According to the Central Bank, there is no public register than shows which financial advisers are tied-agents, multi-agent intermediaries or independents.
Neither is there any requirement on independent advisers to equalize commissions on comparable products so as to minimise the moral hazard in choosing between a policy with more commission and one with less.
This is nutty to me, as any adviser will be tempted to recommend the policy/pension that offers the greater commission where the benefits are much the same as those on lower commissions.
Independents are required however to display a schedule of fees in their office and on their websites.
There does not seem to be any definite scoping of independents' range of product scanning beyond that they will scan all products officially promoted in Ireland by their providers.
So if an 'independent' adviser also scans products from EU, NA or Far East he does so only towards his/her own benefit, i.e. if commissions are higher and/or if the client pays them for the extra product surveillance.
I've heard it said that sometimes independents may offer to share commissions on products taken out by their clients with such clients. But I see no note of this on their websites.
I'm also a bit confused by the designation, CFP.
Apparently, independents need not be CFPs - and ordinary QFA and LIA will do - and CFPs need not be independent.
Financial advisory services are crucial to obtaining the protections most suitable to one's situation. But it still looks like there are very few stay-bars on what they need to do to be truly independent.
Neither is there any requirement on independent advisers to equalize commissions on comparable products so as to minimise the moral hazard in choosing between a policy with more commission and one with less.
This is nutty to me, as any adviser will be tempted to recommend the policy/pension that offers the greater commission where the benefits are much the same as those on lower commissions.
Independents are required however to display a schedule of fees in their office and on their websites.
There does not seem to be any definite scoping of independents' range of product scanning beyond that they will scan all products officially promoted in Ireland by their providers.
So if an 'independent' adviser also scans products from EU, NA or Far East he does so only towards his/her own benefit, i.e. if commissions are higher and/or if the client pays them for the extra product surveillance.
I've heard it said that sometimes independents may offer to share commissions on products taken out by their clients with such clients. But I see no note of this on their websites.
I'm also a bit confused by the designation, CFP.
Apparently, independents need not be CFPs - and ordinary QFA and LIA will do - and CFPs need not be independent.
Financial advisory services are crucial to obtaining the protections most suitable to one's situation. But it still looks like there are very few stay-bars on what they need to do to be truly independent.