If you know exactly what product you want, you can sometimes save money by using a discount broker. They sell products without giving financial advice and so often have lower overheads than a traditional financial adviser. They then pass their savings on to you by refunding some of their commission to reduce the charges of your investment.

However, discount brokers work on what is called an "execution only" basis. This means they don't give advice and won't review your personal financial circumstances. They will only handle the sale for you. Therefore, you should only use one if you know what you want.

Pros

• You will save money on the deal.
• The broker will help you deal with the purchase of your chosen product.
• It’s easy to do – most brokers will let you buy over the phone or online, so you can do it at your convenience.

Cons

• You will have to decide what product is right for you as you don’t get any advice.
• Your options for making a compensation claim are reduced as you haven’t received advice.
• Your choices may be limited to just those products the broker has on offer which may not fit in with your other investment or long-term goals.

If you know what product you want to buy and from which company, then buying from a discount broker could save you some money. However you should be aware that the decision is yours as you will not be receiving any advice.  

You can contact a discount broker directly to buy from them, and then all you need to do is fill in an application form and send it to them. Most have the application form on their website as well and will deal with you by email, if you prefer.  

Shop around – make sure you’re not won over by the deals on offer. Have a look around and see what else is out there – you may find something even better.

Get advice – if you’re at all unsure, get some advice before you decide anything.