Why Ongoing Financial Advice Matters: Keeping Your Investments on Track
In today's dynamic financial landscape, the importance of ongoing financial advice cannot be overstated. As your life evolves, so do your financial objectives, necessitating regular reassessment to ensure your portfolio aligns with your current goals and circumstances.
FCA Ongoing Advice Review
The Financial Conduct Authority (FCA) has recently emphasised the critical role of continuous financial guidance. The FCA has been actively reviewing the delivery of ongoing financial advice services to ensure they provide fair value and meet clients' evolving needs.
In February 2024, the FCA reached out to several financial advisory firms, requesting detailed information about their ongoing services and the associated charges
The FCA ongoing advice review is poised to significantly influence the financial advice industry, reshaping how financial advisers operate and interact with their clients.
This initiative reflects the FCA's concerns that some firms may not be adequately considering the relevance, nature, and costs of ongoing services for all their clients. The regulator emphasises the importance of firms demonstrating that their ongoing advice services offer value for money and are tailored to clients' specific circumstances
As part of this review, the FCA has outlined several expectations for firms providing ongoing financial advice:
- Evidence of Suitability Assessments: Firms should conduct regular assessments to ensure that the financial advice and services provided remain suitable for clients' current situations.
- Transparent Service Delivery: Clear communication about the nature and frequency of services clients will receive, ensuring there is no ambiguity regarding what clients are paying for.
- Value for Money: Demonstrating that the fees charged for ongoing services are commensurate with the benefits and value delivered to clients.
- Compliance with Consumer Duty: Aligning services with the FCA's Consumer Duty, which emphasises acting in the best interests of clients and delivering good outcomes.
The FCA's ongoing advice review is considered a pivotal moment for the industry, prompting firms to re-evaluate their service models and ensure they are aligned with regulatory expectations and client needs.
Ongoing Financial Advice at Eastern Financial Consultants
At Eastern Financial Consultants, we are committed to adhering to these regulatory standards, ensuring that our ongoing advice services are transparent, valuable, and tailored to your unique financial objectives.
We recognise that every client's journey is unique. Our ongoing review and management service is designed to provide:
- Structured Reviews: Regular assessments to ensure your financial plan remains aligned with your evolving investment or pension objectives, offering you peace of mind.
- Personalised Adjustments: Evaluations of yourcurrent circumstances with recommendations for any necessary changes to your plans.
- Consistent Updates: Timely information regarding your holdings, keeping you informed about your investments.
- Tailored Support Levels: A selection of financial advice service tiers to match your specific needs.
- Administrative Assistance: Ongoing support with correspondence and administrative matters, ensuring seamless management of your financial affairs.
Understanding that service requirements vary, we offer two distinct levels of ongoing management:
|
SERVICE LEVEL |
Premier |
Platinum |
|
|
|
|
|
Access to adviser via Telephone and Email |
Included |
Included |
|
Annual Review Meeting |
Included |
Included |
|
Professional expertise and governance embedded into our investment processes |
Included |
Included |
|
Annual Assessment of Suitability |
Included |
Included |
|
Annual Valuation Statement |
Included |
Included |
|
Annual Portfolio Review and Rebalancing |
Included |
Included |
|
Annual Review Report |
Included |
Included |
|
Annual Review of risk profile |
Included |
Included |
|
Monitoring and Maintaining Financial Plans |
Included |
Included |
|
Client File Retention and Maintenance |
Included |
Included |
|
Six Monthly Valuation Statement |
|
Included |
|
Six Monthly Review Meeting |
|
Included |
|
Quarterly Valuation Statement |
|
Included |
|
Liaise with Third Parties on your behalf e.g. Accountant, Solicitor |
Included |
|
|
Cost based on the total value of your investments |
0.75% |
0.75% |
|
Minimum Annual Cost |
£1,350 |
£2,700 |
Our fees are guaranteed not to increase within the first 12 months of your contract. Should an adjustment be necessary after this period, we will provide advance notice, allowing you to decide whether to continue with the revised terms.
Engaging in ongoing financial advice ensures that your investment strategy remains aligned with your life’s changes, helping you achieve your financial aspirations with confidence.
Note: The information provided is based on the latest available data as of January 31, 2025.
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