Stuart Murray MBA (finance) FPFS FCSI IMC Cert PFS (PTA) - Murray Wealth Management LLP
“Seek advice but use your common sense” said a wise old guy I happen to agree with.
I was talking to actuary, Margaret de Valois about the British Steel pension scheme some of whose members were badly advised to transfer out of the scheme. Such a sad story. These people saved for years for their future thinking its secure, only to find a lot of them lost their money and the pension lifestyle they had planned for so long.
That’s the danger that customers are exposed to if they don’t check and research the financial adviser and the company they are dealing with, because their losses could be significant.
Recommendation is obviously the best place to start when looking for a financial adviser, we all recognise that. However there have been so many changes in the financial regulatory landscape that the difference between one adviser and another can be vast.
The personal finance sector has to meet the requirements of increased Financial Conduct Authority regulation, new distribution channels, intense competition and heightened media scrutiny. And today's consumers are more demanding than ever. They want advisers to demonstrate their professional capabilities. They expect to deal with individuals and firms who can provide first-class service, advice and support. But did you know that one of the areas you can benchmark your adviser is around his or her qualifications.
The Personal Finance Society (PFS) is the professional body for the financial planning profession in the UK. Chartered Status is the profession's gold standard for financial planners. It’s not easily achieved, and it takes continuous investment in customer service and commitment to professionalism to maintain. Over 5,000* advisers, have achieved Chartered Financial Planner status. However, this represents only 20% of UK Financial Advisers**. The increased regulatory and policy changes - including a requirement for qualifications and a change from commission-based advice to fee paying - has seen some IFAs under strain.
If Chartered status is considered gold then to be a Fellow of PFS is the diamond, with only 2%* of Financial advisers in the UK who have achieved this level.
The area of financial advice is huge with many specialist areas so it pays to find out that the adviser you are talking to knows their stuff. My one piece of advice to anyone is to thoroughly research your financial adviser, As a wise man once said “seek advice but use your common sense”. After all, you wouldn’t allow your local GP to perform brain surgery, would you?!
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Stuart is a Fellow of The Personal Finance Society and backed by FTSE 100 company, St. James’s Place Wealth Management. With 30 years in wealth management, Stuart has the knowledge and experience you need to be confident your wealth is in safe hands. At the heart of the service, Stuart is keen to keep abreast of issues and changes affecting financial wellbeing and keeping customers informed. This, alongside pride and dedication to developing personal relationships with clients ensures Stuart offers a professional service focusing on solving problems, that’s suited to each individual and is fully protected by the St. James’s Place guarantee.
*PFS (Personal Finance Society) over 5,000 advisers with Chartered Status & 500 advisors with Fellowship
**APFA (Association Professional Financial Advisers) 24,761 advisors in the UK in December 2016
St. James’s Place guarantees the suitability of the advice given by members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from companies in the Group, more details of which are set out on the Group’s website at www.sjp.co.uk/products.
Murray Wealth Management LLP is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products. The titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.