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Are you a Savvy Investor?

Not if you are with a restricted adviser or bank advisers, ask yourself this, do you know if your financial adviser is ‘independent’ or ‘restricted’ and if you do know, do you really know what it means?

‘Independent financial advisers’ have always been the gold standard of advice and for decades it has been drummed into the consumer, always seek independent financial advice, which is because independent advisers, also known as IFAs give ‘Whole of Market’ unbiased and unrestricted advice.

Have you ever heard on the TV or Radio “always seek restricted advice” I thought not?

Since an IFA gives unbiased and unrestricted advice you could determine that restricted advice is biased and thus inferior to independent advisers.

Getting ‘best advice’ over the long term could mean you hit your retirement goals earlier than planned. Wouldn’t you rather feel the sand between your toes a few years earlier?

So why are restricted advisers avoiding or skirting over the topic of their advice status? It is obvious to an IFA; a restricted adviser knows the consumer does not know the relevance when they say “we are restricted”

An IFA has a huge edge over a restricted adviser and in some cases restricted advisers charge more for the restricted service and limited fund range.

Would your decision to go with a restricted advice firm be affected if the restricted adviser said the follow at the initial meeting. “It is a regulatory requirement for me to disclose my adviser status as RESTRICTED advice, this means your invested money would be restricted to a small range of investments in many cases from a list of 50-100 investments or less, being restricted to such a small range of investments would likely mean you will not have access to the best performing funds which could result in lower returns and take longer to reach your investment goals, this also could mean putting off your retirement by a number of years. alternatively if you wanted to have access to the ‘Whole of the Market’ with over 10,000+ investments a restricted adviser cannot offer this, if you would like the best chance to reach your retirement goals early and have access to the best performing investments you will need to speak to an Independent Financial Adviser, would you like to go with our restricted advice service”? I think not….

You must question the swing between the below statements, keep in mind that Woodward Financials use the absolute best technology for all our clients along with many other IFAs

Intrinsic Group affiliated with Quilter one the largest adviser networks, stated in documentation “Having worked with a wide range of clients in all areas of financial planning, it became clear that we needed to provide independent financial advice. We feel that only by being independent can we deliver a comprehensive and fair analysis of the market for you.” Says it all, so why would Quilter have plans to move towards a restricted advice model, who told IFAs either you leave or go restricted as of 2020, throwing in a new phrase of “restricted+” the Financial Conduct Authority state there are only two types of advice? is there another?

Even with the marketing spin below, a child could see where Quilter is going with their new offering.

Quote from Quilter brochure “As you know, the Solicitors Regulation Authority and the ICAEW have both stated publicly that they are happy for you to recommend advice from restricted financial advisers. The antiquated view that independent advice is superior to restricted advice has fallen away as clients have learned to value the security and reassurance that comes from a selected panel of products and services”

Below is a few examples of restricted advice firms crossing the line repeatedly.

St James Place one of the largest restricted advice firms recently hit the headlines for promoting to military veterans as ‘independent financial advisers” for almost a decade even though it can only recommend its own products, if you have come across St James Place would you know that they are in fact restricted or did the fancy marketing pull the wool over your eyes like they have done with our heroes for many years.

No change from the extensive Which report in 2017 titled Saint or Sinners following there finding with regards to St James Place.

If you are a concerned investor with a restricted adviser, Woodward Financials would like the opportunity to show you the real difference of working with the leading Independent Advice firm, Voted Best Independent Wealth Advice Firm in 2021 and again in 2022.

Click here to get started

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For more information you can contact David on 01753 839348 or email