Financial Advisor Durham County Durham (DH1): Locating a good independent financial advisor in Durham can be an intimidating experience, in particular if you are needing financial advice for the very first time. Whether you're looking for mortgage, pensions, investment or even insurance advice, all financial advisors have one thing in common; they must all stick to the regulations of the FCA (Financial Conduct Authority). This comes with some guarantees, thus after getting advice from a FCA certified financial advisor in Durham, you can seek reparation from the Financial Ombudsman or the Financial Services Compensation Scheme, if if things go awry.
A decent starting point when picking a financial advisor in Durham could be friends and neighbours, but remember that the sort of advice you're searching for might be somewhat different to theirs. Every financial advisor is not suitable for everyone, and any advice they provide needs to be personalised to your specific situation. Picking the right financial advisor is important and it pays to speak to at least 3 different companies so as to investigate the various options they offer, and to find one that you feel comfortable with and can trust.
Restricted advisors and independent financial advisors (IFA), are the two main kinds of financial advisor in Durham. An IFA won't be confined to a single company's products and services. Independent financial advice must encompass the whole gamut of financial companies and products, and should be offered in an impartial way. This will enable you to choose from the widest range of services to suit your needs. If you go to a restricted advisor you'll discover that they could be limited to products and services of one particular firm, or as with a mortgage advisor, might only be concerned with one solitary product.
Before accepting you as a client, any financial advisor must be fully transparent with you about their charges, as set out by the Financial Conduct Authority. Although it varies contingent on the type of product you require, there may be an hourly rate, a set fee, or you might even be charged a specific percentage of what you are investing. A free first consultation will sometimes be offered, so that you can discuss your objectives and situation to determine whether the advisor is a good fit. If you go with one of the bigger Durham companies, your account might be handled by a team of advisors rather than just one individual.
You will have to fill out a "Fact Find" document, which is a confidential disclosure form relating your financial situation and aims to the advising firm. To provide details of the financial advisor, their situation for offering independent or restricted advice and their range of permissions in the financial sector, you'll also be given an Initial Disclosure, or Key Facts Document. If you aren't happy with the service provided, and wish to complain, this document should also lay out your legal rights and the options you can take. It should describe what you're committing yourself to, and any possible risks and benefits that exist if you opt to take the advice offered, and it must be laid out in plain language. The level of cooling-off period should also be spelled out in this document. Within a specific time frame, this makes it possible for you to cancel your agreement.
You should check the experience and qualifications of the financial advisor the first time you speak with them. You should never be embarrassed about asking such questions, after all you're about to entrust your long-term financial wellbeing to their expertise. A Level 4 qualification is the minimum required certification for any Durham financial advisor, and they must also be able to present an annual Statement of Professional Standing. When you check the Financial Services Register, you should not freak out if your specific financial advisor's name doesn't appear on there; you ought to be able to find the firm name, and this means that the regulations covers all of their advisors. If they are not able to provide these accreditations, the individual can't offer advice but is able to offer financial guidance. Guidance isn't regulated in the way that financial advice is, which means that if mistakes are made neither party will have any recourse.
If it's investments that you're interested in, your advisor will need to know the level of risk you are willing and able to accept with your hard-earned cash. High risk investments could potentially offer substantial rewards, however all or some of your money could be lost. The best investment and financial advice should take you savings objectives into consideration, i.e. short or long term investments, how rapidly you need to access your money and how much money you want to invest. One question you should ask yourself, which is normally ignored, is how much you can afford to lose. This could affect the products and services that you are offered, and is commonly called your 'capacity for loss'.
If you have already got any existing regular payments, savings accounts, investments or mortgages, you'll want to let your financial advisor know about these. This will provide a clear picture of your current financial situation, and without this the advice you get may not be the most suitable for you. Good financial advice should allow for diversifying your savings and investments by spreading the risk across different products. Having a knowledge of the best areas to consider, a certified financial advisor will favour products that fit in with your financial situation and goals.
Your financial advisor will communicate in as much plain speech as possible, while revealing the complex world of finance. You should be in a position to make an informed and considered decision after you have compared the various services and products that meet your needs. You could perhaps ask your advisor only to include ethical investment and savings schemes. You can then keep away from investments that investments meet your requirements, but instead support those companies and enterprises that match your concerns, for example green energy or zero carbon.
It may prove difficult to manage your work day and other responsibilities around working closely with a financial advisor in Durham. This can be alleviated by augmenting one-on-one appointments with telephone calls and video conferencing, hence enabling you to get the guidance you need at times that are convenient. Remote and home working is now commonplace, and an established financial advice firm in Durham will have stringent measures in place to ensure your details are kept confidential and secure, even if you never have an in-person meeting with your personal advisor.
You need to keep in mind that the financial sector can be unpredictable, and the value of your investments could just as easily go down as well as up. If it just so happens that your investment isn't making as much money as you were hoping for, it can be a worrying and demoralising time. However, unless it is owing to misleading or incorrect information from your advisor a downward trend in your investment is not seen as a cause for complaint.
As outlined in the Key Facts Document, any complaints should start with the company's official complaints procedure. If your financial advisor is registered with the FCA, you can inform the Financial Ombudsman of the issue if it is unsolved within the period laid down by the regulating body.
The Financial Ombudsman will make a ruling after independently reviewing the cause of the complaint. If the complaint is justified, a decision will be made on how to rectify the situation or financially compensate the customer. This will become legally binding as soon as it has been accepted by the client, and the financial advisor and their company must comply with the decision. The Ombudsman will also account for any hassle, distress, inconvenience and upset caused to the client during the situation, and establish the level of compensation accordingly.
Financial advice can be provided in Durham and also nearby in: High Pittington, Houghall, Chester le Street, Hexham, Croxdale, Hartlepool, Bishop Aukland, Bearpark, Sherburn, Sacriston, Brancepeth, Peterlee, Consett, Bowburn, Dragonville, Broompark, and in these postcodes DH1 1PB, DH1 1HJ, DH1 1NG, DH1 1LP, DH1 1RE, DH1 1LJ, DH1, DH1 1PN, DH1 1RS, DH1 1NS. Locally based Durham financial advisors will likely have the postcode DH1 and the dialling code 0191. Click on the "enquiry" banner to get info on financial advisors in your area.
Financial Advisors County Durham
In the County Durham area you can also get: Wingate investment advisors, Staindrop investment advice, Cornsay financial advice, Nettlesworth investment advice, Barnard Castle financial advice, Consett investment advice, Bowburn financial advisors, Billy Row investment advisors, Hurworth on Tees investment advisors, Bournmoor financial advice, Ouston financial advisors, Framwellgate Moor investment advisors, Low Etherley financial advice, Castleside investment advice, Coundon financial advisors, Shotton financial advice, Fishburn investment advisors, Annfield Plain investment advice, Hamsterley financial advice, Belmont investment advice, Pittington investment advice, Longnewton investment advice, Stanhope investment advice, Ouston investment advice, South Hetton financial advice, Startforth financial advice, High Shincliffe investment advice, Seaton investment advisors, High Etherley investment advisors.
Durham Financial Advice Services
There are a number of different services that can be provided by your local Durham financial advisor including ISA's in Durham, general financial planning, family income benefit Durham, financial analyst services in Durham, financial planning, equity release advice Durham, pension planning in Durham, investment bonds in Durham, wealth management & investments, investment plans, annuity purchases, portfolio management, inheritance tax planning, income protection, pension reviews in Durham, annuities, pension drawdowns in Durham, divorce planning, pension transfers Durham, tax planning Durham, pension consolidation in Durham, cash flow modelling, mutual funds, financial advice services, mortgage financial planning, and more.
Fundamental Skills for Financial Advisors
- To be thorough and pay attention to detail.
- An excellent level of mathematical knowledge for building financial packages.
- Effective skills in customer service for finding out customer requirements.
- To be able to network and build relationships with clients.
- Excellent business management skills for negotiating product rates.
- To have a goal driven attitude.
- To have the ability to use a computer and the principal software.
- A solid understanding of economics and accounting associated with financial products and markets.
- Outstanding skills in verbal communication.
- To be good at promoting products and services.
- To have the ability to listen attentively
Financial Advisors Near Durham
Also: Chester le Street financial advisors, Croxdale financial advisors, Brancepeth financial advisors, High Pittington financial advisors, Sacriston financial advisors, Hartlepool financial advisors, Peterlee financial advisors, Sherburn financial advisors, Bowburn financial advisors, Hexham financial advisors, Bishop Aukland financial advisors, Houghall financial advisors, Consett financial advisors, Dragonville financial advisors, Broompark financial advisors, Bearpark and more.
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Financial Advisors Around Durham: Financial advice has recently been provided in these Durham areas - Charlaw Close, Crescent Close, Cedar Drive, Churchill Avenue, Town Kelloe, The Forge, Acorn Place, School Avenue, Bow Lane, Shaw Wood Close, Sycamore Terrace, Brancepeth View, Colliery Road, Brookdale, Chapel Lane, Silver Courts, Cedar Close, Smith Close, Cross Street, Baliol Square, Cross Lane, The Chains, Trotter Terrace, Thomas Street, Black Lane, Carrsdale, Stephens Terrace, Adolphus Place, Auton Close, as well as the following Durham area postcodes: DH1 1PB, DH1 1HJ, DH1 1NG, DH1 1LP, DH1 1RE, DH1 1LJ, DH1, DH1 1PN, DH1 1RS, DH1 1NS.
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Independent financial advisor in DH1 area, and dialling code 0191.
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