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Bluecoat launches Second Opinion Service

Bluecoat Wealth Management launches Second Opinion Service

You may have noticed the recent media coverage following the findings by Which? that high street banks and building societies are giving poor advice and recommending inappropriate investment products.

In an undercover investigation by the consumer magazine, just five out of 37 advisers in banks and building societies were found to have given good advice about investments. The majority of these advisers showed a poor understanding of the risks of investing and made misleading statements about the features and costs of available products.

According to Which?, many of the bank and building society advisers recommended products that were inappropriate for its researchers, who were all aged over 60 and inexperienced investors. Even worse, added the magazine, just under half claimed there was no cost for their advice, with “only a handful” of advisers being upfront that banks and building societies make money through commission paid for the products they recommend.

A spokesman for Which?, which will report its findings to the financial services industry regulator and call for an investigation into standards of advice in banks and building societies, said: “Our investigation shows that the high street isn’t the best place to go for investment advice. If in doubt, consumers should always talk to an independent financial adviser.”

In light of the above, Bluecoat Wealth Management is launching our SOS (second opinion service) to help Old Blues and friends and loved ones of our clients – people who are losing sleep over their investments and money, but don’t know who to turn to for impartial, sound financial advice.

How does the SOS service work?

We will meet with your friend or loved one at our office, or on Skype, to listen and understand their worries, ambitions, and financial needs. We will spend a short time explaining our client journey and investment philosophy, and discovering their attitude to risk.

The client brings in or sends us details of their existing policies and investments for analysis and within a week we send them an Executive Summary Financial Plan* giving an overview of what needs to be done to address their concerns and implement a proper investment strategy or Financial Plan.

What does the SOS service cost?

The SOS service is complimentary to friends and loved ones of Bluecoat clients. If someone wishes to work with us having received their Executive Summary, then our standard fees apply.

Is the SOS service available to everyone?

No, it is only available to people who are recommended to Bluecoat by existing clients. All clients can refer one person per calendar year, Premier and Elite clients can make more referrals (please ask us for details).

Who is the SOS service suitable for?

  • Anyone recently bereaved or divorced, having to deal with finances on their own

  • Anyone who is unsure about advice received from their Bank or from an adviser restricted to one firm (i.e. Allied Dunbar or St James Place Wealth Management)

  • Anyone who is unsure about the advice or service received from their Independent Financial Adviser

  • Someone who needs advice investing a lump sum

  • People struggling with paperwork from numerous investments and/or financial policies

If there is someone that you care about who falls into one of the above categories, who would benefit from some free, friendly and impartial advice, then please email or telephone me on 01273 466533.

*The Executive Summary Financial Plan gives an overview of what needs to be done and does not make detailed product recommendations. Independent Financial Advice should be sought from a qualified adviser before acting on the Executive Summary.

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