Are your clients getting the right financial advice?
Reading the national and financial press recently, it is very apparent that a lot of people don’t know where to turn for financial advice. With most Financial Services providers having withdrawn from having a local presence, and the ongoing onslaught of bank closures in the average UK high street, it is becoming even more confusing for people to know where to go or who to call for good financial advice.
Establishing a relationship with an Independent Financial Adviser (IFA) you can trust to handle all of your financial needs is critical to achieving your financial goals. Not all Financial Advisers are the same, so you must beware!
The two main types of financial adviser are those who are independent and those who are not. All advisers must tell you what services they offer from the outset. To be called an Independent Financial Adviser, they must be able to offer a broad range of retail investment products, and give consumers unbiased advice based on a comprehensive analysis of the market.
Restricted or tied advisers on the other hand can only recommend certain types of investment products or products from a limited number of providers (possibly only one if tied). It is important to establish at the outset what type of advice an adviser can offer, to ensure you get the best investment(s) to suit your needs and requirements.
All advisers must be properly qualified to give financial advice and hold the Diploma in Financial Planning, or an equivalent qualification. Advisers must also prove that their knowledge is up-to -date through continual professional development (CPD).
Some types of advice require an adviser to have specialist qualifications – pension transfers and equity release for example. Any companies offering these services should have advisers within their ranks who are suitably qualified to provide advice in these areas.
Advisers must also be transparent in the fees they charge for both initial and ongoing advice and services.
With Money Advice & Planning Ltd you can rest assured in the services we offer:
- Non-restricted advice and planning – no matter what financial advice and products you need, we can help.
- Face-to-face advice from UK-wide trusted advisers – irrespective of where you are in the UK, one of our advisers will be happy to meet you and discuss matters face-to-face.
- Fees structured to suit requirements – financial advice should never take on a ‘one size fits all’ approach and our fees will be structured and mutually agreed to suit your needs.
- Tailored service packages – we don’t believe in one-off financial advice and have several service packages available, so your financial affairs are reviewed throughout your journey with MAP.
- Whole of market non-discretionary investments – our bespoke investment strategy will cater for your needs and requirements, and give you an investment right for you.
- Quarterly investment reviews – our proactive analysis of fund performance ensures you are always invested in the best areas to suit your attitudes to risk.
- Recommended funds – we invest using recommended fund lists, which have been tried and tested to deliver successful returns for our clients.
- Transparency and peace of mind – clients have 24/7 access to their investments through the MAP portal, so they always know how their investment is performing.
Why not get in touch today to see how we can add value to your business and your clients.
The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.
Robo Advice v. Bespoke Services?
Technology is changing the world on every level, at a pace we could hardly have imagined possible even 10 years ago. On a personal level and, especially in the world of business, technology is shaping how we live and work, both now, and in the future.
Every industry is being shaped by technology and financial services is certainly no exception. You just have to look at how banking has changed in the last 10 years and how we now interact with banks. Straight forward transactions can be carried out much faster online but what do you do when you need some advice and help, especially face-to-face advice?
The IFA world has also gone through many changes in recent years and technology has played a major part in those changes. From back office systems to help you manage your business more effectively to investment platforms that allow you to access and invest client money all in one place, technology has transformed how we operate. MAP has embraced this technology to assist us in maximising returns on our clients’ investments.
The latest technology to enter our sector which you will no doubt hear more and more about is “Robo Advice”. Robo Advice is basically an online investment platform which uses algorithms to assess a clients’ attitude to risk via an online questionnaire before offering what is usually a limited choice of risk-rated portfolios to invest in. There is very little (if any) human intervention and wider issues such as estate or retirement planning are not addressed at all.
At Money Advice & Planning Ltd we believe it is our job to truly understand our clients, their goals and aspirations, and their attitude to risk. We do this through meeting with them face-to-face and building a long-term plan to help them achieve their goals. This is the human aspect of financial advice which a computer algorithm could never deliver.
We provide our clients with a bespoke proactive investment strategy and service – initial and ongoing – to maximise returns on their investments, based on three key steps:
- Select – We choose the best product and range of funds from the whole of the market based on our clients’ attitude to risk;
- Review – We regularly review the funds we are happy to recommend to clients based on the funds’ performance; and
- Switch – We recommend fund switches where necessary and, with your permission, we make those switches.
To provide complete transparency, we provide our clients with 24/7 access to the MAP portal where they can track and monitor the performance of their investments.
We do believe technology has its place, but we don’t believe in one-off, remote financial advice and investment services.
If you would like to find out about how Money Advice & Planning invests client money, please visit us at www.mapfinances.co.uk and use the contact form. Alternatively, call Andrew Singleton on 0345 241 1808.
The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.
Accountants, Lawyers and IFAs – A Team Approach
Financial, legal and tax advice are areas conducted by professionals adhering to their own sets of standards and qualifications, with their own professional bodies and regulators.
These advice professions are no different to other business sectors though when it comes to facing growing pressure to retain their existing clients, and more importantly, to win new clients and discover sources which will provide those new clients.
Legislation such as the Legal Services Act (LSA) and the Retail Distribution Review (RDR) has forced the legal and financial advice professions to introduce more client centric business models and, at the same time, become more competitive. This in turn has created a growing pressure for these advice professions to diversify and expand their business propositions in order to be more competitive.
Working more closely and proactively with a professional IFA can provide a very simple but effective solution to this problem.
Given the overlap between many areas of tax, legal and financial advice, a number of firms have seen the potential for Accountants, Solicitors and Independent Financial Advisers to work together to leverage each other’s client relationships. It provides those clients with a more holistic, joined-up and value-added approach to advice, and at the same time resolves the challenges of retaining existing clients and finding a source of new clients.
If you would like to find out how Money Advice & Planning can add value to your business and your client relationships, please visit us at www.mapfinances.co.uk and use the contact form. Alternatively, call your local MAP adviser at a time which suits you.
The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.
Why getting the right advice is so important
Establishing a relationship with an Independent Financial Adviser (IFA) you can trust to handle all of your financial needs is critical to achieving your financial goals. Not all Financial Advisers are the same, so you must beware!
The two main types of financial adviser are those who are independent and those who are not. All advisers must tell you what services they offer from the outset. To be called an Independent Financial Adviser, they must be able to offer a broad range of retail investment products, and give consumers unbiased advice based on a comprehensive analysis of the market.
Restricted or tied advisers on the other hand can only recommend certain types of investment products or products from a limited number of providers (possibly only one if tied). It is important to establish at the outset what type of advice an adviser can offer, to ensure you get the best investment(s) to suit your needs and requirements.
All advisers must be properly qualified to give financial advice and hold the Diploma in Financial Planning, or an equivalent qualification. Advisers must also prove that their knowledge is up-to -date through continual professional development (CPD).
Some types of advice require an adviser to have specialist qualifications – pension transfers and equity release for example. Any companies offering these services should have advisers within their ranks who are suitably qualified to provide advice in these areas.
Advisers must also be transparent in the fees they charge for both initial and ongoing advice and services.
As a valued client of Money Advice & Planning Ltd you can rest assured in the services we offer:
- Non-restricted advice and planning – no matter what financial advice and products you need, we can help.
- Face-to-face advice from UK-wide trusted advisers – irrespective of where you are in the UK, one of our advisers will be happy to meet you and discuss matters face-to-face.
- Fees structured to suit requirements – financial advice should never take on a ‘one size fits all’ approach and our fees will be structured and mutually agreed to suit your needs.
- Tailored service packages – we don’t believe in one-off financial advice and have several service packages available, so your financial affairs are reviewed throughout your journey with MAP.
- Whole of market non-discretionary investments – our bespoke investment strategy will cater for your needs and requirements, and give you an investment right for you.
- Quarterly investment reviews – our proactive analysis of fund performance ensures you are always invested in the best areas to suit your attitudes to risk.
- Recommended funds – we invest using recommended fund lists, which have been tried and tested to deliver successful returns for our clients.
- Transparency and peace of mind – clients have 24/7 access to their investments through the MAP portal, so they always know how their investment is performing.
Perhaps most importantly of all, we come tried and tested. Read the reviews of just one of our advisers and see for yourself.
The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.
Long-Term Care Planning
Long-term care is when someone requires either care in their own home or to live in a care/nursing home; both of which must be paid for.
In both circumstances, key decisions need to be made and ‘add-ons’ to be considered. The two key aspects behind these are requirement and cost – what is definitely needed, no matter what, and what is affordable?
Making informed decisions about long-term care is very difficult, but doing it in advance is necessary. It ensures sufficient knowledge and funding is in place when needed, making the transition into care much easier.
People with disabilities and/or complex medical issues may qualify for NHS continuing care, which is free of charge. However, it cannot be relied upon as the vast majority of people will not qualify for it. Local authorities can provide some element of funding, but with public sector budgets constantly being stretched, sacrifices will almost certainly have to be made. Lastly, benefits are available which are not means tested, and they can make some difference to the end cost payable.
The only way to control long-term care costs is through self-funding. This requires healthy savings and/or successful investing, plus most importantly of all, good planning. For good financial planning, you need to speak to a qualified adviser.
MAP will find the best way for you to fund ongoing care for yourself or a loved one.
If you or a loved one are considering registering for care and are concerned about the costs involved, talk to one of our long-term care specialists. They have the knowledge and experience to plan out how best to tackle the requirements, explain the options open to you, and guide you with regards financial assistance available.
Many people are reluctant to seek advice and help for care; almost as if they are embarrassed to do it. We are more than happy to discuss it with you and your family and provide the impartial opinion and support which is truly needed in such situations.
For more information, click on the most suitable link:
Savings and Investments
Equity Release
Insurance and Protection
Our Services
Irrespective of what you need to speak to a financial adviser about, MAP will be able to find the best solution(s) to meet your needs. We are fully independent meaning we can advise you on any of the following, taking into consideration your attitude to risk and all options available in the marketplace:
- Equity Release – releasing available capital from the equity in your home;
- Insurance and Protection – providing peace of mind for you and your family;
- Long-Term Care Planning – finding the best way to fund ongoing care for you or a loved one;
- Mortgages – guiding you through the mortgage maze;
- Retirement Planning – effective pension planning, whatever your stage in life;
- Savings & Investments – maximising returns with an ongoing, proactive investment strategy; and
- Tax Planning – effective planning to minimise or fully avoid tax bills.
Any and all of these solutions can be provided to you through sound financial planning. By this, we mean structuring a personal financial plan after getting to know you and understanding your goals.
Furthermore, we will stay with you throughout your financial journey, for as long as you need us. Our regular review service will ensure your finances stay on track and continue to reflect what you need, want and expect.
Whatever advice you need for your financial journey, talk to MAP.
Accreditations
We are authorised and regulated by the Financial Conduct Authority (FCA) to provide financial advice to UK-based individuals and organisations.
We hold the Investors In People award, which is a testament to how we treat customers and staff alike with respect and understanding.
As members of the British Franchise Association (bfa), we hold a standards-based accreditation to show we undertake ethical franchising.