Most authorised and regulated financial advisers do not have permissions from the Financial Conduct Authority to ‘handle client money’.
In short, whether it is a pension transfer, a new investment or payment of premiums, most transactions will take place by either you sending your pension, investment or life insurance premiums direct to the investment company. Money rarely, if ever, goes into the financial adviser’s own bank account unless it is to pay advice fees.
This is the same when acting as an executor of a Will. By becoming an executor of a Will, it would mean the financial adviser becomes a signatory to the deceased’s bank accounts and wealth. In short, this would mean that we are handling client monies.
We prefer to help and draft your Will but for you to appoint a close family member or friend as an executor. If needed, the executor can always ask for help from a financial adviser when sorting out a deceased’s estate, inheritance taxes etc.
By operating this way, financial advisers do not foul of any conflict of interest or FCA client money handling issues.