Most Canada Life products are designed to be sold to people who have received independent financial advice.
Your financial choices can have a big impact on your future, so it’s important to research your options and consider getting professional advice before making any major decisions.
You can approach an adviser at any stage for help with a specific need or a broader goal, like reviewing your finances for retirement.
A professional adviser can help you to weigh up your options. Together, you can take a good look at your immediate goals and long-term expectations. Your adviser can also help you to consider any tax implications of your decisions and whether you want to set up extra protection for your family.
Once you have agreed on a plan, your adviser will look for the most suitable products options and help you to get set up.
We recommend getting expert advice for all key financial decisions to give you confidence that you’re making the best choice.
Lots of financial advisers offer holistic financial planning services. This means they can talk to you about your overall financial plans and goals. You may see advisers described as restricted or independent and there’s a key difference between them.
Financial advisers can also go by other names. They may sometimes be referred to as brokers, or may be named by their specialism, like an investment adviser or a financial planner.
All financial advisers in the UK need to be regulated by the Financial Conduct Authority (FCA). For extra peace of mind, you can check the Financial Services Register to see if an adviser is regulated and approved by the Financial Conduct Authority.
There are minimum qualifications that all regulated financial advisers need to achieve and many have specific qualifications linked to the area they specialise in.
Stay alert for scams
Financial scams can be very sophisticated and easy to fall for. You should never feel rushed into making a decision about a financial product or doing anything that makes you feel uncomfortable. You can find out more around how to protect yourself from scams via the ScamSmart website run by the FCA.
You might not be thinking about professional advice yet, or perhaps you want to do some of your own research before talking to an adviser. These organisations can offer some useful guidance to kick-start your research.
Citizens Advice
A national charity offering independent and impartial advice for free. It covers a range of topics including debt solutions, money management, mortgage help and more. Access is available over the phone, online and face-to-face in offices across the country.
MoneyHelper
Free and impartial money advice set up by the government. It offers combined support from the Money Advice Service, the Pensions Advisory Service and Pension Wise, all in one place. You can access information on a range of topics including pensions, investments, insurance, everyday money management and more.
Pension Wise
A government service from MoneyHelper that offers free, impartial pension guidance. It’s available to anyone aged 50 or over, to help them make sense of their options. An appointment with Pension Wise is free and can help anyone who needs extra support with their finances.
Arranging to speak to a financial adviser can feeling daunting and you may not know what to expect. We’ve put together these tips to help you on your way.
All UK advisers need to be qualified and authorised by the FCA. Ask about your adviser’s professional background to make sure their experience matches up with the advice you need
You may be offered an introductory conversation with your adviser so you can learn more about their advice process. This is a helpful chance to check you’re on the same page and get answers to your early questions
You’ll normally be asked about your finances, long-term goals, and any financial plans involving your family. Your adviser will try to build a picture of what matters to you so they can give you the best recommendation. If you want to know why an adviser needs to know something, just ask.
You can help prepare for your conversation by researching up-to-date figures that your adviser might ask about. This could include any outstanding debts, your mortgage balance, pension, salary, current investments or how much you’re prepared to invest going forward.
Advisers can work in different ways. You might get a one-off recommendation over the phone or have a long-lasting relationship with your adviser where you meet to review progress at regular intervals.
Your adviser will give you a better recommendation if they’re clear on your goals. Make sure you can explain what you want to achieve in the future.
Advisers earn money through a variety of ways. This could be commission from products they recommend and/or by charging you a fee. It can be confusing, so most advisers will explain it early on, but if you’re not sure, don’t be embarrassed to ask – you’ve got the right to know.
If you can’t find the adviser you used last time, your product provider may be able to give you current contact details. If you decide you want to speak to a different adviser, that’s also fine.
You can be accompanied at your meeting. Let your financial adviser know though, as sometimes they may want to make sure that you’re being accompanied for helpful reasons, and not because you’re being pressured by anyone.
If you’re unsure of anything, ask your adviser to explain again. Financial products can be very complicated, so there’s nothing wrong with checking your understanding – in fact, it’s a sensible thing to do.
