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Streamlined Advice Services: Important Areas to Consider

Learn about some of the most important areas that one should consider when designing streamlined advice services for financial businesses based on recommendations by the FCA in the UK.

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Streamlined Advice Services: Important Areas to Consider

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  1. I M P O R T A N T A R E A S T O C O N S I D E R W H E N D E S I G N I N G STREAMLINED ADVICE SERVICES Identify the Target Market By identifying the target market for potential clients, streamlined service understand and assess the exact needs and use the right products to address them. providers can Support from Staff FCA requires that the employees at streamlined services be knowledgeable, skilled, and qualified for their role and this information must be transparent between the staff and the client. Client Information and Suitability An advice firm is required to obtain all the essential information about investment goals, financial situation, risk tolerance, and more to ensure that they can offer suitable information. Considering Existing Investments An advice firm should maintain transparency about existing investments from clients in order to provide the correct recommendation. They should refrain from recommending if the client doesn't comply. Risk Profiling A firm should focus on a complete and thorough assessment of the client's risk profile by identifying the capacity for loss and appropriate risk profiling questions to make suitable recommendations. LEARN MORE AT RISKSAVE.COM

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