By: Joseph Kenny
When it comes to savings, you may well find yourself daunted by the sheer variety of ways to
invest your money. Particularly if you find yourself with a substantial amount to invest, and are
less than confident at dealing with things like the stock market, bonds and trusts, you’re likely
to gain from professional expertise. The main issue here is trust – you want to be sure your money
is being used to its full potential and whoever you entrust it to must be someone you have total
confidence in.
If you have a basic understanding of how savings and investments work, however, it will be a lot
easier to make judgements about the reliability and efficiency of individual advisers.
Independent Financial Advisers
Usually you will not be charged for general advice, but the adviser will gain commission when he
or she sells you particular products. Don’t be afraid to ask about commissions – a good adviser
should be open and transparent about such matters. They are duty bound to find out all relevant
information about you and then give ‘best advice’ – which means selling you the products that are
most suitable for your situation.
Accountants
Accountants normally advise on book keeping and tax, but sometimes also give advice about
investments. If involved with investing, they must belong to one of the Recognised Professional
Bodies responsible for regulating their business. These include the Institute of Chartered
Accountants and the Association of Chartered Certified Accountants.
Stockbrokers
If you are dealing on the stock market, you will need to buy and sell your shares through a
broker. If you want advice on your investments, choose a traditional stockbroker. On the other
hand, there are brokers that offer a dealing-only service, and this is a cheaper way to buy and
sell shares. Stockbrokers charge a commission on deals, and a traditional brokers service should
include advice. www.londonstockexchange.com provides detailed advice and ways to locate a
broker.
The Financial Services Authority regulates all these professionals – if you are unsure about the
credentials or dealings of someone check with them to verify that they are legitimate and are
operating fairly. The FSA website also has details of what to do if you are unhappy with the
service you’ve received from a finance professional – check www.fsa.gov.uk. Once again, the
government’s advice site has sound information on the basic principles – and links to other
information sites. www.direct.gov.uk
Article source: http://ezinearticles.com/?Savings-Accounts---Professional-Advice&id=220832
