Before Christmas, I asked people on the askaboutmoney website what their gripe was with financial advisors. It is very important that I know what people think so I can fix the way I run my business instead of doing things that I think people want, not what they actually want. So, here is the list and what I have done/ am doing to address these issues.
I have created a list of the fees that we charge and put it up on my website. It is not exhaustive as I cannot provide a price for the work without knowing what it involves.
There are a lot of financial advisors who are highly qualified and who work in the best interests of their clients. Look for testimonials on their websites to see what their clients think of their work.
My website, www.bluewaterfp.ie , gives comprehensive details of everything we do. I take a three pronged approach to what I do:
Fee based means that the advisor may be paid by fee, commission or a mixture of the two. Commission based means they will only be paid by the commissions paid by the product producer. Fee only means they do not receive any commissions from the product provider.
Whether it is fee or commission, an advisor should be up front with you on how much he is being paid and by whom.
Yes, some do but not many. For instance, one advisor specialises in ex pats living in Ireland.
I specialise in working with young couples who are enjoying their life and want to continue doing so.
It is up to a good financial advisor to read all the terms and conditions of any product they recommend to a client. There are so many hidden bits, especially in protection products, that is may make a big difference if you don’t get the right product.
When it comes to pensions and investments, each provider offers 6-8 contracts. It is impossible to know the ins and outs of each one. I chose the ones that are most suitable to the way I do business. If a new contract is launched, I will analyse it and see if it is any better than the contracts I currently offer.
As well as having 15 years experience in financial services, I am a Member of the Irish Institute of Pension Managers (MIIPM), a Qualified Financial Advisor (QFA) and a Certified Financial Planner (CFP).
Unfortunately, this is a very common question. This is most common when people get financial reviews. If a fee hasn’t been agreed at outset, the advisor will always find that you need a product so that he can get paid for the work he has done. If a fee is agreed, he won’t have to try to sell you something to get paid and you will get honest, impartial advice.
If you have any questions, please contact me directly at firstname.lastname@example.org