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Your MoneyHas Britain stopped saving? Don't be so sureYour MoneyIn recent months the Bank of England has admitted it is concerned about the nation's credit use, with credit card spending growing at its fastest rate in more than a decade. This resulted in the Bank ordering banks to be prudent in their lending and ...
AOL UKThe hidden costs of buying a houseAOL UKBefore you even start looking for a property you should make sure your finances are in order. You might struggle to get a mortgage if you have a poor credit score. You may also find it difficult if you've borrowed money or opened a new credit account ...
Hertfordshire MercuryWaltham Abbey man jailed for defrauding people of more than a million poundsHertfordshire MercuryDetective inspector Lee Morton, of the Kent and Essex Serious Crime Directorate, said: "Darren Say used the mechanism of the pension scheme he developed as his personal cash cow; taking money he was responsible for to fund his lifestyle. "He has let ...and more »
AOL UKShould you hoard cash right now like Warren Buffett?AOL UKAnd three years ago -- when Berkshire's hoard was already up to $50bn -- he told shareholders: "We shouldn't use your money that way for long periods." The reason the cash pile has grown is that ... Select financials -- including a new position in US ...and more »
The GuardianLloyds and Halifax customers face up to 52% APR overdraft feeThe GuardianIt might not sound much, but the bank has admitted that it is equivalent to an APR of 52% – dwarfing what credit card firms charge and more akin to those applied by payday lenders. Lloyds said in July that nine out of 10 customers will either be better ...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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