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Financial Advice - Frequently Asked Questions

Why should I seek financial advice?

Everyone needs good financial advice; the only route to financial security is to look after ourselves. The challenge is to find the right investment opportunity to fit exactly what you are trying to do with your money. A well-qualified Financial Adviser will be able to help you decide what is best for you. They can look at what you need now and how that might change in the future. A good Financial Adviser will help you make the right decisions and be on hand over the years to make sure this continues to be the case.

What should I tell my adviser?

To give proper advice, your Financial Adviser needs to know all about you - the state of your finances, not just now but how you want them to look in the future, is vital in the advice process. They will need to know whether you are single, married, with children, details of your employment, your savings, pension, mortgage and whether you are prepared to take chances with money, or whether a more cautious approach is suited to your investments. Later on, when your Financial Adviser recommends a particular course of action, you will be given a letter explaining why this advice has been given.

What qualification should my Financial Adviser have?

All Financial Advisers need an appropriate qualification (usually the financial planning certificate or the certificate in financial planning or an equivalent) in order to advise on investment products . This is the bare minimum; many areas of financial advice can be very complicated and demand a higher level of knowledge, for example pensions, tax planning, trusts and specialist investment. Ask your Financial Adviser if they have extra qualifications.

Mark Maryan at Berkeley Morgan, Northampton , holds The Advanced Financial Planning Certificate since June 2002 , and is a member of The Chartered Insurance Institute and Personal Finance Society.

What if I have problems?

Financial Advisers work in a tightly regulated environment and this offers a high level of consumer protection. Most consumers will have access to the Financial Ombudsman Service who play an impartial role in investigating disputes between consumers and regulated firms . The Ombudsman has the power to make a decision that the firm must accept. For your own protection:

	Don't commit to anything until you understand it
	If you are unsure, check with the consumer help-line at the Financial Services Authority
	Make your own record of the advice you are given
	Don't sign blank pieces of paper
	Never feel afraid of asking another question or saying 'no'
	If you are unsure, get a second opinion by going to another Financial Adviser

If you would like further information from the Financial Services Authority please see www.fsa.gov.uk.

How do I pay my adviser?

When taking professional advice there are inevitably costs. There are several ways of paying for the work - your Financial Adviser can be paid commission from the company that supplies the product, or you can pay your Financial Adviser a fee. Whatever method you opt for, remember to ask how much the advice is costing.

What do I do now?

The worst piece of financial advice is to put anything off. Delays cost money and you are losing valuable time needed to give a really good long-term return. Think through what your needs are at the moment and how they are likely to change and get in touch with a Financial Adviser to talk to them about your investment options.

Berkeley Morgan Limited is authorised and regulated by the Financial Services Authority

Registered in England Registered Number 2601046. Registered Office: John Ormand House, 899 Silbury Boulevard , Central Milton Keynes , MK9 3XL

Quote

“Private property, free
competition, the right to
make profit, the right to
save and to employ your
savings - the reward of
skill and thrift - as you
like, are all the rights of a
free citizen in a free state.

They are the precious
inheritance of englishmen.”

Francis W. Hurst

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