“Have you been mis-sold a pension or Investment…?”
These are the words I heard today whilst driving to the office!
Now the PPI crisis is over “No Win, No Fee” legal firms are turning to persuading the public to investigate their pension and investment advice, to see if they were mis-sold.
Yet another reason for advisers to be dragged over the coals and scrutinised for the advice they have given.
However, good compliance and file keeping can ensure your clients, whether you trust in them fully or not, cannot attempt to claw back some lost profits by making you pay up! No one wants to be refunding advice fees, or even worse still, covering investment losses and compensation payments.
At Eparaplan we work with our advisers and compliance providers to make sure client files meet all regulatory requirements as well as ensuring a full audit trail of documentation to assess and document the reason for the investment or pension transaction.
We also act as a second pair of eyes for the advice you provide – If we see something we feel you may have missed, we will bring it to your attention and discuss all options, fully discounting areas we feel you should address.
Report writing is your safety net to ensure your client has documentary evidence of the advice being provided and agreement to such advice. Your client file is then there to back up the report and show all considerations have been made, illustrations requested and all in the correct manner and timeline. There should never be an investment made prior to illustrations, documenting fees, or obtaining enough client information to really “Know Your Client” in full. If we see something is amiss we will immediately let you know and put plans into place to remedy any issues.
Using an outsourced paraplanning firm means you have a team of dedicated professionals who want the best for you and your firm. Some employees just get on with the day job – so consumed in workloads that they miss things such as potential advice flaws, some maybe too worried to raise advice concerns and just assume that you, the adviser, knows best. We will work with you as a critical friend, addressing advice concerns that are flagged as potential high risk – a technical support when you need it and a second opinion when you may miss something or simply want to talk a case through.