Daniel Dorval, CFP’s Post

241204 – Advice is free. These days, there is advice offered everywhere, even from total strangers. As an advisor, when giving advice, we have to remind, the person taking our advice, to adapt the advice, to his/her situation. Otherwise, the listener runs the risk, of being worse off, based on our advice. While it is the prerogative of the listener, to accept, and apply our advice, as the advisor, we have the responsibility, to reiterate to our audience, that our advice only applies to specific situations. This is especially crucial these days, when many post advices and suggestions on social media. The relationship between the advisor and the listener, is one of unknown. Whether it is the trust of the listener, or the ability to convince by the advisor, the advisor has to bear some of the responsibilities when giving advice, to remind the listener, advice has to be tailored to the listener’s situation. Some of the ideas posted on the internet, that require some explaining, include, “We do not need to plan for our career.” And this was posted by a successful entrepreneur. Another one, by a financial advisor, “Discipline is over-rated.” “Become a data analyst in three months,” claimed by a training company. Some of these advices, are for advertising, and attention seeking. The motivation is getting more views. However, when the advice is given by someone trustworthy, with a substantial following, the audience may not filter the suggestion too much, and accept the recommendation uncensored. From the audience’s perspective, we cannot control what is not within our control. Advices can come from anyone, anywhere, in any context. We have to understand our situation, and therefore, what is appropriate for us. Anyone giving any advice, is only from his/her point of view. It is tinted by the guide’s background and experience. We trust that all advices are given with good intentions, just whether they are relevant to us. With the internet, advice can come to us, intentionally, or otherwise. Most times, they are from strangers that do not know us. Such advices can be out of context, and we need to be very discerning, to understand how advices, can be applied into our situations. A wrong advice, can be worse than not having any advice. Know, what is best for us. => advice can be given by anyone, from anywhere, in any context => advice can be with good intention, but irrelevant to us => we need to know, what is best for us => bad advice, can be worse than no advice #advice #fromanyone #atanytime #fromanywhere #onanything #advisorsbias #context #oursituation #adapt #tailored #appropriate #relevance #careertips #personalmastery #careermanagement #careermastery #personaldevelopment #personaleffectiveness

𝗧𝗵𝗲𝗿𝗲 𝗛𝗮𝘀 𝗕𝗲𝗲𝗻 𝗦𝗼𝗺𝗲 𝗖𝗼𝗻𝘁𝗿𝗼𝘃𝗲𝗿𝘀𝘆 Over the past few weeks, certain members of our profession have been flying the independence flag rather liberally, with little thought for their fellow professionals or the industry as a whole. Now, I’m here to say that independence, while important, is not the ultimate goal. It’s all about client outcomes. Here’s my perspective on what independence truly means in financial advice. 𝗪𝗵𝗮𝘁 𝗗𝗼𝗲𝘀 𝗜𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲 𝗥𝗲𝗮𝗹𝗹𝘆 𝗠𝗲𝗮𝗻? Independence is often hailed as the hallmark of unbiased financial advice. It’s about providing clients with the best possible solutions based on a comprehensive analysis of the market. But independence is not just a regulatory status or an employment label; it’s a mindset. True independence is demonstrated when advisers consistently act in their clients’ best interests, regardless of external influences. 𝗧𝗵𝗲 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 Financial advisers operate under various regulatory frameworks, each framework comes with its own advantages and constraints, but none guarantees true independence. 𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗠𝗼𝗱𝗲𝗹𝘀 The distinction between employed and self-employed advisers also impacts independence. - 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗱 𝗔𝗱𝘃𝗶𝘀𝗲𝗿𝘀: Often bound by the strategic priorities of their firm, employed advisers may face limitations on the range of products they can recommend. - 𝗦𝗲𝗹𝗳-𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗱 𝗔𝗱𝘃𝗶𝘀𝗲𝗿𝘀: These advisers have greater flexibility to choose clients and products. However, financial pressures, such as reliance on certain providers for better commissions, can still affect their independence. 𝗧𝗵𝗲 𝗖𝗹𝗶𝗲𝗻𝘁’𝘀 𝗣𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲 𝗖𝗹𝗶𝗲𝗻𝘁𝘀 𝗰𝗮𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝗼𝗻𝗲 𝘁𝗵𝗶𝗻𝗴: 𝗿𝗲𝗰𝗲𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗱𝘃𝗶𝗰𝗲 𝘁𝗼 𝗺𝗲𝗲𝘁 𝘁𝗵𝗲𝗶𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗴𝗼𝗮𝗹𝘀. Whether the adviser is DA, AR, RI, employed, or self-employed is often secondary to the quality and transparency of the advice they provide. Advisers should focus on offering tailored solutions, maintaining professional integrity, and delivering excellent outcomes. 𝗧𝗵𝗲 𝗕𝗼𝘁𝘁𝗼𝗺 𝗟𝗶𝗻𝗲 True independence in financial advice isn’t about ticking a regulatory box or adopting a specific employment model. It’s about the ability to act without bias, putting the client’s needs above all else. Independence is a valuable principle, but client outcomes should always remain the ultimate goal. Whether you’re looking to grow your team or seeking a new opportunity, we can help you find the right fit to achieve your goals. Contact The FIMS Consultancy: 📞 Office: 0208 163 2940 📱 Mobile: 07815 900 197 📧 Email: [email protected] 𝗟𝗲𝘁 𝗙𝗜𝗠𝗦 𝗯𝗲 𝘆𝗼𝘂𝗿 𝗿𝗮𝗶𝗻𝗺𝗮𝗸𝗲𝗿—𝘁𝗮𝗸𝗶𝗻𝗴 𝘆𝗼𝘂 𝘁𝗼 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗺𝗶𝘀𝗲𝗱 𝗹𝗮𝗻𝗱. #FinancialAdvisers #Recruitment #ClientOutcomes #Independence #TheFIMSConsultancy

FINANCIAL ADVISERS…How many times have you wondered why someone is sat in front of you if they are, as they say, a ‘Self-Investor’? It’s strange, isn’t it? Do DIY ‘Self-Plumbers’ book appointments with plumbers? And if they did, would the plumber happily give them an hour of their time to view their plumbing ideas and give them some advice? Nope. They wouldn’t. They’d sling you out the door for being cheeky and wasting their time. But before we start throwing clients out of the building, let’s just step back for a moment. Because ‘Self-Investor’ is a phrase that is thrown around with much abandon, and very rarely does it mean ‘Self-Investor’ in the truest sense. Namely, someone who conducts all their own research and due diligence, performs the transaction and takes responsibility for the outcome. Most, self-proclaimed ‘Self-Investors’ are actually ‘Half-Investors’. - They’ve come up with (or heard from somewhere else) the idea. - They’ve done some rudimentary research with the aid of ‘Dr Google and the YouTubers’. - They’ve bottled it at the crucial moment because they don’t have the confidence to transact it themselves – they want a second opinion before they do. That’s where you come in with your free advice service! And of course, the fact that they want your opinion (by opinion, I mean rubber stamp) before doing anything, tells you that they’re not taking the responsibility for it in their own heads. Can you guess who is? Yep, that would be you. And the danger is, in an effort to be helpful, you review their ideas and give them some pointers because you’re a nice person. At best, you’ve just given your hard-earned professional experience away for free. At worst, you’re now on the hook for something that you haven’t been paid for. So how do we deal with them? 1. Don’t get drawn into a discussion – you are not a free advice dispensing drive-thru kiosk. 2. Give them your best Roger Moore or Boris Karloff (watch the video). 3. Demonstrate that they are not really a ‘Self-Investor' by using the tip in the video. If they can complete it all then great, they are a ‘Self-Investor' - you can send them on their way. If they can’t, then they are not a ‘Self-Investor'. They are a ‘Half-Investor’. They want a full-blooded investment recommendation with professional design, but they don’t want to pay for it. And that’s not really a ‘thing’. So, let’s tell it like it is. There are two options: 1. Engage and pay for my professional services and we’ll do it my way. 2. Go on your own, take responsibility for it, and do it your own way. There is no option where I fill in the blanks of your plan for free; you get the bragging rights when it goes well, and I take the responsibility when it doesn’t. Just ask your plumber. PlanHappy - Software, Training & Business Services for Financial Planners #financialplanning

“𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗱𝘃𝗶𝘀𝗲𝗿𝘀? 𝗧𝗵𝗲𝘆’𝗿𝗲 𝗷𝘂𝘀𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗳𝗹𝗼𝗴𝘀. 𝗧𝗵𝗲𝘆 𝘀𝗲𝗹𝗹 𝘀𝘁𝘂𝗳𝗳 𝗻𝗼 𝗼𝗻𝗲 𝗻𝗲𝗲𝗱𝘀 𝗮𝗻𝗱 𝗰𝗮𝗹𝗹 𝗶𝘁 𝗮𝗱𝘃𝗶𝗰𝗲. 𝗛𝗼𝗻𝗲𝘀𝘁𝗹𝘆, 𝘁𝗵𝗲𝘆 𝗱𝗼𝗻’𝘁 𝗮𝗱𝗱 𝗮𝗻𝘆 𝘃𝗮𝗹𝘂𝗲.” That’s what someone said to me recently. It wasn’t the first time I’d heard it, but I couldn’t let it slide. Yes, the profession has a past. Many years ago, it was often about pushing products and meeting sales targets. It’s no wonder people were left feeling disillusioned. But the profession has evolved, and so have we. That perception? It doesn’t reflect what financial advice is today—not when it’s done the right way. So I asked them, “𝘋𝘰 𝘺𝘰𝘶 𝘬𝘯𝘰𝘸 𝘸𝘩𝘢𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘭𝘰𝘰𝘬𝘴 𝘭𝘪𝘬𝘦 𝘢𝘵 𝘛𝘩𝘳𝘪𝘷𝘪𝘯𝘨 𝘞𝘦𝘢𝘭𝘵𝘩? 𝘐𝘵’𝘴 𝘯𝘰𝘵 𝘢𝘣𝘰𝘶𝘵 𝘴𝘦𝘭𝘭𝘪𝘯𝘨 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴—𝘪𝘵’𝘴 𝘢𝘣𝘰𝘶𝘵 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘱𝘦𝘰𝘱𝘭𝘦. 𝘐𝘵 𝘴𝘵𝘢𝘳𝘵𝘴 𝘸𝘪𝘵𝘩 𝘶𝘯𝘤𝘰𝘷𝘦𝘳𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘥𝘦𝘦𝘱𝘦𝘴𝘵 𝘷𝘢𝘭𝘶𝘦𝘴 𝘢𝘯𝘥 𝘱𝘳𝘪𝘰𝘳𝘪𝘵𝘪𝘦𝘴. 𝘞𝘩𝘢𝘵 𝘮𝘢𝘵𝘵𝘦𝘳𝘴 𝘵𝘰 𝘺𝘰𝘶 𝘞𝘩𝘢𝘵 𝘥𝘰𝘦𝘴 𝘴𝘶𝘤𝘤𝘦𝘴𝘴 𝘭𝘰𝘰𝘬 𝘭𝘪𝘬𝘦 𝘧𝘰𝘳 𝘺𝘰𝘶𝘳 𝘧𝘢𝘮𝘪𝘭𝘺, 𝘺𝘰𝘶𝘳 𝘧𝘶𝘵𝘶𝘳𝘦, 𝘺𝘰𝘶𝘳 𝘭𝘪𝘧𝘦? 𝘍𝘳𝘰𝘮 𝘵𝘩𝘦𝘳𝘦, 𝘸𝘦 𝘴𝘦𝘵 𝘤𝘭𝘦𝘢𝘳 𝘨𝘰𝘢𝘭𝘴 𝘢𝘯𝘥 𝘤𝘳𝘢𝘧𝘵 𝘢 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺 𝘵𝘩𝘢𝘵 𝘮𝘢𝘬𝘦𝘴 𝘵𝘩𝘰𝘴𝘦 𝘨𝘰𝘢𝘭𝘴 𝘢𝘤𝘩𝘪𝘦𝘷𝘢𝘣𝘭𝘦.“ 𝘈𝘯𝘥 𝘵𝘩𝘦𝘯 𝘤𝘰𝘮𝘦𝘴 𝘵𝘩𝘦 𝘱𝘭𝘢𝘯. 𝘈 𝘳𝘰𝘢𝘥𝘮𝘢𝘱 𝘵𝘰 𝘺𝘰𝘶𝘳 𝘧𝘶𝘵𝘶𝘳𝘦, 𝘵𝘢𝘪𝘭𝘰𝘳𝘦𝘥 𝘵𝘰 𝘺𝘰𝘶𝘳 𝘶𝘯𝘪𝘲𝘶𝘦 𝘯𝘦𝘦𝘥𝘴 𝘢𝘯𝘥 𝘢𝘮𝘣𝘪𝘵𝘪𝘰𝘯𝘴. 𝘉𝘶𝘵 𝘪𝘵 𝘥𝘰𝘦𝘴𝘯’𝘵 𝘴𝘵𝘰𝘱 𝘵𝘩𝘦𝘳𝘦. 𝘞𝘦 𝘥𝘰𝘯’𝘵 𝘫𝘶𝘴𝘵 𝘩𝘢𝘯𝘥 𝘺𝘰𝘶 𝘢 𝘱𝘭𝘢𝘯 𝘢𝘯𝘥 𝘸𝘪𝘴𝘩 𝘺𝘰𝘶 𝘭𝘶𝘤𝘬. 𝘈𝘵 𝘛𝘩𝘳𝘪𝘷𝘪𝘯𝘨 𝘞𝘦𝘢𝘭𝘵𝘩, 𝘸𝘦 𝘤𝘰𝘢𝘤𝘩 𝘺𝘰𝘶 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘦𝘷𝘦𝘳𝘺 𝘴𝘵𝘦𝘱 𝘰𝘧 𝘵𝘩𝘦 𝘫𝘰𝘶𝘳𝘯𝘦𝘺. 𝘞𝘦’𝘳𝘦 𝘵𝘩𝘦𝘳𝘦 𝘵𝘰 𝘩𝘦𝘭𝘱 𝘺𝘰𝘶 𝘴𝘵𝘢𝘺 𝘰𝘯 𝘵𝘳𝘢𝘤𝘬, 𝘢𝘥𝘢𝘱𝘵 𝘵𝘰 𝘭𝘪𝘧𝘦’𝘴 𝘪𝘯𝘦𝘷𝘪𝘵𝘢𝘣𝘭𝘦 𝘤𝘩𝘢𝘯𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘮𝘢𝘬𝘦 𝘤𝘰𝘯𝘧𝘪𝘥𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘢𝘭𝘰𝘯𝘨 𝘵𝘩𝘦 𝘸𝘢𝘺. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴? 𝘛𝘩𝘦𝘺’𝘳𝘦 𝘯𝘰𝘵 𝘵𝘩𝘦 𝘱𝘰𝘪𝘯𝘵. 𝘛𝘩𝘦𝘺’𝘳𝘦 𝘴𝘪𝘮𝘱𝘭𝘺 𝘵𝘩𝘦 𝘷𝘦𝘩𝘪𝘤𝘭𝘦𝘴 𝘵𝘩𝘢𝘵 𝘩𝘦𝘭𝘱 𝘺𝘰𝘶 𝘢𝘤𝘩𝘪𝘦𝘷𝘦 𝘸𝘩𝘢𝘵 𝘳𝘦𝘢𝘭𝘭𝘺 𝘮𝘢𝘵𝘵𝘦𝘳𝘴 𝘵𝘰 𝘺𝘰𝘶.” By the time I finished, the scepticism in their eyes was gone. “𝘐 𝘥𝘪𝘥𝘯’𝘵 𝘳𝘦𝘢𝘭𝘪𝘴𝘦 𝘵𝘩𝘢𝘵’𝘴 𝘩𝘰𝘸 𝘪𝘵 𝘸𝘰𝘳𝘬𝘦𝘥,” they said. That’s the reality of financial advice today—at least for those of us who are committed to doing it right. It’s not about flogging products. It’s about aligning your money with your values, creating a path to your goals, and walking that journey with you every step of the way. This conversation wasn’t just about changing one person’s perspective. It was a reminder of why I love what I do. Financial advice has the power to change lives, and I’m here to prove it—one conversation, one client, and one future at a time. #financialadvice #financialadviser #investing #financialfreedom #financialplanner

𝗥𝗲𝘁𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲 𝗝𝘂𝗱𝗴𝗲𝗺𝗲𝗻𝘁: 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝗦𝗼𝗰𝗶𝗲𝘁𝘆 𝗮𝗻𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗱𝘃𝗶𝗰𝗲 The recent public backlash against Greg Wallace for inappropriate behaviour has reignited essential conversations about respect, fairness, and accountability. At 𝗧𝗵𝗲 𝗙𝗜𝗠𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆, we unequivocally condemn any form of intimidation—be it physical, sexual, or psychological. Everyone has the right to feel safe—at home, in the workplace, and beyond. However, this situation also raises a broader question: how far back should we go in judging past actions, especially when societal norms have evolved? This issue is just as pertinent to financial services, where advice given in good faith at one time may later be seen as misguided due to changing circumstances. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗱𝘃𝗶𝗰𝗲 𝗮𝗻𝗱 𝗦𝗵𝗶𝗳𝘁𝗶𝗻𝗴 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗥𝗲𝗮𝗹𝗶𝘁𝗶𝗲𝘀  Take the mis-selling of endowment policies as an example. In the 1980s and 1990s, these policies were often recommended as a prudent way to repay mortgages, given the high interest rates of the time. Yet, when rates dropped to historic lows, expected returns failed to materialise, leaving many homeowners with significant shortfalls. Advice that was sound in its time became a source of widespread grievance. This highlights the importance of financial advice that adapts over time. 𝗔𝗻𝗻𝘂𝗮𝗹 𝗿𝗲𝘃𝗶𝗲𝘄𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗮 𝗹𝘂𝘅𝘂𝗿𝘆—𝘁𝗵𝗲𝘆 𝗮𝗿𝗲 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹. Regularly reassessing financial plans enables both advisers and clients to navigate shifting economic landscapes and avoid misplaced judgements. 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗚𝗿𝗼𝘄𝘁𝗵  In both society and finance, accountability and growth are vital. Just as individuals must take responsibility for their actions, financial advisers must stand by their recommendations, learning from past experiences. By committing to regular reviews, advisers can ensure their guidance remains relevant and beneficial, fostering trust and safeguarding clients’ interests. 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗢𝘃𝗲𝗿 𝗣𝘂𝗻𝗶𝘀𝗵𝗺𝗲𝗻𝘁  Retrospective judgements should prioritise education over condemnation. In financial services, this means embracing progress, building trust, and ensuring advice evolves to meet contemporary realities. At 𝗧𝗵𝗲 𝗙𝗜𝗠𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆, we apply the same principle, continuously refining our recruitment strategies to align with the evolving needs of today’s dynamic financial services sector. 𝗧𝗵𝗲 𝗙𝗜𝗠𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆 📞 𝗢𝗳𝗳𝗶𝗰𝗲: 𝟬𝟮𝟬𝟴 𝟭𝟲𝟯 𝟮𝟵𝟰𝟬   📱 𝗠𝗼𝗯𝗶𝗹𝗲: 𝟬𝟳𝟴𝟭𝟱 𝟵𝟬𝟬 𝟭𝟵𝟳   📧 𝗘𝗺𝗮𝗶𝗹: 𝗷𝗯@𝘁𝗵𝗲𝗳𝗶𝗺𝘀𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆.𝗰𝗼.𝘂𝗸  𝘐𝘯𝘵𝘳𝘰𝘥𝘶𝘤𝘪𝘯𝘨 𝘛𝘢𝘭𝘦𝘯𝘵 𝘵𝘰 𝘖𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺 #𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 #𝗥𝗲𝗰𝗿𝘂𝗶𝘁𝗺𝗲𝗻𝘁 #𝗔𝗻𝗻𝘂𝗮𝗹𝗥𝗲𝘃𝗶𝗲𝘄𝘀 #𝗘𝘁𝗵𝗶𝗰𝘀 #𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗡𝗼𝘁𝗣𝘂𝗻𝗶𝘀𝗵𝗺𝗲𝗻𝘁 #𝗘𝘃𝗼𝗹𝘃𝗶𝗻𝗴𝗔𝗱𝘃𝗶𝗰𝗲

First dates can be fun, they can be awkward, t a tap dance of conversation—each person talking, listening, laughing, and feeling out whether it’s worth a second date. Often, professional relationships start in a similar way. There are conversations and questions, as both parties try to figure out if the fit is right. That’s no different when it comes to finding a fiduciary. You will have initial meetings and conversations to discuss services offered, goals, fee structures, and more. The important thing is you must figure out what is right for you. Here’s what to expect from those initial conversations. That plural form of the word conversation is vital here; you don’t have to expect to make a decision after one talk. Finding that Ideal Partnership with a fiduciary can take time. Some guideposts: Ask a lot of questions. Remember, you’re there to gather as much information as you can. Ask about their services, their professional network, their accessibility, success stories, common mistakes people make, and issues important to you. You’ll get a sense of their history and how they work, which will help you see if they are a good fit. Expect to answer a lot. Good fiduciaries won’t be selling themselves to you. They’ll be asking you about you. They’ll want to know your goals, your dreams, your pain points, and much more. Fiduciaries work best as your advocate when they know what makes you tick, problems you’ve had, and where you want to go. Discuss fee structure. For a fiduciary firm this discussion should be open book and transparent. Remember, with a fiduciary firm you should see minimal fees charged on equities, bonds, or other products. But you can price shop and compare costs to services received. Keep in mind, it’s really not about the fee; it’s about the services the fiduciary can provide you in creating and protecting your wealth, giving you back time, reducing stress, and supporting you in solving your life problems. Know what you’re getting into before you commit. While these early meetings can be a feeling-out process, you should have at least made an important step in your own mind: Are you ready to commit to working with a team? If you’re used to being a DIY investor, it can be a struggle to evaluate the value of a fiduciary financial adviser, so it’s helpful to know which services you really need from them. Sit down and really thing about what they could provide. Remember, trust is earned. Nobody expects you to divulge everything in a first meeting. You should think about initial meetings as setting up a foundation for the first year. What are your top three priorities? What are your goals? What do you want to accomplish in the near and longer term? Ultimately you have to think of early meetings as a time to get to know your fiduciary. The end goal is essential: find a fiduciary who wants what’s best for you. #fiduciaryfinancialadvisor #FinancialWellness #FinancialPlanning #familyfinance

🔍 Why Do Independent Financial Advisers Charge Initial Fees? Let's Break it Down: As independent financial advisers, we often face questions about our initial fees. It's important to understand that these fees are crucial for several reasons: 1. **Regulation Costs**: Complying with financial regulations isn't optional. The costs associated with staying compliant, including licensing fees, are significant. 2. **Professional Indemnity Insurance**: Protecting our clients and ourselves with PI insurance is a necessary expense. 3. **Operational Costs**: Running a business involves standard costs like office rent, supplies, and utilities. These are essential for maintaining a professional and efficient environment. 4. **Staff Costs**: Employing qualified staff to assist with various tasks ensures we can provide top-notch service and support. 5. **Education and Certification**: Continuous education is vital. Achieving and maintaining Chartered status involves substantial costs but ensures we provide the highest level of advice and service. It's worth noting that clients rarely question similar fees from other professionals like solicitors. From phone calls to emails, these costs are accepted as part of the service. That said, clients should absolutely question fees. Some firms, in my experience and opinion, may charge too much. It's essential to assess value for money—shop around, but remember that top advice comes with a cost. Don't expect to find top-tier advice for free! The culture around financial advice needs to change. Understanding the necessity of these fees can help shift perceptions. Charging initial fees isn't about profit; it's about ensuring we can continue to offer high-quality, compliant, and professional advice. 💡 Let's value the expertise and commitment that independent financial advisers bring to the table. #FinancialAdvice #ProfessionalFees #RegulationCosts #BusinessExpenses #ClientSupport #FinancialEducation #ValueForMoney #ChangeTheCulture

First dates can be fun, they can be awkward, t a tap dance of conversation—each person talking, listening, laughing, and feeling out whether it’s worth a second date. Often, professional relationships start in a similar way. There are conversations and questions, as both parties try to figure out if the fit is right. That’s no different when it comes to finding a fiduciary. You will have initial meetings and conversations to discuss services offered, goals, fee structures, and more. The important thing is you must figure out what is right for you. Here’s what to expect from those initial conversations. That plural form of the word conversation is vital here; you don’t have to expect to make a decision after one talk. Finding that Ideal Partnership with a fiduciary can take time. Some guideposts: Ask a lot of questions. Remember, you’re there to gather as much information as you can. Ask about their services, their professional network, their accessibility, success stories, common mistakes people make, and issues important to you. You’ll get a sense of their history and how they work, which will help you see if they are a good fit. Expect to answer a lot. Good fiduciaries won’t be selling themselves to you. They’ll be asking you about you. They’ll want to know your goals, your dreams, your pain points, and much more. Fiduciaries work best as your advocate when they know what makes you tick, problems you’ve had, and where you want to go. Discuss fee structure. For a fiduciary firm this discussion should be open book and transparent. Remember, with a fiduciary firm you should see minimal fees charged on equities, bonds, or other products. But you can price shop and compare costs to services received. Keep in mind, it’s really not about the fee; it’s about the services the fiduciary can provide you in creating and protecting your wealth, giving you back time, reducing stress, and supporting you in solving your life problems. Know what you’re getting into before you commit. While these early meetings can be a feeling-out process, you should have at least made an important step in your own mind: Are you ready to commit to working with a team? If you’re used to being a DIY investor, it can be a struggle to evaluate the value of a fiduciary financial adviser, so it’s helpful to know which services you really need from them. Sit down and really thing about what they could provide. Remember, trust is earned. Nobody expects you to divulge everything in a first meeting. You should think about initial meetings as setting up a foundation for the first year. What are your top three priorities? What are your goals? What do you want to accomplish in the near and longer term? Ultimately you have to think of early meetings as a time to get to know your fiduciary. The end goal is essential: find a fiduciary who wants what’s best for you. #fiduciaryfinancialadvisor #FinancialWellness #FinancialPlanning #familyfinance

The St. James’s Place Real Life Advice Report carried out by Opinium surveyed just under 12,000 individuals across the UK between May and August 2024 to understand how financial advice and guidance of all forms impacts individuals and families across the UK. The first chapter, released in September, provides a snapshot of the real-life impact of financial advice & guidance in the UK. The results underscore the importance of financial advice in boosting mental wellbeing, quality of life, and our ability to achieve goals and handle life’s hurdles, regardless of our circumstances. They highlight the perceived barriers to receiving advice and stress the importance of breaking down these barriers to support our financial health as individuals and as a nation. TMC Financial Consultancy 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). SJP Approved 10/09/24 #RealLifeAdvice

🙋♀️Ask an Advisor: When does it make sense to start working with a financial advisor? Wayne Slappy, Wealth Advisor When you’re ready to be open and curious about handling your financial situation. There’s an old saying that “when the student is ready, the teacher will appear.”  Working with a financial advisor is a lot like working with a doctor. In many cultures, including the one I grew up in, going to see a doctor was taboo. You only did it when you were horribly sick or hurt, especially men. We would “tough it out” or end up in the ER. The idea of preventative medicine amounted to eating an apple, taking vitamin C, and using Vicks VapoRub. Talking about money in both stellar and difficult situations has also been taboo for many people. The idea of sitting down with an advisor and allowing us to review their entire financial standing is a tough ask for many. Some are only willing to discuss what amounts to a very small piece of their financial picture. This can prove very difficult for us to diagnose the problem. You wouldn’t walk into a doctor’s office and question why they are checking your blood pressure or taking height and weight measurements. As fiduciary advisors, we must get as clear a picture as possible of both your financial health and your financial psychology. Sometimes, this can take a few meetings to get a clear picture.  Being open to receiving advice is paramount. Many people have found a way to make money. We are there to help guide our clients to the most efficient way to preserve and grow their wealth. We act as a kind of GPS to help clients navigate the many twists and turns that can come up throughout their life. This means listening to and executing advice. This is not easy for everyone, particularly for people who may have had some success along the way. We tend to be ready to listen to our doctor when we’re sick. What about when we’re healthy?  Are you ready to be open and share what’s going on for you financially? Are you prepared to take and execute steps we suggest to improve your financial situation? Then you may be ready to work with a financial advisor. Whether a person needs a financial “triple bypass” or if they are Olympic financial athlete looking to take it to the next level, fiduciary advisors are here to help.   ### If you have a question you’d like to ask an advisor, drop it in the comments ⬇️ The stories and guidance that you read here are based on real scenarios, yet sometimes modified to protect anonymity.