Understanding the client

Question 1

Financial advisor

Answer 1

IFA- acts as agent of client

Can be employee of a product provider = an agent of the provider

Multi tied = agent of more than one product provider

Question 2

Financial advice

Answer 2

Fact find document

Hard facts e.g. basic info, financial situation

Soft facts e.g. goals

Fee based approach = clarity to investor on cost of advice

Commission based approach = can be hidden