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The giving of financial advice is the main service offerred by Financial Adviser s. Financial Adviser s are professionals who make their living from providing financial advice. Other institutions including insurance companies, investment companies, Bank s and lawyers may offer financial advice in addition to other services. Many financial advisers see their Profession as complementary to other professions who give Legal Advice , Tax Advice or Medical Advice . Financial advice in this context is a professional service with it's own criteria and professional boundries. The giving of financial advice is a Regulated activity many Jurisdiction s. GENERIC FINANCIAL ADVICE The government encouraging you to 'save more' and 'borrow less' is example of generic advice. INDIVIDUAL FINANCIAL ADVICE To obtain all but the most arbitary financial advice, a financial adviser must considers your financial position, your needs and your indvidual preferences. This often means having a face-to-face interview with an adviser, although you can get advice in other ways, including by telephone, e-mail, or correspondence. In all cases, the adviser should gather information about you to find out your needs and circumstances. The adviser can then use this information to recommend a course of action that may or may not relate to a particular product or products. It is possible to invest money or take out a mortgage or insurance without financial advice. For example you might buy from an adviser without advice, buy direct from a company over the telephone or internet, or for some products by responding directly to a mailshot or other advertisement. Buying investments without advice is sometimes called ‘execution-only’. FINANCIAL ADVICE THAT ISN'T ADVICE Many firms that sell finacial products may give the impression they are offering advice. They may sugest that they have the best product or the best track record and 'recommend' you purchase it. This is not strictly advice, but more of a sales pitch. SEE ALSO
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