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By Chris Shaw-Partner
Chorus Financial

There are many Financial Advisers operating in Spain and a multitude of options when it comes to making potentially life-changing financial decisions.

However, a large proportion don’t have the required qualifications to substantiate such advice. Many Financial advisory Networks, work purely from an insurance license and are poorly regulated.

The heart of the matter is, that many advisory companies, have no license to offer investment advice at all. 

Although it may come across that you are receiving formal, qualified Investment advice, there may be very little recourse should you receive poor advice.

Many such firms may have fully staffed offices and look like a formally qualified company.

We have even seen instances where, some supposed financial advice firms are getting clients to sign a waiver document to say that they are not receiving any advice on the investment funds they are recommending. 

This is often at the bottom of a pile of paperwork and can mitigate an Adviser against any future liability from poor Financial Advice, which could be detrimental to your life savings.

There have been many well-documented cases in Spain over the last 10 years, where this has cost clients their wealth, to the point that their funds have been totally liquidated, as a consequence of poor advice.

These advisers are often purely motivated by upfront commissions and will earn upwards of 7-10% before they have earnt you a penny. 

In choosing a Financial Adviser in Spain, it’s imperative that the Adviser works within the MiFID framework and holds an appropriate qualification to this standard. 

MiFID is a European Union law that standardises regulations for investment services across all member states of the European Economic Area (EEA).

At Chorus Financial, all our financial advisers are qualified to MiFID standard.

This means all of our Advisers are able to give formal, qualified investment advice in Spain. 

As you should expect, our clients receive a fully itemised fee disclosure and are fully informed of exactly what we are paid to provide our financial advice services.

This is absolutely essential for anyone obtaining financial advice in Spain – an industry that has been marred by a culture of greed, dishonesty and disparity for far too long

If you feel you may have been affected by the topics discussed in this article or are considering an investment/Pension Transfer here in Spain, or you would like an existing investment reviewed, contact the Chorus team on +34 965 641 163, email [email protected] or visit for more information

Our Office Locations:

Chorus Financial – Benijofar

Chorus Financial, Benisol II Federico, Garcia Lorca 92, Local 6, Benijofar, Alicante 03178

Chorus Financial – Javea

Carretera del Cap de la Nau Placita, 122, 03730, Javea

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