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21st March 2023

The Cost of Free Financial Advice

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Tuesday, 07 May 2019 / Published in Advice, EFPG, Financial Advice, Investment Advice, Products, Services

The Cost of Free Financial Advice

How much does free advice cost?

That might sound like a daft question. The answer is obvious. Nothing – free means it doesn’t cost anything, Of course that cannot be the case unless a charity, government body or similar is giving the advice – even then that definition of free is arguable.

Financial advisers who offer free advice are intermediaries and are compensated by financial companies via commissions. So, there is always that angle of conflict of interest that one needs to be aware of. You really don’t know whether what they are selling to you is really good for you or good for them as a commission-generating sale.

There are less clear costs of not seeking advice as well.

The Cost of Education.

Do you want to spend the time to bring yourself up to a decent level of knowledge? Then to stay updated with the constant changes? How long will it take you to become knowledgeable?

The Cost of What You Don’t Know.

There are things that you know you need to learn, but what about the things that you don’t know you need to learn? How are you going to become aware of them?

The Cost of Consequences.

Do you understand how different things are interrelated? Actions in one area can often cause harm in another. How are you going to become aware of all the interconnected relationships and consequences?

The Cost of Mistakes.

Can you afford to learn from your mistakes? Some mistakes are minor, while others can be quite serious. If you make a mistake, how costly will it be, and do you have the time and resources to rebound from your mishap?

The Cost of the Unknown.

Do you have the temperament to do what is necessary to succeed? Sometimes the correct action or behaviour is counter-intuitive. Professionals are trained to cope with unplanned difficulties and disasters. How will you cope?

The Cost of Time.

What is the value of your time? How will you determine when you are spending too much time trying to solve a problem versus the alternative of paying someone else to solve it?

While there is a clear cost associated with engaging a financial adviser these subtler costs of not working with one when the situation warrants it should be taken into consideration.  When you stand to gain more than the fee charged by your adviser, the time is right to ask for advice.

How EFPG Charges – transparency

EFPG prefers to follow the UK’s RDR framework even though there is no requirement to do so in Gibraltar. When providing advice e.g. for a personal pension plan we would state the cost of the advice to you, the costs associated with investing your pension contributions (trading and custody) and the costs of the selected investments so you can clearly see all of the costs associated with your pension arrangement. We are completely transparent in this respect to give you the comfort in knowing that your investment for your retirement has no hidden charges or commissions that could negatively affect the quality of your retirement.

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TRANSPARENT

EFPG follows the UK model of charging by charging transparent, fully-disclosed fees rather than taking undisclosed commissions from products or investments that we advise on. This model was adopted as EFPG considers that our clients would prefer to know what fees they are paying and that the advice that EFPG provides would not be swayed by considering commissions.

EFPG also has long-standing partnerships with top-flight tax planning specialists in the UK and Spain for high net worth clients and UK expats. EFPG also offers property and estate agency/management services through EFPG Estate Agents.

LICENCE

Nexus Global specialises in providing a regulatory platform and compliance support to international financial advisers and intermediaries to enable them to meet regulatory requirements to provide their clients with a professional service.

The financial advisers trading under EFPG/BFMI  are members of Nexus Global. Nexus Global is a division of Blacktower Financial Management (International) Limited (BFMI). All approved members of Nexus Global are appointed Representatives of BFMI. BFMI is licensed and regulated by the Gibraltar Financial Services Commission (FSC) and bound by the rules under licence number 3647:

http://www.fsc.gi/regulated-entity/blacktower-financial-management-international-limited-3647

 

Complaints Procedure – International Residents

Effective Financial Planning Group places the quality of advice as our top priority. It is important that we hear any concerns you have regarding the services we offer. Nexus Global operates a formal complaint handling procedure. A client’s complaint will be acknowledged promptly with a copy of our complaint’s procedure. Should you have a complaint we ask that you inform Nexus Global Office in the first instance. We will then review and make contact with the relevant office. If you have already spoken to someone regarding your complaint, please include their name in your correspondence as this will assist in your complaint being answered more promptly.

Complaints can be emailed to: info@nexus-global.net or you can also write to:

Nexus Global
Waterport Place,
Floor 2 Unit 2.3 Europort Road,
Gibraltar GX11 1AA

Nexus Global operates a formal complaints handling procedure. A client’s complaint will be acknowledged promptly and we will try to resolve the problem within eight weeks of the client telling us about their complaint.

If you consider that your complaint has not been dealt with appropriately by Nexus Global, you can write to the Gibraltar Financial Services Commission to:

P.O. Box 940, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar.

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(+350) 200 49750
Email: info@efpg.net

Effective Financial Planning Group Limited
PO Box 1483 15 Irish Town Gibraltar

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