Many of us are simply not equipped to tackle the world of finance in a way which brings us profit. Perhaps you’re daunted by the prospect, or simply just completely in the dark about how it all works. In some cases, professional financial advice is your best recourse. Under the Financial Conduct Authority (FCA) and the Financial Services Ombudsman, your interests are further protected, particularly in the case of complaint. However, why should it get to a stage where you are short-changed and forced to make a complaint? In this instalment of Insurance Finance Talk’s blog, on all things related to insurance and finance, we will talk you through how best to approach a professional financial adviser and ensure you get the very best service, towards greater protection of your assets and objectives.
The first and foremost thing to make yourself concerned with, as covered in our previous post, is to ensure your financial adviser possesses the qualifications to serve what you require. Governed by various watchdogs, advisers must ensure that financial products presented to you are affordable, accord with your savings plan, factor in the extent of risk you wish to undertake and the amount of tax you pay. Negligence on any of these counts, on the part of the professional financial adviser, may entail a complaint to the Financial Services Ombudsman. Financial advisers are only responsible to the extent of their area of expertise. In other words, a restricted financial adviser who deals with pensions can not be held responsible for advice on anything but pensions. A professional financial adviser must refer you to someone else in case they are unable to offer you a financial product to meet your requirements. If a pensions adviser advises you on something other than pensions, it falls under your responsibility.