'THERE ARE worse things in life than death. Have you ever spent an evening with an insurance salesman?" asked Woody Allen. If you agree with this sentiment, getting professional financial advice may be the last thing on your agenda, given that many so-called advisers also have sales agendas.

Indeed, in a recent survey by Hibernian Aviva, 32 per cent of people said it was better to get financial advice from friends and family than financial advisers, with just 10 per cent relying on an independent financial adviser/ broker for advice.

However, there is no doubting the importance of getting your finances in shape, particularly given that so many people are facing life-changing issues at present, such as unemployment, overwhelming debts or inadequate pensions. The difficulty is in getting the right advice to help you do so.

The most cursory glance at the complaints the Financial Services Ombudsman regularly receives will reveal many that are related to poor financial advice.

Some relate to high-profile incidents such as the repackaging by Friends First of an ISTC bond - a high risk, high reward venture, most suitable for high net worth or institutional investors - which was then sold on through its broker network to retail investors who between them lost [euro]43 million when the firm almost collapsed in 2007.

Many others, however, centre on people being sold products inappropriate to their needs, such as elderly people being recommended to lock away their money in 10-year term products, or very cautious investors advised to put money into risky "growth" products.

So, given the problems associated with getting financial advice, what do you need to know to ensure you get the best advice to suit your needs?

When should you seek out professional advice?

John Lowe, managing director of the Money Doctor, likens getting financial advice to asking someone whether they would like Tiger Woods's clubs or swing.

"You're not going to be playing like Tiger with just his clubs, you need a coach essentially to help you."

So, if you're dealing with potentially life-changing issues, such as pensions and life assurance, then you may find a "coach" or professional advice worthwhile.

If, however, you're looking for a "commoditised" financial product, such as home insurance or a new credit card, the services of a professional financial adviser may be superfluous. "It's akin to going to a Harley Street surgeon and asking for an aspirin," says Marc Westlake, head of wealth management with Goldcore Wealth.

Instead, he recommends you get on the internet and compare prices to find the best product for you.

Who offers financial advice?

In the Irish market, there are three types of financial advisers.

1) Tied agents such as financial institutions sell products from a particular financial institution they work for, and, while they must give you a product that is suitable for your needs, they cannot shop around on your behalf;

2) Multi-agency intermediaries such as investment or mortgage brokers advise on and sell products from a number of financial services firms;

3) Authorised advisers offer products from all financial services providers in the market.

These advisers will deal with a broad range of financial issues and are suitable for most of the population.

If, however, you have significant funds to invest, or are facing complex financial issues and also need professional tax advice, you could seek out the services of a wealth manager, or private bank.

For high net worth individuals, there is a plethora of service providers in the Irish market - and, despite the recession, their number is growing dramatically.

In addition to international banks such as Goldman Sachs, Barclays and HSBC, several Irish banks have their own dedicated wealth management divisions, while stockbrokers and accountancy firms also have their own private client services.

Generally, a private bank deals with clients who have investable assets of more than [euro]1 million.

Another option is a firm like Goldcore, which is looking to fill the niche between high net worth individuals and the average consumer. The firm, which also sells precious metals, recently launched a wealth management service aimed at those with investable assets of more than [euro]100,000.

For a full range of options, the Financial Regulator publishes a list of advisers on its consumer website: www.itsyourmoney.ie

How do I select the right adviser?

For many of us, the first port of call when looking for financial advice is to ask a friend or family member, as evidenced by the Hibernian Aviva survey, in which 59 per cent of people said they chose a financial product or service because it was recommended by friends or family.

The other common option is to head straight towards the bank or building society.