Financial Advisor Burnham-on-Sea Somerset (TA8): If you're in search of financial advice for the very first time, trying to find a first-rate financial advisor advisor in Burnham-on-Sea can be an intimidating experience. Whether it is mortgage, pension, investments or even insurance advice that you are looking for, there is one common rule for all qualified financial advisors; they must all comply with Financial Conduct Authority regulations. Any advice given by a FCA certified financial advisor in Burnham-on-Sea comes with guarantees that if anything should go awry, you have access to the Financial Ombudsman Scheme or the Financial Services Compensation Scheme.
A good starting point in choosing a financial advisor in Burnham-on-Sea could be relatives and friends, but bear in mind that the sort of advice you are looking for might be different to theirs. Not every financial advisor is suitable for everyone, and their advice needs to be adapted to your unique circumstances. It is wise to talk with at least three different companies when you're picking a financial advisor, since this is a major decision, and you'll be looking to find one that you can trust and feel at ease with, and at the same time explore the various options they offer.
When you're looking to pick a financial advisor in Burnham-on-Sea, there are two principal types; independent financial advisors (IFA) and restricted advisors. Offering a broader range of options, an IFA will not be restricted to just one company's services or products. Independent financial advice should be offered in an honest and impartial way and should cover the full spectrum of financial companies and products. This enables you to choose from the broadest range of services to match your needs. If you use a restricted financial advisor you will soon realise that they might be limited to products and services of a single company, or as in the case of a mortgage advisor, might only be focused on one product.
Before any financial advisor accepts you as a client, they're required by the Financial Conduct Authority to be fully transparent with you about their charges. You may be charged by the hour, a set fee or perhaps even a specific percentage of your investment value, in accordance with kind of services you require. You will sometimes be offered the chance of a free initial consultation to enable you to discuss your aims and see if the advisor is the correct fit for your situation. Your account might be handled by a team rather than one individual advisor, if you decide to use one of the larger Burnham-on-Sea companies.
To outline your targets and financial situation to the advising company, you'll be required to fill out a "Fact Find" document, which is a confidential disclosure form. You should also be given an Initial Disclosure Document, or Key Facts Document, which provides information on the financial advisor, their situation for offering restricted or independent advice and the extent of their permissions in the financial arena. Your rights should also be spelled out in this document, along with the possible options you can take if you want to make a complaint because you are not satisfied with the service you are given. It must be easily understood, written in layman's terms, and outline precisely what you're signing up for, together with the risks and benefits of accepting the proffered advice. You will find the amount of cooling-off period in the Key Facts Document. This permits you to have a change of heart within a specific period of time, and cancel your agreement with the financial advisor.
When speaking to the financial advisor initially ensure that you check their experience and qualifications. Asking these questions should not cause you any embarrassment, because after all you're about to entrust them with your long-term financial wellbeing. A Level 4 qualification is the minimum required certification for any Burnham-on-Sea financial advisor, and they must also be able to present an annual Statement of Professional Standing. If the advisor's name does not appear on the Financial Services Register, you don't need to panic, the company the advisor works for will almost certainly be on the register and their advisors are all covered by the legislation. If these can't be provided the individual can still offer financial guidance instead of advice. Guidance differs to advice as it isn't regulated in the same way, and if financial errors are made there may be no recourse to either party.
If you're seeking advice on investments you'll be asked about the amount of risk you're ready and able to take. Many investments carry some degree of risk, but higher risk investments could potentially offer better rewards, but also more chance of losing some or all of your funds. In order to get the most effective financial and investment advice, your savings objectives must be carefully considered, i.e. how much capital you want to invest, how rapidly you need to access your funds and short or long term investments. You should invariably ask yourself the one important question, how much money can you truly afford to lose. This is commonly called your 'capacity for loss' and might influence the services and products that are offered to you.
If you have already got any existing investments, regular outgoings, mortgage loans or savings accounts, you must tell your financial advisor about these. This should give a clear picture of your financial circumstances, and without this the advice you are given might not be the most appropriate for you. Good financial advice should include diversifying your savings and investments by spreading the risk across various products. With an understanding of the best areas to consider, a qualified financial advisor will favour products that match your financial situation and goals.
Your financial advisor will communicate in the clearest possible way, to reveal the multifaceted world of finance. This will help you to compare services and products that meet your needs, and make an informed decision. You can perhaps ask your advisor to only include ethical savings and investment schemes. You can then steer clear of firms that investments meet your criteria, and instead lend your support to those organisations and companies that address your concerns, for instance zero carbon or green energy.
Working alongside a financial advisor in Burnham-on-Sea can be difficult to fit in around work and other obligations. To allow you to get advice at a time to suit you, face-to-face appointments can be supplemented with video conferencing and phone calls. Even if you never have a face-to-face meeting with your advisor, an established financial advice firm in Burnham-on-Sea will have stringent measures in force to keep your details secure and confidential, because working from 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 fails to make the amount of money you hoped for, it can be an extremely worrying and disheartening time. A downward spiral in your investment isn't a recognised basis for complaint, unless your financial advisor has given you wrong or misleading information.
As described in the Key Facts Document, any disputes should begin with the firm's official complaints procedure. You can let the Financial Ombudsman know about the problem if it is unsolved within the timeframe set by the regulating body, and your financial advisor is registered with the Financial Conduct Authority.
The Financial Ombudsman will independently review the cause for complaint and make a ruling. A decision is made on how to rectify the situation or financially compensate the customer, if the complaint is justified. Once the decision is agreed on by the client it becomes a legally binding decision which the advisor and their firm, must comply with. Any distress, hassle, annoyance and inconvenience caused to the client during the process, will be taken into account when the Ombudsman sets the level of compensation.
Financial advice can be provided in Burnham-on-Sea and also in: Brent Knoll, Weston-super-Mare, Lympsham, Bason Bridge, Highbridge, East Huntspill, Berrow, Mark, Huntspill, Southwick, Alstone, Wedmore, Watchfield, Walrow, Edithmead, East Brent, and in these postcodes TA8 1RG, TA8 1LJ, TA8 1BB, TA8 1DA, TA8 1AX, TA8 1NB, TA8 1RE, TA8 1HJ, TA8 1HT, TA8 1PD. Locally based Burnham-on-Sea financial advisers will likely have the telephone dialling code 01278 and the postcode TA8.
A Financial Advisor's Daily Duties
- Financial advisors keep up to date with new financial products and law changes.
- Financial advisors meet sales and performance targets.
- Financial advisors keep detailed records of customers and transactions.
- Financial advisors work in collaboration with their peers to gather trends, statistics and market information.
- Financial advisors research financial products and explain them clearly and simply to their customers.
- Financial advisors produce in-depth financial reports.
- Financial advisors provide education, counselling and consultation with regards to finances and investments.
- Financial advisors speak to customers about their finances and plans.
- Financial advisors collaborate with providers of financial products.
- Financial advisors regularly update customers about their investments.
Burnham-on-Sea Financial Advice Services
There is a variety of services which are provided by your local Burnham-on-Sea financial advisor including cheap financial advice, life insurance, corporate financial planning, pension consolidation advice, general financial planning Burnham-on-Sea, stakeholder pensions, annuity purchases, divorce financial planning, will writing services Burnham-on-Sea, long term care fee planning in Burnham-on-Sea, pension transfer advice, cashflow analysis, retirement plans, personal financial planning, family income benefit Burnham-on-Sea, inheritance tax planning, pension advice, wealth management & investments, life assurance Burnham-on-Sea, trustee investment services, tax planning, financial analyst services Burnham-on-Sea, business financial planning Burnham-on-Sea, ISA's, financial services, and lots more.
Skills Needed to be Financial Advisors
- To have excellent IT skills.
- Effective customer service skills for determining customer requirements and needs.
- To have a flexible work ethic.
- Good verbal communication skills.
- Good management skills for the negotiation of product fees.
- To have the ability to listen attentively
- A solid understanding of accounting and economics with regard to financial products and markets.
- To have the ability to network and build solid relationships with customers.
- A good level of numeracy for developing financial plans.
- To pay attention to detail and be thorough.
- To be good at promoting services and products.
Somerset Financial Advice Enquiries
Recently posted Somerset financial advice enquiries: Karol Mistry and Jaya Mistry from Wiveliscombe recently asked for information on investment bonds. Mr and Mrs Rees from Pitminster, Somerset recently enquired about mortgage advice. Eddie and Alicja Robb from Dunster recently asked for information on financial planning. Elisha Read from Cotford St Luke recently enquired about life assurance. Mr and Mrs Edge from Woolavington recently enquired about investment advice. Rhea Francis and Orion Francis from Wincanton recently enquired about offshore investments. Louie Purvis and Marley Purvis from Street, Somerset recently asked for information on equity release. Archibald and Sophie Gough from Kingston St Mary, Somerset recently enquired about getting financial advice.
Financial Advisors Near Burnham-on-Sea
Also: Weston-super-Mare financial advisors, Alstone financial advisors, Highbridge financial advisors, Huntspill financial advisors, Mark financial advisors, Edithmead financial advisors, Bason Bridge financial advisors, Walrow financial advisors, East Huntspill financial advisors, East Brent financial advisors, Berrow financial advisors, Lympsham financial advisors, Watchfield financial advisors, Wedmore financial advisors, Brent Knoll financial advisors, Southwick and more.
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Financial Advisors Around Burnham-on-Sea: People living in the following streets and roads have recently requested financial advice - Ashcott Drive, Sutherland Avenue, Archer Drive, Brambles Road, Cadbury Close, Church House Road, Churchill Close, Cheddar Close, Ashcott Place, Barton Road, Abbots Close, Church Road, Burnham Road, Chichester Close, Beale Way, Salisbury Road, The Drive, Brue Crescent, Broadhurst Gardens, Caernarvon Way, Steart Avenue, Saxondale Avenue, Brooke Road, Brightstowe Road, Shearn Lane, Steart Drive, as well as the following Burnham-on-Sea area postcodes: TA8 1RG, TA8 1LJ, TA8 1BB, TA8 1DA, TA8 1AX, TA8 1NB, TA8 1RE, TA8 1HJ, TA8 1HT, TA8 1PD.
To find out local info relating to Burnham-on-Sea, Somerset check here
Independent financial advisor in TA8 area, (dialling code 01278).
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