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  • The Treasury announces it is to lower the tax free pension annual contribution

    An announcement by the Chancellor last week, was made to lower the limit on lifetime tax-free pension savings. Which meaning a punitive rate of tax will be levied on all pension pots totaling more than £1.25 million. A male worker in the private sector would have to save £1.44 million to receive a £43,387 pension at current annuity rates. A woman would need to save £1.34 million. Ministers said the cap would …

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Home / News / Getting the Best from Your Financial Advisor

Getting the Best from Your Financial Advisor

There are so many different sources of financial advice available; money magazines, the internet and many other types of media. Guardian Wealth Management is aware there is no substitution for professional and competent advice from a qualified financial advisor.

The world of wealth management is constantly on the move, with regular updates to products and services in an ever changing market. This can make wealth management complicated for the layperson. When you have found a qualified financial advisor that is trustworthy, you will have the support you need to be able to create an effective wealth management plan. As your relationship matures, you will gain the best advice possible from your financial advisor – but keep the following things in mind, as they are fundamental to your relationship.

What to Expect from your Financial Advisor?

As you begin working with your financial advisor, there are levels of service that should not be compromised. They should work with you to build a wealth management plan, enabling you both to focus in the same direction.

You should also, between you, plan for regular reviews of your wealth management plan. This should take place at least once a year – however, depending on your circumstances, additional reviews may be advisable. The review process provides a platform for you and your financial advisor to discuss matters relating to investment objectives, tax and estate planning issues.

In order to offer relevant and current advice, it’s not unreasonable to ask if your financial advisor has had up to date training. You are also within your rights to check that your financial advisor and the wealth management company they work with is regulated with the appropriate regulatory body. Your financial advisor should adhere to a service standard procedure. You should be informed of the best way to voice any questions or concerns regarding your wealth management plan, and your financial advisor may direct you to their secretary or assistant to answer any general queries.

Clear Communication from your Financial Advisor

Your financial advisor should be clear as to precisely what your fees will be, how much their commission is, and any other costs that you may be liable for when the products you’ve chosen for your wealth management plan are set up. Always make sure they provide this information before they go ahead.

It is vital that communication is uppermost in your relationship with your financial advisor. This is crucial for a good relationship and an effective wealth management plan. The wealth management industry can have its own unique way of confusing the layman with industry ‘code’ and jargon. Your financial advisor is there to guide and direct you in a way that you will understand. If you feel unsure, ask for them to explain things in more simple terms.

Another crucial factor in your relationship with your financial advisor is this – ask yourself if you feel able to voice concerns about products they suggest. If not, then they are probably wrong for you and you need to find a different financial advisor to approach. A financial advisor is there to act on a consultative basis, not as a sales rep – you’re well within your rights to say no if you wish.

You must feel totally comfortable when working with your financial advisor, and feel that you can trust them with your money – after all, you’ve worked hard to earn it! Using a regulated, independent advisor who has access to products from across the financial market will give you a wider choice for your wealth management plan and give you confidence that you can trust your advisor’s advice. Guardian Wealth Management believes that honesty and trust are at the heart of any relationship, especially when working with someone who is helping you to achieve your wealth management objectives – and when working with one of our financial advisors, that is exactly what you’ll get.

If you’d like to speak to an independent financial advisor , follow the link and use the contact form – we’ll get back to you as soon as possible.

We’re also leading experts on QROPS – so if you wish to find out more about transferring your pension into a QROPS, click here.

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