Financial Advisers Explained

There are several different types of financial advisers that you might encounter. It is worthwhile knowing the four most commonly encountered types, and what the difference is between each of them.

One of them is called a Single-tied Adviser. This is someone who is only able to give you advice on the product range that one provider offered. Typically, someone who works with a particular financial institution will be a Single-tied Adviser, because of course that institution will only want that adviser to sell their own products. However given many financial institutions have a large range of products, if you decide you want to invest with that company, then their single-tied adviser can go through the most suitable products for you so you can make an educated decision about which product you want to buy.

Another is a multi-tied adviser. They are someone who can, as you will guess from the single-tied definition above, is able to advise on the products of several firms, but still only a specified subset of all the possible provider's products.

Then comes the whole of market adviser: this adviser is able to sell you products from every provider in the market, and they do so on a commission-only basis.

Finally there comes the independent financial adviser, called the IFA, that most people will have heard of. This person is able to offer you produces from the whole of the market, just like the whole of market adviser above. So what's the difference? Well here there is the option to pay by fee whereas as mentioned the whole of market adviser works on a commission-only basis.

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