Financial Advisor Billingham County Durham (TS22): If you're in search of financial advice for the very first time, trying to find a decent independent financial advisor in Billingham can be a quite daunting experience. However, all professional financial advisors are bound by one common rule; they all have to observe the regulations laid down by the FCA (Financial Conduct Authority), whether you are looking for mortgage, pensions, investments or even insurance guidance. Any advice given by a FCA registered financial advisor in Billingham comes with certain guarantees that if things go awry, you have access to the Financial Ombudsman or the Financial Services Compensation Scheme.
Recommendations from family and friends can be a decent starting place in choosing a financial advisor in Billingham, but bear in mind that their circumstances could be different to what you're looking for. Their advice needs to be tailored to your specific circumstances, and every financial advisor isn't suitable for everyone. It is a good idea to talk to at least three different companies when you're picking a financial advisor, as this is a big decision, and you'll be looking to find one that you feel comfortable with and can trust, and also investigate the options they can provide.
Restricted advisors and independent financial advisors (IFA), are the two main types of financial advisor in Billingham. Offering a more extensive range of options, an IFA won't be confined to the products or services of just one provider. Independent financial advice should cover the whole spectrum of financial products and companies, and must be given in an impartial way. Consulting an IFA should allow you to choose between the widest possible range of products. A restricted advisor could be involved with a single product, as with a mortgage advisor, or be limited to services and products from a particular company.
Before accepting you as a client, any financial advisor must discuss their charges with you, as set out by the FCA. Although it can vary subject to the type of product or service you're looking for, there may be an hourly rate, a set fee, or you may even be charged a percentage of the money you are investing. A free first consultation might be offered, so that you can discuss your objectives and situation to see if the advisor is the best fit. In some larger Billingham companies, you may find that your account is looked after by a team rather than an individual advisor.
You'll have to fill out a "Fact Find" form, which is a confidential disclosure document relating your objectives and financial situation to the advising firm. To provide information regarding the financial advisor, their situation for offering independent or restricted advice and their range of permissions in the financial market, you will also be given an Initial Disclosure Document, or Key Facts Document. Your own legal rights will also be set out in this document, along with your options if you want to submit a complaint because you're not satisfied with the service you're given. It has to be written in plain language and describe what you're signing up for, and any possible risks and benefits if you choose to take the offered advice. The allowed cooling-off period should also be spelled out in this document. This permits you to change your mind within a certain number of days, and cancel your agreement with the financial advisor.
You need to check what qualifications and experience the financial advisor has when you first talk to them. Do not be embarrassed about asking such questions, after all you're on the verge of entrusting your long-term financial wellbeing to their skill. Every financial advisor in Billingham must present an annual Statement of Professional Standing, and must hold a minimum of a Level 4 qualification. Don't worry if your particular advisor's name doesn't appear on the Financial Services Register, as long as the firm is listed on the register, their personnel will be covered by the regulations. If these cannot be presented the individual can still offer financial guidance rather than financial advice. Guidance is somewhat different to advice as it's not regulated in the same way, and if financial errors are made there may be no recourse to either party.
If you're needing advice on investments you will be asked the level of risk you're willing to accept. Bigger rewards could be possible with high risk investments, however you stand a greater chance of losing all or some of your money. In order to get the best investment and financial advice, your savings goals must be considered, i.e. how rapidly you need to access your money, short or long term investments and how much you wish to invest. You should invariably ask yourself the one important question, how much money can you truly afford to lose. Commonly called your capacity for loss, this will quite likely influence the products and services that you are offered.
If you have already got any current mortgages, regular outgoings, investments or savings, you have to tell your financial advisor about these. They will need to know this, so they can get a clear picture of your finances and give the appropriate advice for your needs. Smart financial advice should include diversifying your investments and savings by spreading the risk across different products. So as to match your financial circumstances and your goals, a professional financial advisor in Billingham will have the knowledge of the best products to consider.
Your financial advisor will communicate in the clearest possible way, to unmask the complex world of finance. This will help you to compare services and products that match your needs, and make an informed decision. You could ask your advisor only to choose ethical investments and savings. This does not just give you investment opportunities, but also allows you to lend your support to renewable energy or zero carbon projects, and stay away from companies that don't share the same values as you.
It's not always easy to work closely with a financial advisor in Billingham without this impacting your work life and other responsibilities. This can be alleviated by augmenting one-on-one meetings with video conferencing and telephone, thus enabling you to get the advice you need at convenient times. A competent financial advice firm in Billingham will have strict measures in place to keep your details secure and confidential, even if you hardly ever have a face-to-face meeting with your personal advisor, because home and remote working is now so common.
Investments can be a volatile area, and values could go down as easily as they go up. If it happens that your investment isn't making as much money as you were hoping for, it can be a disheartening and worrying time. Sadly, a downward spiraling of your investment is not seen as a cause for complaint, unless of course it is due to misleading or incorrect information from your financial advisor.
Any grievances should start with the firm's complaints procedure as described in the Key Facts Document. If the matter is unresolved within the time schedule set out by the regulating body, and your financial advisor is a member of the FCA, you can notify the Financial Ombudsman.
After looking into the cause of the complaint, the Financial Ombudsman will make a ruling on the issue. A decision is made on how to rectify or financially compensate the client, if the complaint is justified. The advisor and their company must abide by any ruling that's made, which becomes legally binding as soon as the customer has agreed to it. The Ombudsman will also consider any distress, trouble, upset and inconvenience caused to the client during the process, and fix the level of compensation proportionately.
Financial advice can be provided in Billingham and also nearby in: Haverton Hill, Stockton-on-Tees, Claxton, Norton, Newton Bewley, Thorpe Thewles, Elwick, Seal Sands, Stillington, Grindon, Wolviston, Middlesbrough, Wynyard, East Hartburn, Greatham, together with these postcodes TS22 5JD, TS22, TS2 1SF, TS2 1TS, TS2 1LX, TS2 1UU, TS22 5AR, TS22 5BU, TS22 5DT, TS22 5EN. Local Billingham financial advisors will likely have the postcode TS22 and the telephone dialling code 01642. Click on the "enquiry" form or banner to get specifics of financial advisors in your location.
Skills and Knowledge Necessary for Financial Advisors
- An excellent level of math knowledge for developing financial packages.
- To be able to network and establish solid relationships with clients.
- To have excellent IT skills.
- Good skills in verbal communication.
- A thorough understanding and knowledge of economics and accounting with regard to financial products and markets.
- Good customer service skills for determining customer requirements and needs.
- To have a flexible approach to work.
- To be good at promoting services and products.
- To have attentive interpersonal and listening skills.
- Excellent business management skills for negotiating product prices.
- To be thorough and pay attention to detail.
Billingham Financial Advice Services
There are a wide array of services which are provided by your local Billingham financial advisor including corporate financial planning, pension reviews, trusts, mutual funds in Billingham, pension transfer advice in Billingham, personal financial planning, wealth management & investments, annuity purchase, tax financial planning in Billingham, long term care fee planning, financial analyst services, pension advice Billingham, equity release, investment bonds, bridging finance, portfolio management, investment planning, annuities, life assurance, financial services, general financial planning, retirement plans Billingham, independent financial advice, ethical investment advice, pension consolidation, and lots more.
Financial Advisors Near Billingham
Also: East Hartburn financial advisors, Seal Sands financial advisors, Wynyard financial advisors, Thorpe Thewles financial advisors, Norton financial advisors, Elwick financial advisors, Claxton financial advisors, Middlesbrough financial advisors, Stillington financial advisors, Wolviston financial advisors, Stockton-on-Tees financial advisors, Haverton Hill financial advisors, Newton Bewley financial advisors, Grindon financial advisors, Greatham and more.
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Financial Advisors Around Billingham: People who live in the following areas and streets have recently enquired about financial advice - Buttsfield Way, Thornton Crescent, Stainton Road, Bainton Close, Calder Close, Troon Close, Appleby Road, Cheviot Crescent, Benton Close, Stanhope Road, Cotswold Crescent, Cowpen Lane, Barton Crescent, Brandon Close, Conway Avenue, Tennyson Road, Barlow Court, Cumberland Crescent, Cleadon Avenue, Cambrian Road, Betjeman Close, Thames Road, Speeton Close, Dalton Grove, Skripka Drive, Thompsons Close, Bickley Close, Sledwick Road, Berkeley Close, as well as these Billingham area postcodes: TS22 5JD, TS22, TS2 1SF, TS2 1TS, TS2 1LX, TS2 1UU, TS22 5AR, TS22 5BU, TS22 5DT, TS22 5EN.
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Independent financial advisor in TS22 area, 01642.
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