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WHY CHOOSE US
We believe there are 5 reasons why Care Asset Management are best placed to meet your advisory needs:1. We are truly Independent
As a result of the Retail Distribution Review (RDR), all advisers are required to declare their status under one of two options, based on guidelines set down by the Financial Conduct Authority. Care Asset Management selected the independent classification which requires firms to offer a fair and comprehensive assessment of all of the solutions which might meet their needs and for such an assessment to be undertaken without restriction or bias. The alternative is for firms to offer clients a restricted service, which the Financial Conduct Authority defines as not complying with the requirements of independence, which by default means that the advice provided may be biased and may not be based on a fair assessment of all options available.2. We Offer A Wide Relevant Market
In addition to looking for an independent firm, clients should also ensure that their adviser is able to fully service their potential needs. Their ability to do so will depend on their relevant market which can be defined in a number of ways. Care should be taken to avoid advisers who work within a narrow and relevant market as this may dictate that they are unable to advise on all possible client solutions. One example of this is a care fee funding adviser who has elected to only provide advice on care annuities and thus preclude themselves from offering clients advice on other potentially more appropriate options. Care Asset Management has a relevant market which covers all client needs in later life.3. We Hold the Appropriate Qualifications
In addition to meeting the Financial Conduct Authority requirements to provide regulated advice, the Later Life Adviser Accreditation is a qualification which uniquely seeks to tests both technical knowledge and practical application. It is a condition of membership of the Society of Later Life Advisers (SOLLA) - a not for profit, consumer facing organisation which seeks to assist clients in accessing the gold standard of advice in later life.4. We Do Not Have to Sell You Something to Get Paid
One of the key elements of the RDR was the abolition of commission as a way of advisers being paid as this has been identified as a significant factor in the provision of unsuitable customer outcomes.
As a result of the changes, a number of advisory firms have elected to take their remuneration through a charge applied to the product they recommend, usually expressed as a percentage of the amount invested. However, we believe that any link between an advisers remuneration and a regulated product which they recommend must inevitably raise concerns as it potentially creates a bias towards the use of products which offer the facility of adviser charging, over those solutions which do not. The most suitable remuneration terms are therefore likely to involve a direct billing method, where a fee is agreed at the outset for the works to be undertaken and which is completely disconnected from the solution which is recommended or the amount invested in it.5. We are Clear and Unambiguous About our Service Offering
The requirements of providing a fully independent service are more onerous than for a restricted service and as a result, many advisory firms may have opted for the restricted alternative. Although the Financial Conduct Authority guidelines are clear, not all firms are using the same language and terminology to explain their regulatory status and some may prefer to avoid using the term restricted adviser for fear that it may undermine customer confidence in their ability to provide the best possible advice. Consequently there is the real possibility that consumers may be confused or may not fully understand the service offered by their financial adviser. Care Asset Management are committed to being clear about their service offering and its cost.
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