Financial Advisers MUST be Qualified

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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Further Reading;

Scam Watch

Readers’ Favourites

Hidden Costs & Charges

Hidden costs & charges

Are you paying for something you’re not receiving?

• Renewal commission

• ‘Trail’ commission

• Ongoing ‘adviser’ costs

Please note:

If you have an excellent Financial Adviser who not only did a great job for you in the first place but continues to give you service, this does not apply to you!

How closely do you look at statements you receive from your investment company or pension plan provider? Is there a charge for ongoing service by the adviser who set up the plan?

Do you receive a service from your adviser? Do you even remember who was the adviser?

Many people tell me that they don’t! So why are you paying? Well it’s in the fine print, in the Terms & Conditions which you signed. That doesn’t mean you can do nothing about it. If you don’t know if there’s a charge and receive no service you can still write to the company concerned and ask them to stop any payment from your account, plan or pension.

Financial Pages in Spain can also offer you a way out. You can ask for a review with a fully qualified, correctly regulated and professional adviser. Let us know your details, the details of your plan or policy plus the name & address of the investment company, insurance, QROPS or pension provider. If you have doubts just ask.

I hope that you have a good adviser, one you can trust and who gives you good service but I want to help you with the ones who don’t.

Just EMAIL if you have any queries

David Goodall

Financial Pages in Spain

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Additional reading:

·        Unauthorised Advisers

·        Readers’ Favourites

·        Foreign Exchange – Beat the Bank

Getting a Highly Qualified second opinion

Many changes will take place from January 2021.

Financial Pages in Spain undertakes 'DUE DILIGENCE' to ensure that ALL financial advisers and their firms are correctly qualified, authorised and regulated  and have the necessary experience and knowledge.

APRIL 2020 UPDATE;
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

Financial Pages in Spain is happy to provide this service, referring you to a qualified, regulated and independent financial adviser

I have been finding for sometime that many people come to me for a ‘second opinion’ For many differing reasons but they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors and other professionals.

Some of the things people have said to me:

• ‘ 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, funny they never mention that in their       adverts’

• ‘ I wasn’t convinced the advice was correct’

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect. I’ll try to help. Email me In return I refer readers of Financial Pages in Spain to advisers who pass a strict DUE DILIGENCE test. 

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've given you bad advice
• 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 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.

* * * * * * *

Whatever your query, please contact  Email me
 is on this link

David Goodall

Financial Pages in Spain

Email me

Further Reading from Financial Pages in Spain

Scam Watch

Readers’ Favourites

Malta-based PENSIONS - something VERY IMPORTANT has CHANGED

PENSIONS including SIPP's and QROPS

You will need suitably QUALIFIED and fully INDEPENDENT financial advice with the correct AUTHORISATION

You will definitely need professional advice with regular reviews. Contact My Email

 What has changed?

The changes are quite extensive and qualified advice is needed to see how it affects you. The headlines of the changes are as follows;

1. Investment Restrictions

2. Revised Member Disclosure requirements
 
    * Cost and commission disclosure
    * On-going investment fee disclosures

3. Introduction of Members 'right to cancel'

4. Licensing requirements & changes to 'Terms of Business'

    * Especially distinguishing between European and Non-European 'Advisers'

5. Introduction of 'Professional Member' classification

6. Revision of QROPS payment rules



Complex? Confusing? Did your adviser tell you?

I could give you more detail but much of this is very technical. One thing which is for sure is that all Malta-based Pensions are affected!

How can I help you?

Send me a few outline details about your Malta Pension, together with your email address or contact number and I will get a suitably Qualified and Independent financial adviser to contact you, without obligation.

My Email

IMPORTANT: Your financial adviser MUST be;

• Suitably QUALIFIED
• REGULATED by the correct authority
• EXPERIENCED with an appropriate record of achievement in the UK

DUE DILIGENCE needed as this article shows;

Qualified Financial Advisers

David Goodall

Financial Pages in Spain

Email me

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Please ‘like’ Financial Pages in Spain on Facebook

https://www.facebook.com/financialpagesinspain

Further Reading;

Scam Watch

Readers’ Favourites

Hidden Costs & Charges

The Finance Tour? Workshops? Seminars? BUT who's giving the Financial Advice?

Thinking of attending one? Did you think they were independent? Are the advisers qualified?

Please consider this BEFORE you attend

Important

Any of you who have read my previous blogs will know how passionate I am about the importance that Expats take advice from a suitably qualified, experienced and regulated, independent financial adviser.

Believe all Adverts?

So, when I saw the publicity for this  – The Finance Tour is the only truly independent investment and pensions seminar in Spain Really? I thought to myself, “this is something I should look at”. If 3 high profile product providers have come together to participate in an independent tour, this is something I must comment upon.

However, from my many years working in the UK, I know that product providers will never endorse one adviser over another, irrespective of how qualified or experienced an adviser might be.

I decided to investigate further. All 3 providers told me that they would never knowingly endorse one adviser. It's not in their interests!

Someone has gone to great lengths to make consumers believe that 3 product providers have come together to offer their expertise to British Expats in Spain, and to help them, they have invited one “Adviser” firm, chosen from the many that operate in that area. This gives the false impression that the 3 product providers are in some way endorsing that particular firm above all others. THEY DO NOT!

Due Diligence

Now, all the above might be fine if the adviser firm in question could pass my due diligence process but they don't!

As you may know, I am able to help Expats to find an adviser who is suitably qualified to advise them. I have a strict due diligence process and I would never send a consumer to an adviser until they pass my test.

I have carried out my due diligence on the advisers working for the firm in question and they are not a firm that I would be able to refer my readers to for advice.

'Financial Pages in Spain' averages over 13,000 readers per month

David Goodall

Financial Pages in Spain

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Facebook

Additional reading:

Scam Watch

Readers’ Favourites

Hidden Costs & Charges