Greed Factor
Why should financial services companies treat their “staff” in Spain so unfairly? I am aware of a situation where, through no fault of his own, a financial adviser was pushed to the point of financial ruin , by the draconian treatment of his “employers”. Fair enough they did advance him money in the first months of his time there, but events outside the company’s control meant that the company would not get paid its commissions, as some investment fund managers shut up shop, temporarily.
Facing mounting finnacial pressures, he had no option but to resign and try to do something else. No-one can survive on fresh air. The Spanish system does not offer any help or support to people with hardship, and the mortgage lenders are far from helpful. The situation was that the commissions received from his business now, were more than he had been advanced, so he should have been paid…not a princely sum, but enough to keep the wolves at bay.
The company, alleged that he was in serious breach of contract, even though he had not been able to honour the 3 month notice period, because the company cut off access to all systems, within a hour of his resignation being received.
Faced with this situation, then I guess anyone would have tried their utmost to get paid what is their entitlement, and would have followed whatever route after their survival instincts.
In Spain financial advice compnaies get away with murder, because despite being regulated via “passporting” by the FSA , who cannot sanction activities on the ground in Spain, they go on making up the rules as they go along.
Things to consider if you want to work as financial adviser in Spain
In order to ensure that you are choosing the right company to work for as a financial adviser in Spain, make sure that you follow the following instructions.
In order to ensure that you are choosing the right company to work for as a financial adviser in Spain, make sure that you follow the following instructions.
1. Ask questions about their legal status.
2. Ask to see the authorisation documents for the company.
3. If they are an SL company ask to see the company registration documents to see who the directors are.
4. If they are registered under the umbrella of a network, ask the network to confirm everything is in order.
5. Ensure you have a good cash reserve in place, as it can take you 3 – 6 months to earn any money.
6. Find out if they can allocate you an existing bank of clients, otherwise the job is very difficult.
A proper company will take up proper references, and do proper checks on you and will have regulatory application forms to register you with a network or governing body, such as the FSA if it is “passported” from the UK. A contract , in Spain, is only binding if it is written in Spanish and witnessed at the notary.
These recommendations are based on my own personal experiences of joining companies, in Spain, who have since proved to be “not all that they seem”. By taking the correct precautions , you will not end up wasting all the effort you put into obtaining your professional qualifications, particularly the Financial Planning Certificate, which involves a great amount of study and time.
In Spain, most financial advice companies pay you on a commission only basis. The percentage varies asto what else they may provide, such as office equipment, an office etc. If you work from home, then you usually get 50% of the 5% (of the sum invested for the client).
This is not a guaranteed way to get you success, as other factors can affect the business , particularly the economic considerations. The last two years have been the worst on record, and many financial advice companies have suffered a great reduction in revenues. However, it has given you a guide as to what you should think about, before taking the plunge into financial services in Spain.
Dave Bates Information Pages
Article Source: http://EzineArticles.com/?expert=Dave_Bates
