Independent Financial Advice – working to deliver the best client outcomes
We often get asked at this time of the year (on the run up to Tax Year End) about the value and cost benefit of receiving ‘advice’ against a ‘do it yourself’ portfolio construction.
Without banging on about professional qualification, knowledge and experience, over many years, decades even, the important issue for investors is the regulatory protection of ‘Advice’ delivering a ‘suitable outcome’ – considering the needs of the individual receiving advice.
Delivering a suitable outcome doesn’t provide a guarantee or secure the investment from losses – it provides a regulated framework with which a professional, qualified adviser must consider the needs of their clients – recommending products that deliver their needs and, most importantly, in a professional, friendly, respectful way. (The falls suffered by Global equities in relation to the coronavirus demonstrates the difference between a professionally constructed investment programme and a DIY process).
We know that some clients love a great working relationship, others like to DIY – which is why we built the BestPriceFS brand – enabling our lovely customers to select which service they require (with or without regulatory protection).
We are clearly a ‘disruptor’ in relation to price but our quality (as Independent Advisers) and service, when understood, stands us apart.
So we have put together some simple answers to questions that will hopefully help you decide to join BestPrice FS clients with either the advisory consultancy service or the non-advised product purchase process online, across our ‘one stop financial shop’.
Is it worth paying for financial advice?
Based upon research, analysis and testing, Vanguard has concluded that there is a quantifiable increase in the return to working with a financial adviser.
Of course, finding a professional that understands your needs and ‘listens’ is essential to a good working relationship – “Knowing Your Customer”.
At BestPriceFS we work diligently to understand the needs and wants of our clients, providing advice, using best of breed assets and solutions, having been selected independently from the product/fund universe with diligence and accountability.
BestPriceFS do not have restrictions in relation to their independence of financial consultancy. We can provide advice in respect of all products. We are actually required to consider all product types as IFAs.
At BestPriceFS we can demonstrate the ‘value add’ in terms of outperformance to the relative risk an investor wishes to take on risk management terms, along with monetary data. After all, when investing, the risk taken against reward obtained – considering an investor’s capacity to suffer loss, risk tolerance and goals is imperative.
How can I invest without an Adviser?
Investing on a DIY basis is not easy (in relation to fully understanding the risk of the product) especially if an investor purchases based upon the data provided off ‘buy lists’ and doesn’t review the ongoing merits of maintaining the investment within a portfolio.
Investors must note a ‘buy list’ never turns into a ‘sell list’! Investors would be better informed and positioned in relation to their portfolios – if the essential task (and skill set) required to produce quality risk adjusted results were fully researched prior to the set up of an investment. We are often shocked at the investment decisions made in relation to producing imbalanced portfolios.
To confound matters, DIY investors often ‘shut the gate – after the horse has bolted!’.
At BestPriceFS we support the ‘choice’ of services our clients require – where possible with Advice – at the Best Price, or to invest on a non-advised basis (although we must point out that without following the ‘Know Your Customer’ process – ‘paying for advice’ – no regulatory protection via the Financial Ombudsman Service is provided. Trying to reduce costs can be ‘costly’ if the decisions made deliver pain – so beware of false economy!
An example of the BestPriceFS value is in relation to Structured Investment Products and Structured Deposit offerings.
There are 2 non-advised suppliers of Structured Investment Products and Structured Deposit Products who charge fees of 3% and 1.65% for no regulated advice.
We are not here to be critical of their business model, or its success, but we are simply stating the fact that the cost for no advice via BestPriceFS is 0.5% (minimum fee £75). Our advice – with regulated protection is lower – so work that one out, in relation to best value and client outcome!
Click the link to read : https://www.bestpricefs.co.uk/blog/financial-advice-producing-quality-consumer-outcomes/
The old saying is “there’s little value (and accountability) in free ……” Cost/benefit – we’ve got it (You!) covered ……
To add value further, for advice needs, we provide a free 15 minute “Get to Know You” overview over the phone, in order to ensure that you like what we say ……..
If you would like “advice” simply get in touch.
Best Price FS Team
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