Let’s say you want a cake, because well who doesn’t? You aren’t entirely sure what type of cake, which flavour or how much cake you want or need. You just think it’s time you bought cake, or maybe someone has suggested to you that you need cake.
You want some advice so you ask 2 different bakers if they can help you find the right cake. – 1 is independent, 1 is restricted.
The restricted baker is not allowed to talk to you about all the different cakes that might be available to you. They are ONLY allowed to suggest a cake from a limited selection that their bakery offers. Now their cake may not necessarily taste the best, but how would you know this?
You have to trust that if the baker thought a different cake, one they didn’t sell, was better for your requirements, they would send you to a different bakery down the road.
But cake is cake right? So if you want a cake, and you are not sure exactly what flavour you want, you could accept the cake from the restricted baker and it might be OK, good even. But is it the best you could have, of all the cakes there are?
The independent baker in contrast can consider every type of cake, every flavour, all the different ingredients that exist in the world of cakes, and even biscuits, puddings and donuts just in case one of those sweet treats might actually be better for you.
They can find you the absolute perfect dessert, ideal for your requirements.
That baker has to be able to demonstrate how they came to that conclusion so you can be confident that every possible cake (or otherwise) has been considered on your behalf.
Often times with financial advice it is hard to know what services you actually need; after all you are asking an adviser because you need help and guidance with your financial planning – you aren’t expected to have all the answers but it is vital to know before engaging any adviser whether they will only be able to recommend from a limited range of products and/or providers (like advisers who are part of St James Place or some bank advisers for example) or whether they will, independently, consider every product from every provider and recommend the very best for YOU.
If you are not sure if an adviser is independent, ask them.
If you would like any further guidance on this topic, please contact us.
by Kristen
Offering IFA advice throughout Blackpool and the Fylde Coast
Do I need IFA advice to get the most out of my money? Am I contributing enough money into my pension to ensure a comfortable lifestyle later in life? Are my ISA’s offering good returns? So many people become overwhelmed by these decisions and don’t know where to start. This is why we are here to help!
Red Star Wealth are independent financial advisers based in Blackpool near the airport with clients in Lytham, St Annes and throughout the Fylde Coast. We specialise in a range of financial areas from savings and investments to pensions and mortgages.
Whether it’s saving for a holiday or an outdated collection of ISAs, we provide our clients with all the help they need. When we provide IFA advice we research the full market and can advise on a full range of savings and investment options, from cash ISAs, National Savings and deposit accounts to more complex investment vehicles such as unit trusts, investment bonds, structured products and equity ISAs.
We help our clients put a plan together so they can achieve their savings dreams, both long and short term. Huge expenses or little treats, safe or risky, whatever you’re planning we can help.
Red Star Wealth has over 2 decades of experience working alongside business owners with both their personal and corporate financial needs. We are here to provide friendly and professional advice no matter how many employees are involved. We often work with our clients’ existing accountants, solicitors and other professionals, giving as little or as much support as needed.
” We understand that running a business takes time and dedication, which is why our clients’
business will always be at the centre of our business. “
A subject not many want to talk about, but unfortunately, they are too important to ignore!
Eventually, we will all need a pension. We advise on personal arrangements as well as employer’s group personal pension schemes, plus public sector and executive plans. We are pleased to offer advice regardless of the employer is currently a client of Red Star Wealth or not.
We are happy to visit clients at their place of work and provide continual employer pension advice, all of which takes the difficult questions off the employer’s desk! We ensure our clients questions have been answered so they can approach retirement comfortable with the decisions they have made.
None of us like to imagine how life would be for loved ones following our death. But isn’t making their world a little easier at a time like that worth thinking about?
Making sure that debts are repaid, that a mortgage is settled, securing the family home, or ensuring that there is money available for your children to go to university. Red Star Wealth is happy to provide practical advice and no-obligation quotations..
We have all heard how difficult it is to secure mortgage facilities in the current economic market. This is why the right advice and guidance is essential to securing the best deal available. Red Star Wealth will consider the whole market to find the right product.
Red Star Wealth are not accountants but we will take tax into account when providing advice. Whether it’s how to make the best of tax-free saving allowances or how to reduce the amount of Inheritance Tax, we will advise you, Honestly. Openly. Reliably.
We always aim to set realistic goals and take the right steps to achieve them, together. Whether that be from planning and saving for retirement to building an estate to leave to family members. We are dedicated to helping our clients achieve their financial goals with enthusiasm, energy and professionalism.
If you’re looking for financial advice in Blackpool, Lytham or throughout the Fylde, please do get in touch and we’d be pleased to help.
