Professionals

26. Is it possible to provide financial planning advice if the client does not want to give a complete picture of his or her wealth?

Financial planning advice theoretically deals with optimizing a client’s whole wealth. This means that the client should give a complete picture of his wealth in order to enable the independent financial planner or the regulated undertaking to define his or her goals and needs.

The Law of 25 April 2014 provides, however, that the client may restrict the scope of the financial planning advice by specifying which parts of his wealth should be taken into account.

If the client refuses to give a global picture of his wealth, making it impossible for the independent financial planner and the regulated undertaking to define his goals and his needs, the independent financial planner and the regulated undertaking shall refrain from providing financial planning advice to the client in question.

Should the case arise, the independent financial planner and the regulated undertakings may provide general information to the client or answer specific questions insofar as such questions are not about optimizing the client’s wealth.