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.
Sunday February 10, 2019
£21.6 billion has been accessed since pension freedom were introduced,in 2018 730,000 individual withdrew £6 billion from their pension holdings.Most of the withdrawals represent small amounts circa £8,000 per individual. However there are clients who have accessed much larger pots by way of Defined Benefit transfers and moving into drawdown to access the flexibility that …
Sunday February 10, 2019
The chances of a client fully understanding the implications of a transfer will vary across the market, most clients who receive an option to transfer focus on one thing and one thing only the “BIG” number on that bit of paper. This can be considerable and may well be an eye-watering number moreover their biggest …
Friday November 02, 2018
“A goal properly set is halfway reached”. Zig Ziglar The key to building wealth Our life is an endless series of daily choices, and how we manage those choices determines the outcome of our life. We all want financial freedom, but how will we achieve it? Financial goal-setting is the key to building wealth. There …
Saturday June 30, 2018
Traditionally when retiring an annuity was purchased providing income throughout life providing longevity protection with over 700,000 pension holders accessing their pots, 17% of which have purchased some form of an annuity, not that surprising I hear you say. However, annuities purchased from existing providers (clients not using open market option) are still hovering around …
© 2019 AAC • all rights reserved • Developed by Zostro Digital
Registered in Scotland SC362302 Advanced Asset Consultants Ltd. is authorised and regulated by the Financial Conduct Authority FCA Registration No: 506551 The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.
The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. This website is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you. If you have any doubt as to whether a particular investment is suitable for you, you should contact Advanced Asset Consultants Limited on 0141 331 2434.