don’t know why ppl are hating on him so much.
dude he is so high that his raccoon in his eye brows has to remind him what to do…
man I cant believe i even watched the ali g interview thanks for nothing. Ali g must have sucked quite a few cocks to get where he is today.
I think you got that backwards, Ali G got owned by Rooney. lolz
They only gave the $700B bailout to automakers and bank CEO’s… Where is my $**,***.** bailout?
This guy got owned by Ali G !
i enjoy his clips so much. he’s a funny guy =P
I at least know where my money is going stockwise, Union Pacific Railroad, and I know what the company does. Thanx fur sharin’! 5 thumbs up!
Dont underestimate this old man. He has money up his ass… LOL
wow, just to make sre they still have it! That’s pretty cool!