Whatever the new-year may bring in terms of the economy and the markets 2012 will be remembered as a big year for your money because the way in which you receive financial advice will change forever.
The Financial Services Authority (FSA) have reviewed the market for financial advice hoping to bring clarity and quality to the fore their aims are –
- Advisers tell you how much their services cost and with you how much you will pay.
- Advisers who offer you independent advice must consider all relevant options for you and do so free from any restrictions (such as working with only a select group of product providers) or bias (such as being paid by commission). This makes sure that the advice offered to you is truly independent and, if it is not, the adviser must clearly explain to you why not.
- You will receive advice from competent, trained professionals who subscribe to a code of ethics ensuring they act with integrity and treat their customers fairly
Financial Advice has never been free – what you pay has always been hidden behind commissions, fees and charging structures.
The new rules have led to a shake up of Independent Financial Advisors, a need to gain new qualifications and increase skill levels across the board. The FSA’s own figures suggest that as many as a third of all advisors will leave the industry because of these new requirements leaving many people without access to advice.
Faced with the choice to adapt or see our business die, Tancreds have chosen to qualify at the highest level possible. Invest in training our people and give the best possible advice to our clients. As a result of this commitment we are now the first advisors in the Deepings to achieve the coveted Chartered Firm status.
So if you are left high and dry by the changes in the financial market, and want truly independent, unbiased, high quality, and transparent advice give us a call on 01778 342291.