4 Questions To Ask When Choosing a Financial Adviser

November 2017

4 Questions To Ask When Choosing a Financial Adviser

by Steve Iball – Area Manager  deVere Spain

No doubt you’ve heard about the recent troubles and demise of a local expat financial services company. Amongst many aspects, it brings into question the work of everyone in the industry. But instead of saying “come to us, we’re the best”, I thought I would share 4 key questions you should be asking before retaining a financial adviser.

1 – Where Are You Regulated?

Now, there’s a difference between registered and regulated. Regulated companies in Spain regularly receive audits and inspections which must be passed. The regulating body in Spain is the DGS. If your advisor is only registered, the burden of liability here in Spain is significantly less and do not have to be inspected here in Spain.  They may also not be covered in dispute complaint by an Ombudsman as the advice was given outside the country where the IFA was regulated, Ie Regulated in UK advice given in Spain

2 – What Happens If You Are Suddenly Out of Action?

This is the proverbial “hit by a bus” scenario. Small firms and individual advisors simply won’t have the structure and organisation breadth for a colleague to pick up and carry on as if nothing happened. It’s your money at stake and no matter how sorry you may feel for the individual, you should expect no interruption to your service

3 – Who Checks Your Advice?

We all expect it to be correct however  it’s important that any advice you received has been looked over by someone up the chain and equally accountable. It prevents mistakes and focus by the checker on Complaince and “Best Advice” .

The compliance Manger will also check that the client is not doing to be disadvantages and the advice fits with their attitude to risk.

4 Experience counts

Profile the Adviser to how long they been working as an IFA , what experiances they have had and who they keep up to date with changes and tax and regulations , my opinion 10 years +is what you need to fully understand this business

All reputable IFAs will be only too delighted to be asked these questions and demonstrate that they have the Financial backup to offer you the best advice, do quarterly face-to-face reviews and put your needs and aims above all. By asking these 4 simple questions, you’ll be  sure of the correct financial adviser that you can have confidence in now, and in the future after all its your money!

My company regulated in Spain by DGS , we complete 100% compliance calls on new  and change of funds business, my recommendations are checked by Head Office Legal team and my Line Manager, we review all clients every 3 months and random checks are made to ensure that happens . Oh if anything happened to me a new Adviser who be appointed within 24 hours,however I working flat out for the next 6 years + .  My experience extends beyond  38 years. Our support to expats living in Costa Blanca is at no cost to double check your financial situation