Information provided at your first meeting
When you first meet your adviser, he or she must provide the following documents to
discuss with you:
-
Business Card - This provides the adviser's contact
-
Terms Of Business Letter - The adviser should highlight key points but you
should read and understand this document
-
Keyfacts about our service - This explains the service or services the adviser
will provide to you. You should ensure he or she has explained this to your
satisfaction and you understand what you will receive.
-
Keyfacts about the cost of our service - This document is often referred to as
"The Menu" as it details the average "costs" of a variety
of financial products.
This will make it easier to shop around for a competitive service and to know the
cost of advice from the outset, and most importantly, assess the value of advice
upfront. Armed with this information you can ask your IFA to explain the charges
he or she will make and choose to buy elsewhere if you think it may be better
value. This system will also reveal where independent advice is better value than
other types of advice.