can get list of independant financial advisors and lots of info on financial products
An Authorised Advisor is obliged to recommend the most suitable investment product available in the market, regardless of whether or not it holds an appointment from the relevant product producer.
Authorised Advisors are regulated by the Central Bank / Financial Regulator and you can view their register at http://registers.financialregulator.ie/DownloadsPage.aspx.
When the web page opens, move down the page to the 9th option with the title –
+Register of Investment Product Intermediaries (Section 31 Register)
Click on the + sign and you will see the title of a pdf file as follows -
Register of Investment Product Intermediaries (Section 31 Register) as of 03 June 2011
If you click on this link, a 500 page document (in pdf) will open with the title - .
Register of Investment Product Intermediaries maintained by the Central Bank
of Ireland in accordance with Section 31(4) of the Investment Intermediaries Act, 1995
(as amended)
Look to the right hand side of that document under the heading or column of “Status” and underneath, you will see a sub category of “Authorised Advisor”.
That provides a list of approximately 400 independent advisors regulated by the Central Bank.
Silly question, but how do you know that an authorised advisor isn't just spinning you a yarn and collecting a commission?
Silly question, but how do you know that an authorised advisor isn't just spinning you a yarn and collecting a commission?
Silly question, but how do you know that an authorised advisor isn't just spinning you a yarn and collecting a commission?
very few financial advisors are without an agenda of thier own
(1) Ask any prospective adviser do they review all providers of investments and savings plans? AA's do and they should be able to show you the results of their search including Rabo Direct etc.
(2) Ask do they charge fees or commission or both?
(3) Ask for a client specific nil commission quote for any investment/savings plan. This will show you the projected valuations based on no commission being charged. Then ask for the same quote but with the advisers’ commission. You can now see the impact of the advice cost on your plan.
(4) Ask what process the adviser has to assess your needs. They should be able to show you sample reports and examples of solutions possible and take on board all of your financial health not just this one issue - most of the time other factors impact on such decisions.
(5) Don't mention deposits at first - just leave it open that you are looking for advice about what to do with the lump sum. If they don't mention deposits or only skip over them you should then assess what they motivation is. Commission only advisers usually don't get paid for deposits or if they do it is usually much lower than investment based plans. If they do cover deposits then they should be able to advise you on the currency risk, sovereign risk, counterpart risk, provider risk, inflation risk and exit risks.
Silly question, but how do you know that an authorised advisor isn't just spinning you a yarn and collecting a commission?
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