Over the last few months we have seen an increase in enquiries from people who previously dealt with a bank or building society based financial adviser but no longer have access to their adviser due to the bank withdrawing from the financial advice market. Many have taken this action because of the Retail Distribution Review which was implemented in January 2013 and banned the payment of commissions to advisers for selling investment products. In its place is a more transparent structure where the costs of advice have to be clearly shown and agreed with the customer.
Sovereign IFA Ltd strongly supported the regulators actions in bringing about this change. Many people felt that they were getting free advice from financial advisers when in fact the opposite was true, commissions of 6% were often being levied on a lump sum investment and those commission payments were actually generated from product charges – so much for free advice!
We would be delighted to speak to prospective clients in the Thornbury area who no longer have access to their bank or building society adviser. We have been in business since 1991 and offer a truly independent financial advisory service which is transparent and has no hidden charges or kick backs. An initial consultation is always at our expense and no fees or charges will be levied until you are entirely satisfied that we can add value to your financial arrangements. Why not call us today to see how we can help you?