Financial Advisor Penrith Cumbria (CA11): Finding a good independent financial advisor in Penrith can be a daunting experience, in particular if you're seeking financial advice for the first time. However, all qualified financial advisors are bound by one simple rule; they all have to adhere to the regulations set by the FCA (Financial Conduct Authority), whether you are looking for pensions, investments, mortgage or even insurance advice. Any advice given from a FCA registered financial advisor in Penrith comes with certain guarantees that if things go wrong, you can contact the Financial Services Compensation Scheme or the Financial Ombudsman Scheme.
A decent starting place when choosing a financial advisor in Penrith may be friends and family, but remember that the kind of advice you're looking for may be somewhat different to theirs. Financial advice should be specifically tailored to your particular situation, and you will discover that certain financial advisors may not be appropriate for your requirements. It pays to speak to at least three different firms when you are considering a financial advisor, as this is an important decision, and you will be looking to find one that you feel comfortable with and can trust, and explore the various options they offer.
When it comes to picking a financial advisor in Penrith, there are basically 2 main types; restricted advisors and independent financial advisors (IFA). The benefit of seeing an IFA is that they should not be confined to a single provider's services or products, and can offer a broader range of options. Independent financial advice should encompass the entire gamut of financial products and companies, and should be offered in an unbiased way. Consulting an independent financial advisor should enable you to select from the widest possible range of services. A restricted financial advisor might be tied to services and products from a particular firm, or might even focus on a specific product, as can be the case with a mortgage advisor.
The FCA requires that any financial advisor in Penrith must discuss their charges with you, before accepting you as a client. Although it can vary in accordance with the type of product or service you are looking for, there could be a set fee, an hourly rate, or you might even be charged a percentage of what you're investing. To allow you to discuss your aims and determine whether the advisor is a good fit for your circumstances, you may be offered the chance of a free first consultation. If you use one of the larger Penrith companies, your account might be looked after by a team of advisors rather than one person.
You will need to fill in a "Fact Find" form, which is a confidential disclosure document relating your targets and financial situation to the advising firm. An Initial Disclosure Document, or Key Facts Document will also be given to you, to provide information on the financial advisors themselves, detailing their scope of permissions in the financial sector and their status to offer independent or restricted advice. If you are not satisfied with the service, and wish to make a complaint, this document should also lay down your rights and your options. It must be written in plain English and detail what you are signing up for, and any potential risks and benefits that exist if you elect to accept the advice offered. The level of cooling-off period should also be explained in this Key Facts Document. Within a certain time frame, this enables you to cancel the agreement.
When talking with the financial advisor initially you'll want to check their experience and qualifications. You should never be self-conscious about asking these questions, after all you are on the verge of entrusting your long-term financial wellbeing to their skill. Every financial advisor in Penrith must be able to present an annual Statement of Professional Standing, and must at least hold a Level 4 qualification. You should not worry if your particular advisor's name does not appear on the Financial Services Register, as long as the firm is listed on the register, their personnel are covered by the regulations. The person may still offer financial guidance as opposed to advice, if these cannot be provided. In financial terms guidance differs to advice and isn't regulated. Therefore there isn't any recourse for either party if mistakes arise.
If it's investments that you're interested in, the advisor will want to know the amount of risk you are willing to take on with your hard-earned cash. High risk investments may potentially offer bigger rewards, but some or all of your cash could be lost. In order to get the best investment and financial advice, your savings aims will need to be taken into account, i.e. how much you wish to invest, how quickly you need to access your funds and long or short term investments. You must always ask yourself the one vital question, how much money can you truly afford to lose. This is known as your 'capacity for loss' and may well influence the products and services that are offered for your consideration.
You will have to tell your financial advisor about any existing regular payments, investments, mortgages or savings. This will provide a clear and full picture of your current financial circumstances, without which the advice given may not be the best for you. Diversifying your investments and savings by spreading the risk across various products, is a crucial part of good quality financial advice. Having a knowledge of the best areas to consider, a certified financial advisor will favour products that most closely fit in with your financial circumstances and goals.
A financial advisor will open up the multifaceted world of finance, and try to communicate in as much plain speech as possible. This will enable you to compare services and products which meet your needs, and come to an informed decision. If the environment is important to you, you could even ask that ethical savings and investments take precedence. You can then keep away from businesses that investments meet your requirements, and instead lend your support to those organisations and firms that match your concerns, for instance zero carbon or renewable energy.
It is not always easy to work closely with a financial advisor in Penrith without this impacting your work and other responsibilities. This can be reduced by augmenting one-on-one appointments with telephone and video conferencing, hence enabling you to seek the advice you need at times that are convenient. Home and remote working is now commonplace, and any competent financial advice provider in Penrith will have stringent measures in place to ensure your details are kept secure and confidential, even if you never have a one-to-one meeting with your personal advisor.
Investments can be a volatile area, and values can fall as well as rise. If your investment isn't making the amount of money you were hoping for, it can be extremely demoralising and worrying. However, unless it's because of misleading or wrong information from your advisor a downward trend in your investment is not seen as a basis for complaint.
The company's complaints procedure should be the place to start with any disputes, and the Key Facts Document will explain this. You can tell the Financial Ombudsman about the problem if it remains unsolved within the time period stipulated by the regulating authority, and the financial advisor is a member of the FCA.
The Financial Ombudsman will independently review the cause for complaint and come to a decision. If it is found that the complaint is legitimate, a decision will be made on how the client can be financially compensated. On acceptance by the customer, the decision becomes a legally binding one, and the financial advisor and their firm must abide by it. The Ombudsman will also consider any annoyance, distress, inconvenience and hassle caused to the client during the dispute, and fix the level of compensation accordingly.
Financial advice can be provided in Penrith and also nearby in: Catterlen, Calthwaite, Temple Sowerby, Plumpton, Askham, Greystoke, Eamont Bridge, Tirril, Brougham, Kirkby Thore, Stainton, Lazonby, Redhills, Skelton, Dacre, Langwathby, Clifton, together with these postcodes CA11 7DS, CA11 7HZ, CA11 7JU, CA11 1SX, CA11 0DS, CA11 1BL, CA10 2BE, CA11 1TB, CA11 1BG, CA10 2AX. Locally based Penrith financial advisers will probably have the postcode CA11 and the telephone code 01768.
Skills and Knowledge Needed to be Financial Advisors
- To be thorough and pay attention to detail.
- To have the ability to listen attentively
- Excellent management skills for negotiating product rates.
- Good skills in verbal communication.
- To have good IT skills.
- To be able to network and build relationships with clients.
- An excellent level of numeracy for developing financial strategies.
- To have a flexible work ethic.
- An excellent understanding of accounting and economics associated with financial products and markets.
- To be good at selling financial services and products.
- Excellent skills in customer service for identifying customer needs and requirements.
A Financial Advisor's Daily Tasks
- A financial advisor produces financial reports.
- A financial advisor provides consultation, counselling and education with regards to finances and investments.
- A financial advisor negotiates with providers of financial products.
- A financial advisor researches financial products and explains them clearly and simply to clients.
- A financial advisor chats with clients regarding their finances and plans.
- A financial advisor works with colleagues to obtain trends, statistics and market information.
- A financial advisor keeps a record of transactions and customers.
- A financial advisor meets sales and performance targets.
- A financial advisor keeps fully up to date with legislation changes and new financial products.
- A financial advisor constantly updates clients concerning their investments.
Cumbria Financial Advisors
In the Cumbria area you can likewise get: Kirkby Stephen investment advice, Houghton financial advice, Lowca financial advisors, Distington financial advisors, Askam investment advisors, Arlecdon investment advice, Westward financial advisors, Longtown investment advisors, Hayton investment advisors, Grange Over Sands financial advice, Broughton investment advisors, Burgh By Sands financial advisors, Milnthorpe financial advice, Broughton Moor investment advice, Wigton investment advice, Cleator Moor financial advice, Lazonby financial advice, Levens investment advisors, Grasmere financial advice, Harrington financial advice, Houghton investment advice, Levens investment advice, Shap financial advisors, Grange Over Sands investment advisors, Newland investment advice, Aspatria financial advice, Houghton investment advisors, Storth investment advisors, Lazonby financial advisors.
Penrith Financial Advice Services
There is a range of services which are provided by your local Penrith financial advisor including pension advice, financial analyst services, cheap financial advice, long term care fee planning in Penrith, pension transfer advice, annuity purchase, life insurance advice, general financial planning, equity release advice, personal financial planning, financial planning, wealth management & investments, income protection advice, pension consolidation in Penrith, stakeholder pensions, financial advice services, unit trusts, mortgage financial planning in Penrith, portfolio management, pension drawdowns, offshore investment advice, life assurance advice in Penrith, investment bonds, trusts, investment planning, and lots more.
Financial Advisors Near Penrith
Also: Eamont Bridge financial advisors, Brougham financial advisors, Kirkby Thore financial advisors, Catterlen financial advisors, Askham financial advisors, Tirril financial advisors, Stainton financial advisors, Greystoke financial advisors, Lazonby financial advisors, Clifton financial advisors, Calthwaite financial advisors, Temple Sowerby financial advisors, Skelton financial advisors, Redhills financial advisors, Dacre financial advisors, Plumpton financial advisors, Langwathby and more.
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Financial Advisors Around Penrith: In Kilgour Street, Hutton Hall, Friargate, Alexandra Road, Maple Drive, Holme Riggs Avenue, Newton Road, Wordsworth Street, Monks Close, Friargate, Merlin Court, Willow Close, Chestnut Close, Rimington Way, Newtongate, Drovers Lane, St. Catherines Court, Jubilee Close, Pategill Square, Winters Park, Clifford Road, Hargreaves Court, Cypress Way, Greystoke Close, Ridley Court, Roman Road, Folly Lane, Southend Road, Arnisons Court, Friars Road, Friars Walk, Mary Langley Way, Greystoke Park Avenue, Cumberland Place, Elm Terrace, Elm Villas, as well as these local Penrith postcodes: CA11 7DS, CA11 7HZ, CA11 7JU, CA11 1SX, CA11 0DS, CA11 1BL, CA10 2BE, CA11 1TB, CA11 1BG, CA10 2AX, folks have recently needed financial and investment advice.
To obtain local information about Penrith, Cumbria take a look here
Independent financial advisor in CA11 area, (dialling code 01768).
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