People often do not realise that there are different types of financial advisor. They may just go with the one that their bank recommends and not think about it very much. It is worth knowing a bit about them though.

Firstly, some financial advisors will be tied to particular institutions, meaning that they will only recommend products offered by that company. This is useful if you are only happy with dealing with a particular company, but it is likely that you will get a better deal if you widen the search. Others are independent and you will be able to tell if they advertise as IFA Nottingham or similar as IFA stands for Independent Financial advisor.

This means that they will look at all available products and therefore they should be able to find you a better deal. It is also worth being aware that most financial advisors will not charge for their services but they will get commission on the products they recommend. This means that it is in their interest to recommend things which will earn them money and although it would not be legal for them to falsely sell you something, they may persuade you towards something which makes them more money.

The best way to get a completely independent view is to pay an advisor for their work. They will then not need to rely on the commission from an item to get paid and they are likely to give you the best possible advice. This may not be an option for you, if you cannot spare the money. Therefore if you do need to go for free advise then make sure that you do a bit of research yourself as well, to make sure that you are completely happy with the choices that have been made for you.