Monday, 16 May 2011

Getting a ‘second opinion’

In the medical professional a ‘second opinion’ is often expected, and frequently requested by the client. I am finding from examples sent to me that it is also needed where financial advice is involved. Please feel free to send me examples or to get a second opinion.

The following statements came from readers of Financial Pages in Spain when asking for a second opinion or their comments about a particular organisation;

  • ‘It  looked like a mass produced report with just my name and personal details changed’

  • ‘They wanted an up front fee even to talk to me. Strange as they never mentioned it in their adverts’

  • ‘I wasn’t convinced the advice was correct’ (when I checked it, it was inaccurate)

On closer investigation many of the problems are related to poor advice on the transfer of UK pensions to QROPS. Whilst QROPS is a great opportunity and suits many expats, too many so-called advisers see it as a ‘cash cow’.

  • Never deal with unauthorised and unqualified advisers

  • Don’t pay up front fees

  • If they won’t disclose commissions don’t deal with them

  • Get referred to an authorised and qualified adviser by sending me an email

Can you help me to help you?

  • Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy

  • Tell me the names of Advisers who refuse to disclose commissions

  • If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy and unprofessional practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

You may also benefit from checking my post on ‘Professional Connections’.

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Whatever your query, please write to me. My email is on this link