I’m not sure any of us could’ve expected 2020 to pan out quite the way it did. As we entered the year, I’m sure like most of you individually, Chorus Financial had big plans! Due to an incredibly busy 2019, where we had won yet another major European award for our campaigns for transparency and better financial advice here in Spain, we had planned to open 2 more Chorus offices, and take on more staff and advisers for our ever-increasing demand. As you will no doubt imagine, these plans were put very much on hold as Spain went into a national lock-down. We had a relatively quiet few weeks from March 13th, and we thought perhaps, following continuous growth as a company over the last few years, that business might perhaps slow down for a little while. We could not have been more wrong!

As the financial fall-out of Coronavirus hit the markets in dramatic style – at one point the global markets were as much as 35% down – emails and calls to Chorus Financial began to increase daily. As we have always said in these articles, the main risks to your pensions or investments is not always the markets themselves, but can often be the quality and honesty of your financial adviser. And whilst robust portfolios have held up very well during 2020, doing their job of buffering clients from the worst of those market falls and taking advantage of the recovery, we have received dozens of enquiries from investors with other firms who did not fare so well.

Over the course of the year, we have had client after client come to see us for a second opinion – these were generally people who had moved to Spain and had had their pensions transferred to QROPs or International SIPPs, or who had moved their savings into Spanish compliant bonds offered by companies such as Quilter International, SEB, STM and other European investment bond providers.

Often where these plans had underperformed, we saw the same pattern: a combination of incredibly high fees linked to a tie-in of 5, 8 or 10 years, a lack of portfolio diversification and quality, and the financial adviser using funds where they had been paid a hidden commission for the recommendation.  

During 2020 Chorus took on more clients than ever, clients who have been refreshed by our honest, transparent approach. If we are taking on an existing plan, we will make the process as simple as possible, and will immediately address those issues that will have dragged on your performance and effected your returns. For new clients, our low, transparent fees and guarantee to invest you with expertise and build your portfolio with full independence, will ensure you are receiving ethical, client focussed advice, rather than advice which benefits the financial adviser more than the client.

We expect 2021 to continue to be busy for Chorus and would encourage you to contact us if you are considering any kind of financial advice, whether on pensions, investments or perhaps more complex issues like Inheritance or Wealth Tax planning here in Spain.

If you are an adviser looking to work for a different kind of company, where you can build your reputation and feel proud about the work you’ve done for your clients, then we’d also like to hear from you. Our doors are open to honest, ethical financial advisers who always put their clients’ needs first.

So, for now, we’ve earned a couple of weeks off, but put a note in your diary to reach out to Chorus in 2021. You can call us on +34 965 641 163, email info@chorusfinancial.es or visit www.chorusfinancial.es for more information.

That only leaves me to wish all my readers a very Peaceful and Happy Christmas and a Healthy and Prosperous 2021!

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