Would you give out the following information

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andya700

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Would you give out the following infiormation to a financial advisor, which your company has introduced you to? The finance company is Schroders Personal Wealth. It is a big, fat "NO" from me.

  • Your annual income (salary, pension, rental income etc)
  • Any savings and investments you hold, the balances and the providers,
  • A list of your pension providers and the current values,
  • Value of properties you own,
  • Any debts/liabilities. If you have mortgages or loans, could you please give me the outstanding balance, interest rate paid and your monthly repayment amount?
  • Any protection policies in place e.g., Life cover, income protection, critical illness. If yes, what would be paid out, your premiums and term?
  • Cover you get through work (if you are still working) e.g., sick pay, death in service.
  • Could you please give a rough idea of the total of your direct debits and essential outgoings e.g. what you pay for groceries, fuel etc
  • Anything else you feel is relevant
 
andya700 said:
Would you give out the following infiormation to a financial advisor, which your company has introduced you to? The finance company is Schroders Personal Wealth. It is a big, fat "NO" from me.

  • Your annual income (salary, pension, rental income etc)
  • Any savings and investments you hold, the balances and the providers,
  • A list of your pension providers and the current values,
  • Value of properties you own,
  • Any debts/liabilities. If you have mortgages or loans, could you please give me the outstanding balance, interest rate paid and your monthly repayment amount?
  • Any protection policies in place e.g., Life cover, income protection, critical illness. If yes, what would be paid out, your premiums and term?
  • Cover you get through work (if you are still working) e.g., sick pay, death in service.
  • Could you please give a rough idea of the total of your direct debits and essential outgoings e.g. what you pay for groceries, fuel etc
  • Anything else you feel is relevant
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If I wanted their advice and trusted them to safeguard my data, yes.

Any company offering financial advice without this information is basically giving motherhood and apple pie advice. They can't advise you properly without knowing your situation.
 
Exactly as Jonathan says. A regulated Financial Adviser, and Schroders is most definitely one, cannot advise without this full FactFind.
When you say your company has introduced you to Schroders, what is the context? My guess would be that they are trying to get you to make decisions about pension contributions?
 
If I wanted the correct advice, yes.
 
This is all vital information that is needed to give full financial advice. They are not snooping about for the hell of it to sell you unsuitable products despite what you think. With all the information gathered they will be able to tailor advice to your personal requirements and if you are not comfortable with your companies recommendation, then seek out an independent Financial Advisor that you are happy dealing with long term as your circumstances change.

Would you buy a house without asking a lot of questions that are relevant?
 
If you want correct advice, you must give correct information. :tumbleweed:
 
As others have said, if you wanted a financial advisor to help you, then you will have to answer relevant questions. When I retired, I was invited to do something similar but did not pursue this because I was happy to manage my own finances.

Dave
 
As noted by the above replies they are Fact Find questions which are there to personalise the investment advice to you (including learning your "attitude to (financial) risk"

I know nothing about Schroders Personal Wealth other to ask are they (as a company) and the advisor staff all registered as "Independent Financial Advisers" IFA. IIRC the FCA has the register that can be searched to confirm that aspect.

Again IIRC the website unbiased.co.uk is also a resource to check these things

Oh, and stating the obvious an IFA is one who has no ties to the investment company.....if Schroders is representing only one investment company they are not independent!
 
andya700 said:
It is a big, fat "NO" from me.
Click to expand...
Out of interest - how would you expect to get sound, quality financial advice from a financial advisor without providing such information?

If you want decent advice - you'd have to share your financial position.
 
My financial adviser(20 years+) knows more about my finances than I do, I trust him to do the best for me, if I’m making money so is he.
 
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