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Disappointed with financial advice you have received in Spain?

March 14, 2019

How have you found the financial advice you have received so far in Spain? Have you been disappointed that it has not met the standards you expected?

Are you tired of being bombarded with cold calls from certain firms when you have already made it clear that you don’t want do to business with them? Been approached by firms that purport to be regulated when they are not and those that advertise ridiculously high guaranteed returns with no risk to your capital?

Unlike the UK where financial advice has taken a giant leap forward with the introduction of a whole raft of new regulations regarding transparency in terms of fees and qualifications for every adviser, advice in Spain seems generally to be more akin to the “bad old days” before regulation was even introduced.

When you arrive in Spain it can be difficult to know where to turn for professional financial help and unfortunately many end up relying on hearsay or a conversation with someone in a bar or at the golf club. What you actually need to do is to carry out some research and find a firm that you can trust.

There should be some tell tale signs that will help you choose the right firm. Find out how long they have been in business and look at where they operate from. How experienced are their financial advisers and how likely are they to understand your wealth management needs? Equally important do they understand your current financial plans (you will be amazed at how many advisers here have absolutely no understanding of UK products and tax issues). Check what would happen if something goes wrong, are you dealing with the firm as a principal or is it part of some opaque network arrangement where you will get passed from pillar to post in the event that you have to make a formal complaint?

Make sure any advice you get is followed up in writing with a clear explanation of the costs charges of any product you are being recommended. If you are not sure don’t sign, seek a second opinion before making a commitment and find out what ongoing investment management or retirement planning services you are going to receive as circumstances change and financial markets never stand still.

If you choose to deal with Fiduciary Wealth we can guarantee that you will be dealing with an expert firm that places trust at the heart of its values. We have a reputation to protect and we choose our financial planning advisers and staff very carefully. Building long term relationships with our customers is at the core of everything we do, we want to build win-win relationships rather than go all out to make a “quick buck”.

If this sounds like the approach that would suit you then why not take up the option of a free financial health check with a certified financial planner or ask us for a second opinion about your pensions and investments. We will be very pleased to deal with your enquiry.

Telephone 900 102 374 for an appointment with a financial planner or email enquiries@fiduciarywealth.gi