Published: May 2024
Entrusting your wealth and financial security to someone else is a big decision and not one that should be taken lightly. There are lots of things to look out for in both the firm and the individual adviser you are going to work with. Some financial advisers are more properly known as Financial Planners where they will typically provide wider ranging and holistic planning services; this is why MM Wealth are described as Chartered Financial Planners – just to explain the distinction.
Chartered Status
Chartered status is not a standard met by all firms. By choosing Chartered, you are selecting a financial planner who has made a public commitment to professionalism. To achieve firm Chartered status, a minimum of 50% of the firm’s advisers must be individually Chartered and we comfortably exceed this requirement with all of our financial planners having attained individual Chartered status. They must maintain standards of excellence, qualifications, ethics, business practices and professional development. At MM Wealth, we are proud to have renewed our Chartered status as a firm for the ninth year in a row.
Scope of Advice
Financial advice firms can either be Independent – also known as Whole of Market – or restricted. Independent advisers, like MM Wealth, are able to discuss and plan on a full range of products and are not tied to any investment house or life assurance company. This allows an independent firm to analyse the entire market before recommending the most suitable solution to their clients. A restricted adviser will be limited to a range of products and may not always be able to provide an appropriate outcome for a client.
Services Offered
Chartered Financial Planner status provides confidence in culture, values and qualifications; independence can provide reassurance about the unbiased advice given, but you should also consider whether the actual services you need can be provided. Does the firm have regulatory permissions to enable it to provide advice in respect of Defined Benefit (Final Salary) pension schemes? Can the firm provide the option to manage assets on behalf of their clients? These are just two examples of areas where advice is needed but not offered by all firms. It is important to check the firm you choose to work with can provide the services you need.
With an experienced and well qualified team, MM Wealth can offer a wide range of services, including holistic financial planning, Discretionary Portfolio Management and pension transfer advice.
In summary the key points to check about an advice firm: –
- Are they a Chartered Financial Planner firm?
- Do their advisers have individual Chartered status or hold additional qualifications?
- Do they offer holistic planning supported by cashflow modelling?
- Are they Independent (Whole of Market)?
- Do they offer a wide range of services?
- Do they recognise the importance of intergenerational planning?
Trust is incredibly important when it comes to the building of long-term client relationships. At MM Wealth we are committed to working with our clients and their families to create financial plans through all life’s stages.
If you would like to talk to one of our Chartered Financial Planners, please contact us on 01223 233331 or email info@mmwealth.co.uk.
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Disclaimer
Opinions constitute our judgment as of this date and are subject to change without warning. The value of investments and the income from them can go down as well as up, and you may not recover the amount of your original investment.
The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.
The Financial Conduct Authority does not regulate estate planning and tax planning.
The information contained within this blog is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change.
