As a result, from the 1st July 2018 we are making available to members of Blesma, widows and carers a free financial guidance service called ‘Forces MoneyPlan’, delivered by a Dave McConnell who is a Fellow and Chartered Financial Planner of The Personal Finance Society.
Most professions offer ‘pro bono’ (free) services to certain groups of people. ‘Forces MoneyPlan’ offers a free, no obligation, entirely confidential one- off meeting with a fully qualified, professional financial adviser who has agreed to give up their time to provide ‘generic financial guidance’ to help members of Blesma and their families identify and understand their financial position based on their specific circumstances. It aims to help members make better informed decisions about their financial options and to show you how best to plan their finances.
The meeting can be conducted face to face, over the telephone or via Skype depending on preference. Following the meeting, a personalised ‘Options and Priorities’ written report summarising key points discussed will be issued by post or e-mail. At this point, any decision about further contact with the financial adviser is placed firmly in our members hands and they will not be contacted again by this or any other financial adviser associated with the Personal Finance Society unless they specifically request it.
Whilst most of us don’t differentiate between information, guidance and advice in our day to day lives, when it comes to financial matters there is an important distinction.
‘Generic Financial Guidance’ is intended to provide general information on the range of options, helping the recipient narrow down choices and make better informed decisions for which they are ultimately responsible. It tells them what they ‘could’ do. It will not tell them what they ‘should’ do or which product to buy – that’s what Regulated Financial Advice is. If Regulated Financial Advice is however what is needed, for example to help identify and source an appropriate investment fund or financial product, then it will need to be paid for as an additional service provided at a subsequent meeting. The important point to appreciate is that during and after the initial guidance session, you will be under no pressure whatsoever to do so.
For this service to be of value, you don’t need to have significant assets, money to invest or have a given level of income – the consultation is free regardless of your current financial position. However, if you do have money to invest or are looking for advice about financial actions you should take, it can also help you understand whether and how you might benefit from regulated financial advice without any commitment or feeling of obligation to take matters further.
The Personal Finance Society (PFS) is the professional body for the UK financial planning profession, with over 35,000 members made up of financial advisers and support staff. They are not a trade body and as such don’t represent the interests of their members but encourage the highest professional standards through ensuring their members undertake rigorous qualifications, continuing professional development, and operate under a strict code of ethics. The PFS also operates under a Royal Charter that was awarded by the Monarch in 1912 and ensures the purpose of the PFS is to ‘secure and justify the confidence of the public’.
On the back of ‘Forces MoneyPlan’ the PFS has signed the Armed Forces Covenant which has been formally ‘registered’ by the Ministry of Defence.
Friday November 02, 2018
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Saturday June 30, 2018
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Monday April 30, 2018
There has been much discussion within the financial advice sector on the term “insistent client” ever more so with regards to Defined Benefits transfers and how this should be approached. Let me nail my colours to the mast from the outset. There is no place for “Insistent client” within the Financial Planning Profession for the …
Monday March 19, 2018
Don’t let global uncertainties affect your financial planning for the years ahead. The overall direction of developed stock markets is a relentless and continual rise in value over the very long term, punctuated by falls. It’s important not to let global uncertainties affect your financial planning for the years ahead. Individuals who stop their investment …
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