In recent years, there have been an increasing number of news reports about how unregulated pension investments are badly affecting people’s retirement plans. At Expert Pension Claims, a claims management company, this reality is a growing concern for us. After all, due to our daily work in helping people claim compensation for a mis-sold pension or investment, we hear a lot of horror stories. For these reasons, we’ve compiled a step-by-step guide on how you can find the right specialist for you and receive the best advice.
Know about the importance of selecting the right financial advisor
Since the FCA’s implementation of the Retail Distribution Review, the standards set on financial advice are,on the whole, rising. However, there are still varying levels of expertise in the financial advice industry. Because of this, we believe that picking a financial advisor should be like selecting any tradesman. It should be a carefully thought out process to ensure that you find the most suited specialist for you and your circumstances.
Take personal recommendations
When it comes to getting help on the important stuff, you can always seek consultation from your loved ones. Chances are someone amongst your friends or family has already been through the experience of finding the right advisor for them. If they have, talk to them to get an understanding of what they were looking for and their thoughts on their financial advisor.
Seek out online reviews
In the online world, reviews can be found anywhere and can be a great source of additional information when looking for recommended financial advisors. From Pension Wise to Money Saving Expert, there are plenty of high-profile websites that do a very good job of auditing reviews. All that it takes is a quick Google search!
Check them out for yourself
Once you believe that you have found the best financial advisor for you, you will need to arrange a meeting with them. It is important to know that many advisors will do the initial client meeting free of charge, just so that you can get a better understanding if they are a good fit for you and your pension pot.
After the initial meeting, make sure to check the specialist out in a bit more detail by consulting the following checklist:
- Have they got dipFa qualification? You can check this on the IFS website.
- Are they authorised directly or under a company? This will be explained to you in your meeting – if authorised by a company, make sure you check the company out.
- What sort of funds do they recommend?
- Are they regulated by the Financial Conduct Authority?
This is in no way a fool-proof list, but we hope it will help you secure a professional pension advisor that will help you make the right decision for your pension pot.
How we can help if you have a claim
If you think that you have been mis-sold, simply click here to complete our online enquiry form, or call us 0161 968 0768. You will not be charged a fee unless we process a successful claim on your behalf.
In the meantime, be sure to keep up to date with our blog section for news and advice related to the world of pensions and financial mis-selling.