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How do I choose a good pension adviser?
Getting the best pension advice.
Most people you speak to will have an opinion on what pension is best and if a pension is worth investing in at all. Sometimes trying to get the best advice possible can seem like an impossible task, you may feel like you should pay into your employers preferred pension scheme, or select one through your bank. However the best possible person to speak to is someone who will be impartial and not try and sell you one pension plan over another.
Even when you decide to see an expert on the subject of pensions, are they 100% impartial or are they employed by a pension provider. Furthermore those who are impartial can loose that impartial aspect as the adviser may receive a greater commission on one product over another.
Where can I get good pensions advice?
So how do you ensure you receive good quality impartial advice that has your needs as the main driver and focus? The best advice possible is not always free, however it does not need to be expensive either, you have two main choices in selecting a financial pension’s adviser, these are:
- Speak to an adviser which receives a set fee from yourself, in the short term you may be put off by paying a fee of £100 or £200, however because you are paying their fee, they are not in the business of achieving their income through commission via the pension provider. Many are put off by paying a fee for advice, however in the long run this advice could pay for itself in no time at all. The pension’s advisers may also have access to exclusive deals and be able to answer all of your questions. In addition they will take care of your application process, direct debits and paperwork, so it’s no hassle to yourself.
- Do a little research yourself to get an idea of what pensions are on the market and how much they will cost, also look at what the possible returns could be and how the pension fund is invested. You may also look at if the company have a local branch or representative. Armed with this information you could then see a pension adviser who offer a free service and will earn their wage through commission. The advisers are bound to give you the best financial advice possible, however doing your homework before you see your adviser can give them an idea of the scheme you are considering, they can then give you their opinion and offer any alternatives.
Don't feel pressured to sign up straight away - but don't take too long either!
One piece of advice is never to feel pressured that you must sign up for your pension plan there and then, whilst I am not suggesting that you put off the decision for months or years, I would recommend looking over the paperwork over a few days and discuss it with family of friends, when you return to complete the pension application take along a list of questions which you would like answering first.
It is extremely important to ensure that the adviser you have chosen to advise you are registered and regulated by the Financial Services Authority (FSA), Under FSA rules financial advisers must give you two 'Keyfacts' documents: 'About our service' and 'About the cost of our service'. These explain the type of service they offer (information or advice), whose products they choose from (the whole market, from a limited range or from just one provider) and how you are being charged, either on a commission basis or for a fixed fee. A financial adviser can only say they offer independent advice if they recommend from the whole market and offer you the option to pay a fee rather than commission.
Following this process will ensure that you get the pension that ticks all the boxes for your own individual needs.
Finding a pensions adviser is easy. It's finding a good one that takes the time
Finding a pensions adviser is easy, finding a good pension adviser that you trust may be through a process of elimination, based on recommendations and even if down to if you trust the adviser. Through the internet, yellow pages and adverts there are a range of excellent advisers out there, so visit a couple of them and compare their best products.
If you’re still struggling to choose the best adviser, you can contact the ‘Pension Advisory Service’ they have a dedicated team who are able to help and assist you and offer you friendly advice on any subject relating to pensions.
Alternatively you could contact the Citizens Advice Bureau and ask them if they can locate an adviser which they have dealt with in the past. Do always check that they are FSA registered, you can do this by checking their website, checking that they are registered on the FSA website or simply give them a call and ask them, they will provide you with the full details at the time of your meeting, and should draw your attention to the fact they are FSA registered. If it turns out they are not registered, the advice would be to find an alternative adviser as there can be no guarantees that the information they will supply to you will be the best and most impartial advice, which could be extremely costly in the future.