Josh Hoskin Smart Money [email protected]

I know I have discussed this before, but it may be worth reminding you about. The public have choices in a vast array of decisions they make every day. Whether to get financial advice is an example of such a decision – and unless you are well qualified in this area the answer should be yes – just ask my dishwasher repair man what happens when people try to do things themselves.

As far as I see it, there are three main sources of financial advice. The first are Registered Financial Advisers (RFAs) or Authorised Financial Advisers (AFAs), the second are sharebrokers and the last are banks, however, many people also use their family and or friends.

So, which of these sources is the best qualified? For me, AFAs are most likely to be the best source. Of the variety of sources above, they are the only group that has to have a University Diploma or equivalent in the specific area of providing financial advice. Sharebrokers have their own qualification, however, this is limited mainly to the share market. Where as the AFA qualification is most likely much broader as it includes financial markets as well as insurances and tax and estate planning. Bank staff that provide financial advice should fall under the QFE regime, which by definition means they are less likely to be as well qualified as AFAs and are very likely to have to advise only on their own employers financial product.

The choice is yours, but if advice is what you seek then, for me, I want that advice to be delivered from the source that is most likely to be the best qualified for the job. Phone or send me an email if you want to catch up.