Financial advisors, in the UK, now how to charge their customers for giving them advise. This is an outright fee for their time. This was brought in to help financial advisors be less biased as they would still be paid, whatever they recommended, it was not influenced by commission. This was seen as a way to make things fairer for customers. Although some financial advisors are still not independent and work for a specific financial institution, things should be a lot less biased as before. They should make you aware of whether they are independent or not anyway and you may decide to choose one that is associated with a company that you would like to use or an independent one.
How the Changes Effect You
The changes that have been put in place have been made to protect the customer. It means that you will be able to pay for a service and know that if you choose an independent financial advisor, you will not have to worry about them being biased. However, there are people that cannot afford to pay a financial advisor and so they are now exempt from getting this free financial advice. This means that they could potentially be making unwise decisions, costing them a lot of money, just because they do not have the money to pay upfront. Anyone in this situation could use a comparison website or use a review site. However, these take commission on leads, which means that there is a chance that they will only review sites or include them in their search if they pay a decent amount of commission. So although it can be a way to get a better deal, it may still mean that you are at risk of not finding the very best possible deal.
Therefore it is wise to consider keeping some money by to pay for this sort of thing. So if you are thinking of buying a home, making a big investment, changing your pension scheme or something like this, you will have the money available to be able to pay for it. You could do the research yourself but it will take a long time. You could look at a selection of comparison websites and look at companies not on them, but this will not be as thorough a search as a financial advisor will be able to do for you and they will also be able to explain all of the financial terms and choices clearly to you.