PAM Guide to Wealth Management

Preventing problems

Rather than having to resort to complaining about poor advice or products, it is better that you take steps to try to prevent problems occurring. These include:

  • Check the firm is authorised. You can check this on the FCA's (or relevant professional body's) website.
  • Read all information you are given, especially the small print.
  • Ask questions about anything you do not understand.
  • Ensure you understand all the risks when buying a product, or service.
  • Make sure that any products you buy are appropriate in helping you meet your financial goals and your risk profile.
  • Check all the charges that you will liable to pay for products and services.
  • If a wealth manager is not authorised to handle your money, make a cheque payable direct to the company you are investing with.
  • Keep all receipts, documents and records of interviews and telephone conversations. You will need these if anything goes wrong.
  • Always remember that if a deal sounds too good to be true, then it probably is!

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The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.

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