Struggling to speak to a Financial Adviser at your Bank?
Have you recently visited your bank to take advice on your savings and investments? If you have, you may have had a big surprise when they told you that they were no longer able to offer you financial advice. A number of high street banks have now taken the decision to close down their retail, face to face advice operations, for certain clients in branches up and down the country. Allegedly, the banks will still offer advice to wealthier clients with investments of hundreds of thousands of pounds via their private banking arms and will still continue to offer advice on protection products. But after several recent mis-selling scandals and new proposals by the Financial Services Authority via the upcoming Retail Distribution Review (RDR) to ban commission on investment and pension products, together with an ever increasing liability for compensation due to payment protection insurance and other mis-sold products, is there any wonder why they are shying away from the advice platform?
So where does this leave the customers on the street that still need advice on their savings and investment plans? Unfortunately they will now be directed to non-advised or execution only routes or they will be expected to go online and work things out for themselves! The downside to all of this is that many customers will more than likely either not attempt to take advice and suffer the financial consequences, or try to do things themselves and risk getting things wrong. If you have been affected by this decision and require advice then here at Burton and Fisher we have three Independent advisers who are committed to offering face to face holistic advice to clients. The firm can also offer Independent advice on mortgages, protection, equity release and care home fees planning.