How to choose an ethical financial adviser in Spain?

FIDUCIARY Wealth has been shaping the wealth of the British expatriate community in Spain through unbiased tax-led wealth management advice since 2007.

CHOOSE A QUALIFIED PROFESSIONAL

Seek out a financial adviser with a UK level 4 qualification in financial advice or an equivalent qualification from the European Financial Planning Association (EFPA).

DO YOUR RESEARCH

When making your selection, carefully research all of the financial advisory firms you are considering. Looking online will help you gather information.

EXPERTISE

You should hire a financial adviser with extensive knowledge of cross border tax planning for British expats.

PROFESSIONAL ASSOCIATIONS

A financial adviser with a strong professional link to a prestigious, well-regarded law and accountancy firm/network is a safer bet.

COMMUNICATION IS KEY

The way a financial adviser communicates will tell you a lot of what you need to know, including any red flags. They should employ clear and easy to understand language, dealing in precise details rather than vague terms.

HONESTY IS PARAMOUNT

A crucial trait in any financial adviser is honesty. You should feel able to trust that your adviser is honest and that your interests are their key priority.

LISTENING SKILLS

Expect any good financial adviser to ask plenty of questions about yourself and your financial needs and goals. They should be interested in your personal circumstances, rather than simply talking about the products and services that want to push or a single product they would like to sell you, such as a ‘Spanish Compliant Investment Bond.’

THOROUGH ANALYSIS OF YOUR NEEDS

Steer clear of any financial adviser that offers a report that is short on content and detail.

SALES PRESSURE TACTICS

Avoid a financial adviser who uses high-pressure sales tactics to force you to make a decision more quickly than you feel comfortable with.

SINGLE PRODUCT VERSUS WHOLE OF MARKET

Do not engage with firms that offer the same products to everyone - Spanish Compliant Bonds. A good adviser should provide best advice rather than one-size-fits-all remedies.

BE CLEAR ON PAYMENT

Avoid any nasty surprise charges by clearly establishing how much you will pay before embarking on a course of action. Always ensure all charges are disclosed upfront.

HOW IS YOUR FINANCIAL ADVISOR PAID?

Work with financial advisers that are being paid a salary. An adviser who is on commission is unable to offer impartial advice – as his objectivity is compromised. If getting paid is contingent on obtaining sales, you cannot expect a commission-only advisor to be working in your best interests. Before committing, ask your advisor to confirm in writing if they are commission-only renumerated or salaried.

We are in the Costa Blanca area from 15th until 19th May 2023 and available for meetings throughout the area from Torrevieja to Valencia.

If you feel you would benefit from a second opinion please email enquiries@fwm.gi or call us on tel: +44 207 998 0570 www.fiduciarywealth.gi ● www.financialplanningspain.com

Our financial advisers are fully licensed, qualified and regulated to provide financial advice in Spain and across the EU.