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Retirement saving: SIPP or Lifetime ISA?Motley Fool UKBut which retirement-focused product — a Lifetime ISA (LISA) or Self Invested Personal Pension (SIPP) — is best? Here's my take. ... Just like the LISA, however, your money can be invested in a variety of instruments, such as shares, funds, trusts ...and more »
The TimesTroubleshooter: Opening account was not easy as 1, 2, 3The TimesIt does seem ironic, however, that Santander, which is pushing a current account to undergraduate students, the very people who are most unlikely to have borrowed money in the past, would reject a young person for failing to have a rich enough credit ...
The TimesPension charges can cost you more than a scamThe TimesSavers have been moving their money from DB schemes, which pay out a set amount of money for life and are considered the most generous kind of pension, into self-invested personal pensions (Sipps). These are a type of defined-contribution (DC) pension, ...
The TimesPlay a part in the electric car revolutionThe TimesYou may not drive an electric car, but the chances are your pension or savings are invested in Tesla or one of the many component and IT companies involved in this burgeoning industry. The popular Scottish Mortgage investment trust, for example, is one ...and more »
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Getting financial advice

It’s time to review your finances and make sure your money is working as hard for you as it possibly can. Somewhere out there are the right financial products for you but unless you have the mind of a forensic detective and understand the complexities of everything from insurance and pensions to hedge funds and derivatives get sound financial advice.

If you don’t already have someone in mind as an adviser one of the best ways to find someone good is to ask family, friends or colleagues for recommendations. You want someone who’s independent so that he or she can give you impartial advice about the whole range of products on offer. If you choose an adviser who isn’t independent they can only advise you on the products they work with. Some advisers specialise; if you want advice on pensions you might want and adviser who is a pensions specialist. Ask about the qualifications of anyone you are thinking of seeing.

The other question you have to ask is about how you pay for the service. You may choose an adviser to whom you pay fees upfront. Fees vary hugely so find out before you book your appointment. Try haggling to get the fees reduced if possible and ask for the first session to be free so that you get the chance to decide whether or not you have a rapport. The other option is an adviser who gets his or her fees through commission which you ultimately pay for because it’s added to the cost of the product you buy. Or you may pay for advice through a combination of the two.

Whoever you choose it’s helpful if you can build a lasting and trusting relationship which will make you both money for years to come. Remember that a financial plan made now needs to be reviewed frequently. What’s right for you in the current climate may not be right once the economy picks up again or if your circumstances change. The degree of risk you’re prepared to take with your savings and investments may be different when you’re single from when you’ve got a partner and children. Getting the right adviser is just the start of the process. 

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