IFA Perspectives: Paul Monk at True Potential


IFA Direct Home:
 Can you tell us a bit about your background?

Paul Monk: I have been an independent financial adviser since 1991, advising on investments, pensions, protection and mortgages.

IFA Direct Home: Who should be seeking advice?

Paul Monk: Members of the public who are confused about finance and wish to simplify the complicated jargon.

IFA Direct Home: Why should they seek advice over making a decision themselves?

Paul Monk: Websites tend to have a bias towards certain products without making clear all the risks.  Suitability should always be a priority.

IFA Direct Home: What financial pitfalls might people come across?

Paul Monk: Tax implications of choosing the wrong product, the disadvantages of not writing products in trust, the suitability of products in the modern market.

IFA Direct Home: Can you explain the process of receiving financial advice?

Paul Monk: We conduct a four stage process which starts with understanding your situation, then analysing and designing a financial plan which is specific to you, before presenting this financial plan to you, and finally providing you with ongoing service and information.

IFA Direct Home: Do you find that a client’s initial objective changes following their first meeting with you?

Paul Monk: Once a client has all the information to hand, they are able to make a more informed choice.

IFA Direct Home: How much does advice cost?

Paul Monk: Initial consultation is free of charge and after this, it is an amount agreed between the client and adviser.

IFA Direct Home: Isn’t it a catch-22 situation to be spending money to find out how to save money?

Paul Monk: With a free initial consultation, this can be avoided.

IFA Direct Home: How often do you review the financial situation with your clients?

Paul Monk: Annually, although this can be amended depending on the client’s personal choice.

Ryan Mellor
Ryan Mellor is Co-founder of RMT Group, IFA Direct Home, RMT Direct Leads and RegulatedAdvice.co.uk.