but BEWARE they often aren't!
DUE DILIGENCE ensures that the ADVISERS I RECOMMEND are able to deal with 2021 changed regulations
In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls
Protect your savings, pensions and investments
I’ve said before at ‘Financial Pages in Spain’ that I check
out any adviser that I might recommend to a reader. It’s often known as ‘Due
Diligence’ and I take it seriously.
Someone calling himself an ‘Adviser’ contacted me to see if
we could ‘work together’. My first question was ‘Are you qualified?’ He said ‘No’,
I replied we cannot work together then! His retort threw me for a minute but
he said ’I don’t have to be, I work in Spain’. Well in 2021 YOU DO have to be! I said you must be Qualified
to work with me. But this is why you
must be so careful
Professionals
·
My doctor is qualified, works in a practice with other professionals and I trust
him without hesitation
·
The veterinary practice we take the dog to is qualified I even know where he studied
and that he is a specialist in small animal health
·
My solicitor who I have known for many years is
qualified in both UK and Spain
·
I could go on but I’m sure you’ve got the
message. For contact My Email
So, why would you
trust your savings, pensions and
investments to an unqualified ‘adviser’
just because they happen to be in Spain? I certainly won’t recommend such a
person!
Due
Diligence
What I am looking for before
I will recommend anyone to you are the following;
- The adviser firm
needs to be regulated by an EU regulator and hold professional indemnity
insurance
- The individual
adviser needs to be fully qualified. This qualification can be awarded by
several examining bodies, so I check with the relevant body and ask for
qualification certificates
- I also want to see
that they are registered with the European Financial Planning Association
and that they hold a membership certificate
- Next, I’m interested
in their career history with the UK regulator and if they have a history
on the Financial Conduct Authority (FCA) register. I can also see what
permissions they held when actively advising in the UK, and this tells me
what work they are experienced in and what specialist advice they can give.
This is vital in any recommendation.
- The adviser needs to
be authorised to give investment advice, not just to recommend “insurance”
products – this is now a minimum requirement to be able to advise on Malta
pension plans and UK SIPPs
- Finally, I check
their advice process and what investment options they have to offer
clients. I ask for specimen reports to check the advice offered in several
important areas
This
due diligence process is difficult for you, the consumer, to undertake so
please get in touch. My Email
David
P.S.
I just came back from the gym where the instructors all proudly display their Qualification
Certificates and Diplomas!
David Goodall
Financial Pages in Spain
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