Get Ready for Changes to Financial Advice

Posted by: Swindells FP, on December 7, 2012.

In Swindells Financial Planning’s recent article we provide you with Your Guide to Changes in Financial  Services.  In just a matter of days these changes will come into effect.

At Swindells Financial Planning, of Seaford & Uckfield, Sussex, we believe in independent advice for all clients because we believe it is the only way to put your interests at the heart of the financial advice process.

Why?  Independent financial advice is advice with no restrictions, no bias, and no limits.

Independent financial advisers are not tied to any product providers.  We have no commercial arrangements that would influence the advice we give you.  We have no constraints on the products or providers on which we will advise you. Whatever your existing financial arrangements and whatever your objectives, we are able to advise you on the most suitable solution to meet your financial planning needs, making recommendations from the complete range of investment, insurance and pension products and providers.

Below is a check list for questions to ask your current financial adviser to see if they completely meet you expectations and needs.  If you have any doubt over your current advice arrangements then please do not hesitate to get in contact with us or use our Second Opinion Service.

  • Questions on Adviser Status

Do you offer Independent advice?

Do you offer Independent advice to all your clients? …or does the type of advice depend on my assets or income?

Will you actually be advising me?

Who else will be involved in dealing with my affairs?

Do you offer advice in other areas : insurance, mortgages, shares?

  • Questions on Adviser Charging

What are your advice charges?

Are your charges based on hourly rates, or percentages of investments made, or project fees?

What am I going to pay for the specific advice I need?

Will I have to pay you directly, and if so can I pay by BACS, or credit or debit card?

Can the cost of advice be deducted from any investments you recommend?

Are there separate charges if you help me implement your recommendations?

  • Questions on Professionalism

Can I see your Statement of Professional Standing?

Are you a Chartered Financial Planner or a Certified Financial Planner?

Do you hold any specialist qualifications relevant to my needs?

Do you have any specialist expertise relevant to my needs?

  • Questions on Service

What services do you offer?

  1. Assessment of current financial situation and budget?
  2. Review of existing investments?
  3. Financial plan, goal planning, cashflow forecasts?
  4. Product recommendations?
  5. Product implementation?
  6. Valuations and tax assessment?
  7. Referral to accountants and / solicitors?
  8. Working with my existing professional advisers?

Explain the first meeting or discovery process and its cost. Do you have a client with similar circumstances to mine who would talk to me about their experience of working with you?

Do you offer a review service?

What does your review service involve?

How much does the review service cost?

Will I pay you directly, by standing order, or will charges be deducted from my investments?

Are all our meetings face-to-face, or can we ‘meet’ by email, phone or Skype?



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