Issue No. 20

How to choose the
right adviser...
for you
Did you know that there are different type of financial advisers?
When you search for a financial adviser, how can you be assured that they are
right for you? In principle there are three categories of adviser:
Tied – Restricted - Independent
Tied Advisers:
In France there are insurance company
agents working almost in every town - they
typically represent just one company, AXA
for example. They will offer you only the
products of that company and will be limited
to “French only” products. They are unlikely
to have a specialisation in UK or international
pensions or investments. Typically,
any product will only be in euros rather than
a choice of currency. The person you deal
with is known as a ‘courtier’ or a broker,
they are usually trained in knowing only
their products and will ‘sell’ those they think
are appropriate for you. They don’t
generally look at other areas of financial
planning.
You certainly need a French bank account
when you are living in France and products
like a Livret “A” can be useful for your liquid
cash - up to certain limits. But, you may
wish not to tie yourself into products or
accounts that might have a limited
investment selection or which do not work in
other countries outside of France.
Some savings vehicles the UK has such as
ISAs are not available in France, similarly
there are French savings and bank products
that are not available outside of France.
These companies - whether banks or
insurance companies may offer a limited
range of investments and savings and funds
and some may be tied to just one company.
Restricted Advisers:
A restricted adviser is limited as to who and
what they recommend. In the case of the
popular (and essential in good investment
and tax planning in France) Assurance Vie
investments for example, they may only
offer one or two alternatives as well as a
limited range of investment funds for you to
invest in.