Simplified advice is a streamlined advice process aiming to
address straightforward needs of clients. It is a limited form
of advice, in that it is focused on one or more specific needs
without involving a full analysis of client circumstances if
they are not directly relevant.
The outcome of the simplified advice process is to make a
specific recommendation, provided it’s suitable, based on the
information provided by you. It is therefore important to be
honest and accurate in the answers you give to ensure you
receive an accurate recommendation.
We are happy to accept transfers (such as transfer of an
existing ISA). However, due to the limitations of this being
an online advice process we are NOT able to make
recommendations on which assets you should sell or transfer.
This will be solely down to your discretion. If you are
unsure, please contact us
.
Most online services do not provide advice based upon your
personal circumstances. They are known as ‘execution only’
services. You therefore carry the risk of investing in funds
that do not perform within your tolerance for risk and
potentially expose you to losses that you do not have the
capacity to accept. Also, if you get it wrong you have no form
of redress. We go to great lengths to make a suitable
recommendation for you and our advice is covered under the
Financial Ombudsman service.
Another difference is in our fees. We are less expensive than
most other services as we do not charge an adviser initial
fee, and our ongoing fee is only 0.5%.
This service helps you by providing advice to match your
investment objectives to a specific risk level, selected by
asking you questions about your risk tolerance (your personal
acceptance of risk) and your risk capacity (your ability to
accept loss).
You will be guided through a process that gathers relevant
details about your investment amounts and timeframe and then a
process to assess what risk level is right for your
investment. Then, we will provide you with a comprehensive
investment management proposal that outlines the investment
portfolio that we are proposing to build for you based upon
what we have assessed to be the right risk level for you.
If you wish to proceed and set up an ISA and/or GIA you can do
so online. At this stage we will need to ask you some personal
questions about your financial situation and after investing
we will provide you with a full suitability report confirming
the parameters of this service and why it is right for you.
If we feel like that the investment is not suitable for you,
or some information you give makes us think that this may not
be the best use of your money, we will contact you either by
phone or email, to talk through the issue and explain what
will happen next.
No – our services are available to UK residents only.
This means as long as you are a UK resident for tax purposes
you are eligible to invest with us.
At any time. You can log in to see how your investment is
doing when it suits you. Parmenion will automatically send out
an Investor Quarterly Report.
You can retake the risk questionnaire if you wish to change
your risk profile, and you can also manage your contributions
whenever and as often as you like.
The easiest way is to set up a direct debit or bank transfer
from your bank account directly to Parmenion. They will also
pay any withdrawals directly into your bank account.
We want you to understand the commitment you are making before
you invest. We therefore provide a personalised investment
proposal part way through the process to outline the
parameters, potential volatility characteristics and expected
return from your investment.
You can go through the process until you reach this
Investment Proposal for free with no obligation.
It is then up to you whether or not you decide to continue.
Destination Financial Planning Ltd has a strict complaints
policy to resolve any issues quickly and efficiently. If you
have a complaint about our services or products, please send a
letter to Compliance Department, Destination Financial
Planning Ltd, 12 Seaview, Warrenpoint, Northern Ireland, BT34
3NJ.