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The Money Advice Service - or is it?

You may have heard about the Governments new initiative The Money Advice Service, a new one stop shop to help people manage their finances – it’s independent, doesn’t sell anything and is available online, over the phone or face to face.

The idea is that it will work a bit like NHS Direct, allowing consumers to ring up with queries or search the website, which brings together a wealth of information, interactive tools and links to further resources.

You may have heard about the Governments new initiative The Money Advice Service, a new one stop shop to help people manage their finances – it’s independent, doesn’t sell anything and is available online, over the phone or face to face.

The idea is that it will work a bit like NHS Direct, allowing consumers to ring up with queries or search the website, which brings together a wealth of information, interactive tools and links to further resources.

In pilot projects so far, the topics discussed most often tend to be budgeting, state benefits and credit/borrowing. But the service says it can help with virtually any money-related query, and should customers need specialist advice on a particular topic it can point them in the right direction.

The Money Advice Service aims to help consumers “by giving clear, unbiased money advice to help people make informed choices”, however be wary of the word “advice”, the service will not be able to recommend a specific course of action or a financial product.

The service points out that it is not designed to replace that provided by independent financial advisers (IFAs), and when people have specific advice or financial planning requirements, they will still need to engage with a professional independent financial adviser. We feel this point is strongly shown when you download the guide called “Your Pension – it’s time to choose” and the only option discussed is annuities, many of our clients know that annuity is not the only route for pension income!

Here at Retirement and Investment Solutions we see The Money Advice Service as a useful portal for clients to gain further knowledge which will allow them to understand what action they need to think about taking, and what sort of products might suit their needs, but would urge anyone to speak to an Independent Financial Adviser (IFA).

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Retirement and Investment Solutions
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Waterlooville
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T: 01489 878300
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E: advice@retirementis.co.uk