06:23 09 December 2013
Getting the right financial advice from you advisor is essential to ensure you are making sound investment choices.
Recently, how investors obtain financial advice in the United Kingdom received a massive overhaul. Free consultation with professional advisors has now been replaced by mandates, which state that all consultations must be fee–based. Ideally, this mandate dubbed the Retail Distribution Review (RDR) was designed to eliminate the recommendation of third party products and services based on endorsements.
Investors now must pay an hourly rate or percentage fee rate in order to obtain financial advice. The review was designed with the goal of providing investors with a clear unbiased understanding of the cost of investing. However, it has led to the question of how to determine if you are getting your money’s worth.
There are a few questions you can ask your advisor to help ensure you are getting the best financial advice for your money.
There are numerous questions you should ask when obtaining financial advice. These are just a few you should consider when getting started.
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