Advice and guidance (2024)

Table of Contents
Guidance Advice FAQs

Money guidance is different from financial advice. It’s important you know the boundaries when supporting your customers.

We recognise the word ‘advice’ has different meanings in different contexts. In the context of money, giving “Advice” is a regulated activity. Only firms that are regulated by the Fincancial Conduct Authority (FCA) can offer this.

The Money Guidance Competency Framework is for non-regulated money guidance. A helpful definition of the difference of guidance and advice is below*

Guidance

  • Guidance is an impartial service which will help you to identify your options and narrow down your choices but will not tell you what to do or which product to buy; the decision is yours.
  • Providers of guidance are responsible for the accuracy and quality of the information they provide but not for any decision made based on it.
  • Guidance is free unless your provider clearly tells you otherwise.
  • Guidance will suggest what you could do.

Advice

  • Advice will recommend a specific product or course of actionfor you to take given your circ*mstances and financial goals.
  • This will be personal to you, based on information you provide.
  • Advice will be provided by a qualified and regulated individual or online by a regulated organisation.
  • Providers of advice are responsible and liable for the accuracy, quality and suitability of the recommendation that they make, and you are protected by law.
  • Advice will recommend what you should do.

Money guidance practitioners do not provide personal recommendations for financial products, or recommendations on a specific course of action. However, money guidance practitioners do need to have a general and broad knowledge of the range of financial products and services available in the market place.

*Adapted from the suggested definitions of advice and guidance as part of the HM Treasury/FCA Financial Advice Market Review (FAMR).

Advice and guidance (2024)

FAQs

How do you give advice and guidance? ›

5 Steps to Giving Advice People Will Actually Want to Take
  1. Deliver it for the Right Reason. First things first, it's not about you, it's about the person you're talking to. ...
  2. Read the Room. ...
  3. Understand Your Target. ...
  4. Keep it Brief. ...
  5. Know Your Expertise.

How do you respond when someone gives advice? ›

The Best Ways to Respond to Unsolicited Advice
  1. “Thanks for your input.” ...
  2. “I appreciate your concern, but I can handle it.” ...
  3. “I'm feeling overwhelmed and just want someone to listen.” ...
  4. “I will give that some thought.” ...
  5. “Thank you for sharing what has worked for you. ...
  6. “That's a great idea.
Jan 11, 2024

What does information advice and guidance mean? ›

Information, advice and guidance (IAG) is an umbrella term for support that helps students make informed choices about education options. IAG is primarily factual in nature, as opposed to approaches that aim to influence aspirations or foster a sense of belonging in higher education (HE).

What is an advice and guidance? ›

Advice and Guidance (A&G) allows one clinician to seek advice from another.

How do you give strong advice? ›

The “dos” of giving the best advice to friends
  1. Make sure your advice is solicited. Not every problem warrants advice. ...
  2. Use your body language. ...
  3. Ask thoughtful questions. ...
  4. Be honest. ...
  5. Be open-minded. ...
  6. Weigh out the possibilities together. ...
  7. Ignore your biases. ...
  8. Gossip afterward.
May 3, 2023

What is giving advice or guidance called? ›

If you're an expert who gives advice or offers professional consultations, you can call yourself an adviser. You can have an adviser in many areas — he or she may also be called a consultant. A person who helps you decide what classes to take is called an academic adviser.

What are some good advice quotes? ›

5 Quotes/Pieces of Advice from Notable Successes to Help You Get Ahead
  • " Don't let yesterday take up too much of today." - ...
  • " Failure is another stepping stone to greatness." - ...
  • " The only way to do great work is to love what you do." - ...
  • “ As much as talent counts, effort counts twice.” - ...
  • "
Jun 20, 2023

How do you describe someone who gives advice? ›

or ad·vi·sor. one who gives advice.

How do you give advice examples? ›

10 Ways to Give Advice
  1. I think you should… The first expression is “I think you should…” ...
  2. Why don't you…? ...
  3. Have you thought about…? ...
  4. I don't know if… is a good idea. ...
  5. Maybe you should try… ...
  6. I wouldn't… ...
  7. if I were you, I would… ...
  8. Have you tried…?

What is an example of guidance? ›

I think you should seek guidance from your lawyer on this matter. Parents need to provide their children with firm guidance. She prayed for divine guidance. The Careers Officer also offers guidance about university courses.

What does it mean to give guidance? ›

help and advice about how to do something or about how to deal with problems connected with your work, education, or personal relationships: I've always looked to my father for guidance in these matters. career guidance. Thesaurus: synonyms, antonyms, and examples.

What is level 4 information advice and guidance? ›

The Level 4 Diploma is aimed at experienced practitioners who work directly with clients, disseminating information, advice and guidance and formal advocacy. Prospective learners may also some have managerial or training responsibilities and could be creating information, advice and guidance publications.

Are advice and guidance the same thing? ›

Advice is normally based on short conversations and is not normally reviewed once given. Guidance is commonly known as the act of guiding, leading or providing direction. Guidance is often carried out over a long period of time.

What is the difference between advise and advice answer? ›

Advice is a noun that refers to an opinion or suggestion that is given. It's pronounced with an “s” sound at the end. Advise is a verb that refers to the act of giving an opinion or suggestion. It's pronounced with a “z” sound at the end (though it is never spelled “advize”).

How do you humbly give advice? ›

Emphasize humility, openness to the idea that you're not an expert and that you might be wrong. This shows the person that you are care and that you are not just trying to offer them advice to benefit your own ego.

How do you advice someone to do something? ›

Put yourself in the person's position

If someone is asking for your advice, sometimes it's useful to imagine yourself being in that person's position. This is a good way to explain your advice, too. Remember to use an infinitive after 'would' and not 'to'. To make this negative, put 'not' after 'would'.

Is the most common way to give advice? ›

English speakers use the modal verbs “should,” “ought to” and “had better” to express that they think something is a good (or a bad) idea. “Should” is the most common way to give advice.

How do you approach someone for guidance? ›

How to ask someone to mentor you
  1. Schedule an initial conversation. ...
  2. Clearly describe the guidance you're seeking (The Ask). ...
  3. Confirm your willingness to do the necessary work and follow-through. ...
  4. Acknowledge and respect the individual's time. ...
  5. Note: If you don't hear from them, follow-up, but don't hound him or her.

Top Articles
Latest Posts
Article information

Author: Annamae Dooley

Last Updated:

Views: 6309

Rating: 4.4 / 5 (65 voted)

Reviews: 88% of readers found this page helpful

Author information

Name: Annamae Dooley

Birthday: 2001-07-26

Address: 9687 Tambra Meadow, Bradleyhaven, TN 53219

Phone: +9316045904039

Job: Future Coordinator

Hobby: Archery, Couponing, Poi, Kite flying, Knitting, Rappelling, Baseball

Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.