Bank and distrust are two terms that in recent years have become inseparable. The media boom of scandals, such as the notorious preferred stock fraud in Galicia, created greater mistrust among savers who still, years later, They are reluctant to deposit their savings in banking products. They prefer to leave the money in a fixed-term account, despite the fact that it does not currently offer any kind of profitability.
In addition, there are currently no interest on bank deposits The consequences of inflation. According to the latest studies, The money in the bank lost 3.3% of its value in the past year. Many believe that their money is safe in their account, but nothing could be further from the truth.
Over the past decade, the loss of purchasing power has been less because nearly every year the CPI has remained below 2%. but nevertheless, Rising electricity and fuel prices and a supply crunch have caused an explosion in inflation. Bank money has become less valuable today, because with the same money today you can buy less things.
Although there are those who still do not believe in it, keeping money under the mattress is not the best solution either. If bank deposits no longer generate interest and the money that is withheld is less and less, then there are those who are wondering:What do you do with the money saved? invest it? in which? With what safety?
There is another way to invest the money saved from Moving away from the business practices of banking entities This puts himself in the shoes of the customer who provides guarantees and security, in an honest and accurate manner, to advise on his savings and to obtain the best profit possible from them.
We are talking about Financial advisory firms, also known by their acronym EAF. This figure of financial advisor is regulated by the National Securities Exchange Commission (CNMV) and its objective is to provide advice in a personal and Help savers get profitable from their savings as they like: honestly and transparently.
The Egyptian armed forces are A protagonist in SpainBut in countries with a rich financial culture like the UK, they have over 22,000 financial advisory firms. In the case of Spain, most of these professionals are concentrated in major cities – Madrid and Barcelona – but in Galicia, in recent years, this number of financial advisor has also gained ground.
Differences between a bank and a financial advisory firm (EAF)
Banks They have tremendous power in Spain in the distribution of investment funds, but they also have Great conflict of interest Because the same bank acts as a seller and advisor at the same time. In other words, banks always tend to recommend those products that are most interesting to them, and not to the saver/investor.
Contrary to this dynamic that reduces customer confidence in banking entities, financial advisory companies They have an independent personality. Registered with the National Stock Exchange (CNMV)Providing personalized and transparent advice to clients without selling financial products. As its name indicates, it is not a selling entity, but rather an advisor, so he will always give the best recommendations to the client, regardless of the commissions he generates.
Proximity is another factor that differentiates between banks and EAF. Unlike banks, where they give business advice on the investment product managed by a third party, Financial advisors provide direct and personal advice on the chosen investment strategy. without intermediaries.
What is a financial advisor and what can it do for your savings?
After analyzing the main differences between a bank and a financial advisory firm, let’s take a more in-depth look What EAF can do for your savings. And the best thing is to do it along with one of them, Javier Acción, the first registered financial advisor in A Coruña and founder of Acción Inversores.
Javier, who is launching an informative podcast about finances after Christmas, is clear: “The person who advises you about your savings cannot be the same person who sells you products.” The acknowledgment he makes of knowing why, because this financial professional has 15 years experience In the financial markets, after going through Banco Santander and Barclays.
Specifically, as a result of its experience with banking entities, Acción realized that there must be “Another way to get things done more on the client side”. After the first approach to counseling for family projects, Javier Action In 2014, Acción EAF – with office in Calle Linares Rivas – was founded to independently advise small and medium savers and make their money profitable. how? Through a consulting service that adapts to the personal circumstances of each client and maximizes its long-term profitability.
Javier Accion, who discovered the growing need for customers, says: Honest, personal and high quality financial advice.
Javier Acción works side by side with each of his clients, advising them on the Acción Global FI investment fund, oriented towards equity, which invests directly and exclusively in quality companies.
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