While the advice isn’t free and DIY options are available, if you’re looking at getting a complex product, even some money-savvy people see the value in paying for an adviser to ensure they get it right.
There are two types of financial advice you can get, independent or restricted.
Independent financial advisers (IFAs)
If an adviser is ‘independent’ or a firm advertises that it gives ‘independent advice’ this means that it’s able to advise and sell products from any provider right across the market. Therefore you should get the very best advice and products tailored just for you.
In contrast, and as the name suggests, if an adviser or firm is restricted it can only recommend certain products or product providers to you. The adviser should clearly be able to explain the nature of the restriction to you, but if you’re not sure, ask.