February 2012 : This was written in
September 2010 but the principles are still the same now.
- Carefully consider your objectives
- Regulations in Spain are less strict, beware unregulated advisers
- Insist
on clear and unambiguous charges & commissions
- Understand your own ‘attitude to risk’
- Get all advice in writing
Let me also bring your
attention to some items, which in my opinion often lead to inaccurate,
misleading and false information. My three least favourite comments are;
- ‘It was in an advert in a newspaper’
The content of an
advertisement is not necessarily accurate
- ‘I heard somewhere that……..’
Hearsay, conversations in
bars and rumours are notorious in giving misleading advice
- ‘They are a well known company, they must be
good’
Just never make that
assumption, do your homework and find out for yourself or ask me for a
recommendation
Financial Planning is not an
exact science and you would be amazed how many people with very different
circumstances and different objectives are sold an ‘off-the-peg’ solution. Many
financial advisers are in effect product salesmen. Beware
If you want to be
recommended to an adviser who will talk to you about your objectives please email me.
If the adviser does not
provide clearly and openly what the charges are, it begs the question ‘What has
he or she got to hide?’ It has been Financial Services Authority (FSA) policy
in the UK Spain
Good advisers are always
happy to be open and will answer your requests in writing. If you would like to
be recommended to an adviser please email me.
In my opinion, your attitude
to investment risk is a key question that an adviser should ask. As this is not
a concept you may not have heard before, the best advisers will give you
examples. As most will use a Confidential Questionnaire or Fact Find, they can
explain the concept based on your needs
and desires.
Never be afraid to ask
questions and expect answers. Of course if you ask an adviser a technical or
obscure question he or she may need to seek clarification themselves. But
always insist on your questions being answered.
If you have already been
given advice, I am happy to give you a SECOND OPINION without
any obligation or fee. Just email
me with a copy of the advice
* * * * * * *
If you have
your own question, I’d be delighted to answer it. Those of you who live in Spain or intend to live in Spain
You can write
to me with your personal experiences or to be put in touch with my recommended
adviser by sending me an email
David Goodall
Financial Pages in
Spain
