Using a fully Independent Financial Adviser (IFA) offers several advantages. Parker Kelly Financial Services are fully independent. We believe in the importance of a strong relationship between client and adviser and will continue to offer this service to existing and new clients.
Below are some steps to take if Your Adviser is Acquired by a Large Wealth Management Firm:
1. Understand the Changes: When your adviser is acquired, find out how this affects their ability to serve you. The new firm may impose restrictions or change the way they operate.
2. Evaluate the New Offerings: Investigate what the new firm provides. Will they still offer independent advice, or will they become a tied or restricted adviser? Assess if their product range aligns with your needs.
3. Communicate with Your Adviser: Have an open conversation with your adviser. Ask them how their services may change and decide whether they continue to be in your best interest.
4. Review Your Financial Plan: Take this opportunity to review your financial situation and goals. Ensure that the advice and products you’re receiving are still suitable.
5. Consider Switching Advisers: If you’re uncomfortable with the new structure or feel that your needs may no longer be met, consider finding another IFA who can provide independent advice.
6. Research Alternatives: Look for other IFAs who align with your financial goals. Compare costs & charges Use resources like the FCA’s register or professional networks to find qualified advisers.
7. Stay Informed: Keep up with any communications from the new firm and stay aware of any changes that might affect your investments or financial strategy.
Advantages of Using a Fully Independent Financial Adviser (IFA)
1. Unbiased Recommendations: IFAs are not tied to any specific financial products or companies. This means they can provide a broader range of options tailored to your specific needs without any conflicts of interest.
2. Wide Product Range: They can access products from the entire market, including investments, pensions, insurance, and more. This allows for a more comprehensive assessment of what’s best for you.
3. Tailored Advice: IFAs can provide personalised advice that considers your unique financial situation, goals, and risk tolerance, rather than offering a limited range of products.
4. Holistic Financial Planning: Many IFAs offer comprehensive financial planning services that cover all aspects of your finances, from investments to tax planning and retirement strategies.
5. Transparent Fees: IFAs are required to disclose their fees clearly, making it easier for you to understand what you’re paying for their services.
6. Regulatory Oversight: IFAs must adhere to strict regulations set by the Financial Conduct Authority (FCA), ensuring a high standard of advice and consumer protection.
Making an informed decision about your financial adviser is crucial, especially during transitions like acquisitions. Always prioritise your financial well-being and ensure you’re receiving the best advice for your circumstances.
Parker Kelly Financial Services are authorised and regulated by the Financial Conduct Authority (692552) Registered Office: 3rd Floor, 1 Temple Square, 24 Dale Street, Liverpool, L2 5RL Tel: 0151 236 7838. West Kirby Office: The Old Bakery, 72 Sandy Lane, West Kirby, Wirral, CH48 3JA.