Kinds of Advisers
There are three primary types of financial advisers.
Agents
An agent is employed by a financial institution, such as Old Mutual, and is
accredited to provide you with financial advice.
They may sell products of that financial institution and any other products they
are accredited to sell. All financial advisers are obliged by law to declare
their relationships with any financial institution at the earliest opportunity.
If they may only sell the products of a specific company this must be declared
as well.
Benefits of an Old Mutual Personal Financial Adviser
Old Mutual has a dedicated team of advisers who are trained and accredited to
offer you expert advice backed by the experience of Old Mutual's investment
professionals.
- Extensive initial training
- Periodic refresher courses
- Access to extensive in-house resources including specialist advice on legal and
tax issues
- Access to in-house research and advanced financial software
Independent Financial Advisers
An Independent Financial Adviser (IFA) is a personal financial adviser that is
not employed or affiliated to any one financial services or life assurance
company.
An IFA should be in a position to provide you with financial advice and they
will be able to offer you a range of products from a number of different
financial institutions provided they have contracts in place. Always ask to see
their formal credentials before engaging the services of an IFA.
Broker
A financial adviser at a bank or similar financial institution will be able to
offer financial planning advice and a range of products. The specific products
will depend on the relationships that the bank has with other financial
institutions, such as life assurance companies.
A bank broker should thus be in a position to provide you with financial advice
and may sell a range of products for which he is accredited to sell.
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