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Jargon buster

Definitions for financial and mortgage advisers can be confusing. This guide will help you understand what you’re dealing with


Independent financial adviser

An independent financial adviser can advise across all investment and pension matters relevant to their clients.


FOCUSED INDEPENDENT FINANCIAL ADVISER

Focuses on specific investment and pension matters. Within these areas of advice, the adviser is in no way limited in the products they can recommend.


RESTRICTEd FINANCIAL ADVISER

Can advise across a limited set of investment and pension products. This limitation may enable them to offer an improved service and lower fees, but you should consider how other products compare.

Product restrictions are often because the adviser can only recommend products provided by the company they work for, but this is not always the case. It is important to ask the adviser about any restrictions on the advice they can offer and how this can affect you.


WHOLE OF MARKET MORTGAGE ADVISER

Can advise across a range of available mortgage products. Ask whether they check lenders’ direct-only deals (ie, those available only directly to consumers from the lender, without going through an adviser).


LIMITED MORTGAGE ADVISER

Can advise across a limited set of mortgages. This limitation might enable them to offer an improved service and lower fees – but do also consider how other products compare.

Product restrictions are often because the adviser can only recommend products provided by the company they work for, but this is not always the case. It is important to ask the adviser about any restrictions on the advice they can offer and how this can affect you.


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