Financial Advisors: Feeling lost in the financial world? Whether grappling with mortgages, investments, pensions, or insurance, qualified financial advisors can become your trusted compass. All operate under the Financial Conduct Authority's watchful eye, safeguarding your journey. And just in case, safety nets like the Ombudsman Scheme and Compensation Scheme offer an extra layer of protection. Don't let financial decisions feel daunting, find an advisor who aligns with your needs and embark on your financial adventure with confidence!
Family and friends recommendations can be a good starting point in choosing a financial advisor, but remember that their circumstances may be different to the type of advice you are looking for. Not every financial advisor is suitable for everyone and any advice they provide should be tailored to your unique circumstances. Choosing a financial advisor is a major decision and it pays to talk to at least three different firms in order to explore the options they can provide, and to find one you feel comfortable with and can trust.
There are two main types of financial advisor; independent financial advisors (IFA) and restricted advisors. An IFA should not be confined to a single company's products or services. Independent financial advice should be given in an unbiased way and across the full spectrum of financial products and companies. This will allow you to choose from the widest range of services to suit your needs. A restricted advisor may be concerned with a single product, such as a mortgage advisor, or be limited to products and services from a single company.
Before any financial advisor takes you on as a client, they are required by the FCA to discuss their charges with you. Depending on the services you require, you could be charged by the hour, a set fee or even a percentage of your investment value. You could be offered a free initial consultation to allow you to discuss your goals and see if the advisor is a right fit for you and your circumstances. In some larger firms you may find that your account is looked after by a team rather than an individual.
You will be required to fill out a "Fact Find" document, which is a confidential disclosure form relating your financial situation and goals to the advising company. You will also be given an Initial Disclosure Document, or Key Facts Document, which provides information about the financial advisor, their status to offer independent or restricted advice and their scope of permissions in the financial sector. This document should also lay out your rights and the options you can take if you're not happy with the service and wish to make a complaint. It should be written in plain language and detail what you are signing up for, and any possible risks and benefits should you decide to accept the offered advice. You will find the level of cooling-off period in the Key Facts Document. This allows you to cancel your contract with your financial advisor within a certain period of time, and if any penalty charges have to be paid.
When speaking to your financial advisor for the first time you should check their qualifications and experience. Do not be embarrassed about asking these questions, after all you are about to entrust your financial future to their skill. All financial advisors must hold at least a Level 4 qualification and present an annual Statement of Professional Standing. If the advisor's name does not appear on the Financial Services Register, don't panic, the firm the individual works for should be found on the register and their employees will be covered by the regulations. If these cannot be presented the person may still offer financial guidance instead of advice. Guidance differs to advice as it is not regulated and if financial mistakes are made there may be no recourse to either party.
If you are seeking advice on investing money you will be asked the level of risk you are prepared to take. Higher rewards may be possible with higher risk investments, but you may also lose some or all of your money. Good financial and investment advice will take into account your savings goals, i.e. short or long term investments, how quickly you need access to your money and how much you wish to invest. One question you should ask yourself, which is often overlooked, is just how much you can afford to lose. This is referred to as your capacity for loss and may affect the products and services that could be offered for your consideration.
If you already have any existing savings, investments, regular outgoing payments or mortgages, you need to tell your financial advisor about these. This will give a clear and full picture of your financial situation, without which the advice given may not be the best for you. Sound financial advice should allow for diversifying your savings and investments by spreading the risk load across different products. A qualified financial advisor will have the knowledge of the best areas to consider, which reflect your financial situation and your goals.
A financial advisor will open up the complex world of finance and communicate in as much plain speech as possible. This will allow you to compare products and services that match your needs, and come to an informed decision. You can even ask your advisor only to specify ethical savings and investment schemes. This will allow you to support companies and businesses that match your concerns, e.g. Green energy or zero carbon, or perhaps avoiding companies that do not meet your criteria.
Working closely with a financial advisor can be difficult to manage around work and other commitments. Face to face meetings can be supplemented with telephone and video conferencing to allow you to seek advice at a time to suit you. Working from home and remote working is now a large part of our society and a professional financial advice company will have rigorous measures in place to keep your details confidential and secure, even if you never have an in-person meeting with your advisor.
COMPLAINTS
Investments can be a volatile area, and values can go down as well as up. If your investment is not making the amount of money you hoped for, it can be extremely worrying and frustrating. Unfortunately a downward trend in your investment is not a recognised cause for complaint unless it is due to wrong or misleading information from your financial advisor.
Any complaints should start with the firm's complaints procedure as detailed in the Key Facts Document. If the issue remains unsolved within the timeframe set out by the regulating authority, and the advisor is a member of the Financial Conduct Authority, you can inform the Financial Ombudsman of the issue.
The Financial Ombudsman will independently review the cause for complaint and make a ruling. If the complaint is justified, a decision is made on how to rectify or financially compensate the customer. Once the decision is accepted by the customer it becomes a legally binding decision which the financial advisor and their firm, must abide by. Any compensation as set out by the Financial Ombudsman will also take into account any trouble, upset, distress and inconvenience caused to the customer during the situation.
Pension Planning
Pension planning is one of the most important aspects of securing your financial future, yet it’s something many people put off until later in life. The earlier you start, the better positioned you’ll be to enjoy a comfortable retirement. Whether you’re just beginning to think about your pension or you’re reviewing your existing plans, having a clear strategy is crucial. It’s not just about setting money aside; it’s about ensuring those savings work hard for you over the years, growing into a reliable income when you need it most.
A good place to start is understanding the different types of pensions available, such as workplace pensions, personal pensions, and the State Pension. Each has its own benefits, rules, and tax advantages, so it’s worth exploring how they can work together to meet your retirement goals. For instance, many workplace pensions offer employer contributions, which can significantly boost your savings. Personal pensions, on the other hand, offer flexibility, allowing you to invest in funds tailored to your risk level and objectives.
As life changes, so too should your pension planning. Whether you’re changing jobs, starting a family, or getting closer to retirement, it’s important to review and adjust your pension contributions regularly. Small increases in savings today can make a big difference to your retirement income tomorrow. A financial advisor can help you navigate these changes, ensuring your pension strategy stays on track.
Ultimately, pension planning isn’t just about finances; it’s about peace of mind. Knowing you’re taking steps now to secure your future means you can focus on enjoying life today. With a clear plan in place, you’ll have the confidence that your retirement years will be as rewarding as they should be. It’s never too early - or too late - to start planning
The Daily Duties of a Financial Advisor
- A financial advisor keeps fully up to date with law changes and new financial products.
- A financial advisor recommends the best-suited financial products to clients.
- A financial advisor produces comprehensive financial reports.
- A financial advisor continually updates clients concerning their investments.
- A financial advisor thrashes out advantageous deals with with providers of financial products.
- A financial advisor provides education, counselling and consultation regarding investments and finances.
- A financial advisor meets targets for sales and performance.
- A financial advisor works together with colleagues to gather market information, trends and statistics.
- A financial advisor talks to customers about their finances and plans.
- A financial advisor keeps detailed records of clients and transactions.
Skills and Knowledge Needed to be a Financial Advisor
- To have attentive listening and interpersonal skills.
- Good skills in customer service for finding out customer needs and requirements.
- To pay attention to detail and be thorough.
- To be confident in using a computer and the key software packages.
- An outstanding knowledge and understanding of economics and accounting with regard to financial products and markets.
- To have a flexible work ethic.
- An excellent level of numeracy for producing financial packages.
- Good business management skills for the negotiation of product rates.
- Excellent skills in verbal communication.
- To be able to network and establish relationships with clients.
- To be good at promoting financial products and services.
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