Financial Advisers have a responsibility to educate before offering advice
Friday 1 July, 2016
Given the complexity of financial products and the variety of financial planning options available it is more important than ever that we educate our clients before offering financial advice.
A recent study conducted by Britain Thinks on behalf of FT Money asked 2,000 women and men about money and investing. They found forty per cent of women described themselves as ‘less knowledgeable about investing compared with others’ for men this figure was thirty per cent.
Deb Nolan, Independent Financial Adviser at Lonsdale Services, Leeds office said:
‘This is a worrying statistic and all financial advisers have a responsibility to address it. We often find when we first meet both male and female clients many of them don’t fully understand their financial choices. We offer a free face to face consultation and it’s at this initial meeting where we help people to understand financial products. As part of our continuous professional development we have had training from an external provider on how to offer financial advice and the message we received was – keep it simple, speak in plain English and don’t use jargon. I re-trained as a financial adviser because I wasn’t impressed with the Financial Advisers I had used for my own financial planning, they didn’t explain things simply and I was left to read up on different product choices. In my meetings with clients my key priority is to ensure clients understand their choices and the implications of their financial decisions. The most satisfying outcome of any meeting is when my client tells me I have explained their choices in a way they understand.’
Educating our clients - News series
This news article is part of our 'educating our clients' news series. For further information read - Deb Nolan, independent financial adviser, Leeds - 'why financial advisers should explain the risks & rewards of investing', and Neil Homer, independent financial adviser Stafford - 'Our independent financial advisers help educate on financial planning,' and 'Lonsdale ifa's offer free services to help people with their financial planning.'
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