Pension with Clerical Medical?

[KAZ]

My Husband wanted to get a pension with Clerical Medical but was told he had to go through a Financial adviser? why is this? Any advice on getting a good financial adviser appreciated if this is nessecary.

[antiguru]

This probably has its roots in the misselling of pensions in the 1980s and 90s. Many companies have had to pay compensation to punters who claim they did understand what they were buying and as a result the industry has got a lot tighter in its self-protection (as well as better at giving advice, of course�). I suspect Clerical & Medical are guiding your husband via a FA so they are sure that he is taking proper advice.

They may give you the details of a tied agent (i.e. one working exclusively for CM) or alternatively you could find your own Independent Financial Advisor who will look at your wider finances and be able to suggest other products too. Recommendation from a friend or family member is always best (bit like finding a tradesman) but alternatively you could use the phone book.

IFAs tend to charge for their time, but you should agree a fee upfront. There shouldn�t be any surprises. A tied agent may advise you for free but may also take a bigger slice of commission on the product you buy. Something called Disclosure means you should always see these figures before you decide whether or not to proceed.

Always check that the person you deal with is qualified in at least basic financial planning. They will usually have FPC (Financial Planning Certificate) somewhere near their name or will be a member of the CII (Chartered Institute of Insurers) which is the professional body for FP professionals in this field. Don�t be afraid to ask to see their certificate or ask to speak to other clients.

Hope this helps.

[dzug]

It sounds as though Clerical Medical don't employ any sales staff - for the reasons given by antiguru.

[Bordeaux]

This company I believe was set up for Clerical and Medical people who worked in those fields. I Had Endowment policy with them and was very good, Payout . I would ask them why you have to see Financial advisor ? When I took out Loan from bank to purchase house they arranged the Endowment policy. I would speak to your bank, have you a personal banker they will advise you.

[antiguru]

No!!!! Don't go near a bank for financial advice!!! Some young pup will ask you all manner of personal questions and then sell your their most commission-rich product!! Last place to go!