Always use fully regulated financial advisors
When it’s time to take care of your retirement planning, then it’s time to choose fully regulated financial advisors to take care of you. The strength of your retirement planning will dictate the kind of life you’ll have when you can finally take a permanent break from work – so it makes sense to get the best possible advice to help you.
Why are fully regulated financial advisors better?
By employing the services of fully regulated financial advisors, you’re pretty much guaranteed that the advice given will be specific to you and have your interests at heart. In a world where many people claim to be something that they’re not, you want to be sure, that when it comes to your money, you’re only getting the very best advice. If you end up using a financial advisor who isn’t independent and regulated, you could be led down a path that is ultimately more beneficial for them and the bank or building society that they’re associated with, than it is for you.
Unregulated advice can leave you in a position where you haven’t had all of your options clearly explained to you. So when seeking help with your retirement planning, you may find that your options are very limited and you end up choosing a product that isn’t really right for you, just because it seems to be the only decent one on offer. This can be particularly dangerous for expats or those planning to move abroad when they retire, as they may be presented with the option of a QROPS that doesn’t offer the best tax benefits, investment opportunities or other advantages that a better QROPS could provide.
Fully regulated financial advisors have strict guidelines and a code of conduct they must abide by, to ensure that their clients are receiving good, clear advice that is tailored to their personal needs. Using a regulated advisor gives you certain rights, and a proper complaints procedure that you can use should you end up in a bad situation – although this is clearly much less likely than when using an unregulated advisor.
Who takes care of regulation?
In the UK, the Financial Services Authority, or FSA, is the organisation responsible for the regulation of financial advisors. If you live elsewhere, or you’re an expat seeking a company who can serve you both home and away, then you will need to check who the regulatory body is for the country you’re in. You should be able to enquire as to whether the financial advisor you’re considering using is on their list of regulated providers. The best possible advice is to never take a chance on your money, so always make sure that you use fully regulated financial advisors for your retirement planning and other wealth management needs.
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