May 27, 2008 at 5:48 pm

Featured User: Unbiased.co.uk

It’s in the newspapers, on the radio and talked about in worried tones across the dinner table: yes we are talking about the credit crunch. Loans are getting less generous and their availability on the market reduced. Maybe it’s time to get some financial advice so you don’t get bitten by the crunch.

Meet Unbiased.co.uk, an umbrella website of independent financial advisors from across the UK that are here to help you tackle money matters. They have been answering your questions in the Business & Finance category for several months, deciphering financial terminology and offering money saving advice.

Better managing your finance starts from understanding the basic financial terms, something Unbiased are more than happy to share with you all. Here’s just a taste of their great answers…

What are shares?

“Shares can be bought and traded by private individuals, businesses and companies and even charities. Gains made from shares and dividends received offer shareholders potential for income and capital gain.” Read more>

What does ISA mean?

“An ISA, or individual savings account is a tax efficient wrapper into which you can place many different types of investment.” Read more>

How do I plan a budget?

“I have a golden rule, never spend more than you can afford; it stops you making expensive impulse buys and taking on debt you can’t afford to repay. First of all you have to work out your financial position: your income should be greater than your expenditure.

You should also set an amount for savings. Everyone needs a cash reserve to cover the ‘what ifs’ that can come along. To make your savings go further, use an ISA where interest is tax free. Longer term savings are better off invested in other assets such as stocks and shares…” Find out more>

So next time you are on the look out for the best investments deals or need to make sensitive decisions about investment or pension scheme, don’t forget the value of good advice.

Yahoo! UK & Ireland Answers team

Comments (4)

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  1. How can you possibly be unbiased ? The members you refer work to earn their living out of selling products…mortgages, bonds etc. I have spoken with several of your ‘professional advisors’ and have come to the conclusion that they simply want to sell to you, so they should be called commercial advisors. One even ‘advised’ me to remortgage with a bank, and when I did the maths over arrangement fees and legals, the special two year deal was going to cost me more than staying with the Northern Rock on SVR. Instead of professional or commercial advisors, there should be proper and correct public financial assistants, and these should be an integral part of the Citizens Advice Bureau.

    Comment posted on May 30th, 2008 at 10:21 am by john metcalfe

  2. are u JM from AK?

    Comment posted on May 30th, 2008 at 4:12 pm by Mary

  3. John Metcalfe – you are so right! Except I think you were holding back. These advisors want us to spread our hard earned with them (and the banks that fund them) rather than putting our cash where it would do us most good. The mortgage deals now available are, without exception, crap! If you can ride out this wee slump, do so without out investing with these advisors. If you can’t, cutting other expenditure and out goings is always possible – I’ve saved quite a bit just by taking a packed lunch to work!

    What most people need in the present slump is good practical advice, not a sales pitch for more products.

    Comment posted on June 1st, 2008 at 10:32 am by William McAvoy

  4. Hi John and William – thanks for your comments.

    We just wanted to give you a bit more detail and information as to what being an Independent Financial Adviser actually means, as with all the different types of financial advice out there, it can often be confusing to differentiate between them. IFAs exist to provide sensible financial advice to consumers, and guide them into making the best financial decisions, which may or may not involve purchasing new products. IFAs are not funded by the banks, but as their name suggests they are fully independent from any financial product providers. The advantage of an IFA over a bank adviser is that you have access to all the products on the market. This means they can research the whole of the market for the best product for each individual. IFAs are answerable to the FSA to ensure that they keep to the rules.

    IFAs won’t try to sell you products as a matter of course, but instead advise upon the best course of action to take depending on your finances. They are very different to advisers you find at a bank who are naturally acting on behalf of or are tied to the company that they are employed by. One of the biggest and most important differences between an IFA and a bank tied or multi tied financial adviser is that IFAs work for you on your behalf, not a bank or other financial product provider.

    If you would like more information on this, we do have plenty of guides on our website, http://www.unbiased.co.uk

    Comment posted on June 6th, 2008 at 5:02 pm by Unbiased.co.uk

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