How to choose the right adviser...
for you
Did you know that there are different type of financial advisers?
When you search for a financial adviser, how can you be assured that they are right for you? In principle there are three categories of adviser:
Tied – Restricted - Independent
Jennie Poate of Beacon Global Wealth explains...
Tied Advisers:
In France there are insurance company agents working almost in every town - they typically represent just one company, AXA for example. They will offer you only the products of that company and will be limited to “French only” products. They are unlikely to have a specialisation in UK or inter-national pensions or investments. Typically, any product will only be in euros rather than a choice of currency. The person you deal with is known as a ‘courtier’ or a broker, they are usually trained in knowing only their products and will ‘sell’ those they think are appropriate for you. They don’t generally look at other areas of financial planning.
You certainly need a French bank account when you are living in France and products like a Livret “A” can be useful for your liquid cash - up to certain limits. But, you may wish not to tie yourself into products or accounts that might have a limited investment selection or which do not work in other countries outside of France.
Some savings vehicles the UK has such as ISAs are not available in France, similarly there are French savings and bank products that are not available outside of France.
These companies - whether banks or insurance companies may offer a limited range of investments and savings and funds and some may be tied to just one company.
Restricted Advisers:
A restricted adviser is limited as to who and what they recommend. In the case of the popular (and essential in good investment and tax planning in France) Assurance Vie investments for example, they may only offer one or two alternatives as well as a limited range of investment funds for you to invest in.