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Financial Advice in Portugal: Maximising your Financial Potential

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I. Introduction to Financial Advice in Portugalstrong
A. The role of financial counselling today B. Importance of financial counselling for individuals and businesses C. Overview of the financial counselling sector in Portugal

II. Benefits of Financial Counselling
A. Financial assessment and strategic planning 1. Analysis of current financial situation 2. Definition of financial goals and objectives 3. Development of customised strategies B. Investment management 1. Risk and return assessment 2. Portfolio diversification 3. Regular monitoring and adjustments C. Retirement planning 1. Calculation of future income needs 2. Identification of suitable savings products 3. Ongoing monitoring and adjustments as needed

III. Financial Advisory Process
A. Information gathering and analysis 1. Initial meetings and interviews 2. Evaluation of financial documents 3. Detailed analysis of the financial situation B. Customised recommendations 1. Identification of areas for improvement 2. Personalised recommendations 1. Identification of areas for improvement 2. Definition of strategies and solutions 3. Presentation and discussion of recommendations C. Implementation and monitoring 1. Implementation of agreed strategies 2. Regular follow-up and adjustments as needed 3. Periodic reassessment of objectives and targets

IV. How to choose a financial adviser in Portugal
A. Research and references 1. Search for qualified professionals 2. Verify credentials and certifications 3. Obtain references and recommendations B. Compatibility and personal chemistry 1. Initial meetings to assess communication 2. Alignment of values and goals 3. Building mutual trust Compatibility and personal chemistry 1. Initial meetings to assess communication 2. Alignment of values and goals 3. Building mutual trust C. Transparency and professional ethics 1. Assessment of the consultant’s ethical stance 2. Clarity on fees and remuneration 3. Clear and complete service agreement

V. Conclusionstrong
A. Positive impact of financial counselling B. Opportunities for growth and financial security C. Importance of seeking specialised guidance

Introduction to Financial Consultancy in Portugal

In the modern era, financial cunsulting plays a crucial role in the lives of individuals and businesses. Through expert guidance and tailored strategies, financial advice seeks to help individuals achieve their financial goals and businesses optimise their financial management. In this article, we will explore the importance of financial counselling in Portugal and provide an overview of the sector in the country.

Benefits of Financial Consultancy

Financial counselling offers a wide range of benefits to both individuals and businesses. By assessing the current financial situation and defining goals and objectives, financial counsellors can develop personalised strategies to achieve financial success.

Financial advice plays a key role in investment. With risk and return analysis, portfolio diversification and regular monitoring, advisers help clients make informed decisions and maximise the growth potential of their investments.

Another area where financial advice is extremely valuable is retirement planning. Advisers can calculate future income needs, identify suitable savings products and ensure clients are on track to enjoy a comfortable retirement.

Financial Consulting Process

The financial counselling process follows well-defined steps. First, the counsellor collects detailed information about the client’s financial situation through meetings and analysis of financial documents. Then, the adviser develops personalised recommendations, identifying areas for improvement and proposing strategies and solutions.

After the presentation and discussion of the recommendations, the implementation of the agreed strategies begins. The counsellor regularly monitors the client’s progress, making adjustments as necessary and periodically reassessing the objectives and targets set.

How to choose a financial adviser in Portugal

Choosing the right financial counsellor is a crucial step in getting the best results. By conducting careful research, it is possible to find qualified professionals with recognised credentials and certifications. In addition, it is advisable to obtain references and recommendations from other satisfied clients.

Personal compatibility is another key factor. It is important that there is a positive empathy between the client and the counsellor, allowing for clear and efficient communication. In addition, it is essential that values and goals are aligned, creating a solid foundation for the relationship.

Finally, it is essential to consider transparency and professional ethics. Evaluating the consultant’s ethical behaviour, understanding the fees and remuneration, and obtaining a clear and complete service agreement are essential steps to ensure a trustworthy and successful partnership.

Conclusion

Financial advice plays a significant role in the financial lives of individuals and the success of businesses in Portugal. By seeking expert guidance, it is possible to maximise financial potential, achieve investment goals, ensure a comfortable retirement and enjoy financial security.

So don’t hesitate to look for a qualified financial advisor, conduct careful research, consider personal compatibility and value transparency and professional ethics. We will be happy to support your project knowing that you will be on the right track to achieve your financial goals.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.

Investing in your future: Smart financial planning tips

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Investindo no seu futuro- Dicas de planeamento financeiro inteligente

Investing in your future is one of the most important decisions you can make. Financial planning isn’t just about saving money, it’s about making smart decisions that will secure your financial future. With so many options available, it can be difficult to know where to start. However, with the right planning and guidance, you can make informed decisions that will help you achieve your financial goals. In this article, we will provide you with smart financial planning tips that will help you invest in your future. We’ll explore different investment options, discuss budgeting and saving strategies, and provide tips on how to avoid financial pitfalls. By the end of this article, you’ll have the knowledge and confidence you need to make informed decisions and take control of your financial future. So, let’s dive into the world of smart financial planning and start investing in your future today!

The importance of financial planning

Financial planning is an essential tool for achieving financial stability. The first step in financial planning is to define your financial goals. What are your short and long-term financial goals? Do you want to save for a trip, buy a house or retire comfortably?

The second step is to assess your current financial situation. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This will help you understand your current financial situation and make informed decisions about how to achieve your financial goals.

Finally, it is important to create a budget plan to help you achieve your financial goals. This involves identifying your essential expenses, such as housing, food and transportation, and creating a limit on your discretionary spending. By creating a budget, you can identify areas where you can save money and work towards achieving your financial goals.

Definition of financial objectives

To achieve your financial goals, it is important to clearly define what you want to achieve. This can include both short-term and long-term financial goals. A short-term financial goal might be to save money for a trip or a new car. A long-term financial goal might be saving for retirement or your children’s college.

When setting your financial goals, it is important to be specific and realistic. Make sure your financial goals are achievable and that you have a plan to achieve them. It is also important to review your financial goals periodically and adjust them as needed.

Assessing your current financial situation

To achieve your financial goals, it is important to understand your current financial situation. This includes examining your current income and expenses, checking your bank account balance and identifying any outstanding debts.

When assessing your current financial situation, it is important to identify your essential expenses and separate them from your discretionary expenses. This will help you understand where your money is going and identify areas where you can save money.

It is also important to identify any outstanding debts and create a plan to pay them off. This could include creating a monthly payment plan or consolidating your debts into a loan with a lower interest rate.

Investing in your future - Smart financial planning tips

Budgeting for success

Creating a budget is one of the most important steps in financial planning. A budget helps you identify your essential and discretionary expenses and create a limit on your discretionary spending.

When creating a budget, it is important to identify your essential expenses, such as housing, food and transport, and create a limit for your discretionary spending. It is also important to identify areas where you can save money, such as cutting unnecessary expenses or negotiating lower utility bills.

When creating a budget, it is important to be realistic and flexible. Make sure your budget is achievable and adjust it as necessary.

Understanding investment options

To invest in your financial future, it is important to understand your investment options. There are several types of investments available, including stocks, bonds and mutual funds.

Stocks are one of the most popular investment options. Shares represent a stake in a company and can offer potentially high returns, but also present potentially high risks.

Bonds and savings certificates are another popular investment option. These are loans you make to the government or a company and offer a fixed interest return.

Mutual funds are a more diversified investment option. Mutual funds are a pool of money from various investors that is used to invest in various companies and sectors.

Types of investment to consider

When investing in your financial future, it is important to consider various types of investments. This helps to diversify your portfolio and reduce risk.

Individual shares can be a risky investment option but can offer potentially high returns. It is important to research companies carefully before investing in their shares.

Bonds are a more conservative investment option. Bonds offer a fixed interest return and are less risky than equities.

Mutual funds are a more diversified investment option. Mutual funds invest in various companies and sectors, reducing the investment risk.

Diversify your portfolio

When investing in your financial future, it is important to diversify your investment portfolio. This helps to reduce risk and increase potential returns.

Diversification involves investing in a variety of assets, including stocks, bonds and mutual funds. It is also important to diversify your investments into different sectors, such as technology, healthcare and energy.

When diversifying your portfolio, it is important to balance your investments according to your financial goals and risk tolerance.

Retirement planning

Planning for your retirement is an important part of financial planning. It is essential to start planning for retirement as early as possible and consider various investment options.

A popular investment option for retirement is an individual retirement savings plan (PPR). PPRs allow you to save money for retirement and still have tax benefits.

Tax planning strategies

Tax planning can help reduce your tax burden and maximise your investments. There are a number of tax planning strategies available, including setting up RPPs, charitable giving and estate planning.

When creating a tax planning plan, it is essential to work with a qualified tax professional and understand local tax laws.

Working with a financial adviser

Working with a financial advisor can help you make informed decisions about your investments and achieve your financial goals. A financial advisor can help you assess your current financial situation, create a budget plan and identify investment options.

When working with a financial adviser, it is important to research carefully and choose someone with the right experience and credentials.

Conclusion

Investing in your financial future is one of the most important decisions you can make. With the right planning and guidance, you can make informed decisions and achieve your financial goals. By defining your financial goals, assessing your current financial situation, creating a budget plan and identifying investment options, you can invest in your financial future and ensure long-term financial stability.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.
NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.

CONSUMER CONTACT LINES

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LINHAS TELEFÓNICAS PARA CONTACTO DO CONSUMIDOR

In 2021, legislation was published that obliges companies to create cheaper alternatives to numbers starting with 707 or 808, which have higher costs. The provision of these free phone lines became mandatory from November 2021, and the application of fines for those who do not comply with the new rules is applicable from June 2022.

This is the regime applicable to the making available and disclosure of consumer contact lines, which applies to consumer contact lines made available by suppliers of goods or services and by entities providing essential public services.

The supervision of compliance with the provisions of this regime, as well as the investigation of the respective administrative offence proceedings and the application of sanctions, are the responsibility of the administrative regulatory authority of the sector in which the infraction occurs or, in the absence of a sectorially competent entity, the Food and Economic Safety Authority.

Obligation to provide information

Thus, any entity that makes telephone lines available for consumer contact must disclose, in a clear and visible manner, in its commercial communications, on the homepage of its website, in invoices, in written communications with the consumer and in contracts concluded with the consumer, when these take the form of writing, the telephone number or numbers provided, which must be associated, in an equally clear and visible manner, with updated information on the price of calls.

Information regarding numbers and prices of calls should be made available starting with freephone and geographic or mobile lines, followed, where appropriate, by the number and price of calls to other lines in ascending order of price.

Where for these purposes it is not possible to provide a single price for the call because it varies between the originating and terminating networks, the following information should be provided instead, as appropriate:

“National landline call”;
“National mobile network Call”.

Telephone lines of the supplier of goods or service provider

The cost to the consumer of calls made to telephone lines made available by the supplier of goods or services for contacting him in the context of a legal consumer relationship may not exceed the cost of his basic tariff.

“Basic tariff” is the cost of a common telephone call that the consumer expects to pay according to the respective telecommunications tariff.

The supplier of goods or service provider must make available to the consumer a free telephone line or, alternatively, a telephone line with a geographic or mobile numbering range.

In the context of a consumer relationship, telephone contact by a consumer with a supplier of goods or services is considered to be contact by telephone.

Telephone calls that constitute an autonomous supply of a service unrelated to the supply of any good or service to the consumer, such as telemedicine and televoting calls and calls intended for fund-raising campaigns, are not to be regarded as telephone calls within the scope of the consumer relationship. In such cases, the consumer may not be charged both the price of the call and an additional price for the service provided, but must pay a single price for the call made.

Telephone lines of an entity providing essential public services

The entity providing essential public services is obliged to make available to the consumer a line for telephone contact, which must be a free line for the consumer or, alternatively, a telephone line with a geographical or mobile numbering range.

For these purposes, “entity providing essential public services” is considered to be the company that provides essential public services, namely water supply, electricity, natural gas and piped liquefied petroleum gases, electronic communications, postal services, wastewater collection and treatment, urban solid waste management and passenger transport, as well as other services that may be qualified as such.

Where, in addition to the freephone or geographic or mobile numbering range telephone line, an additional telephone line is made available, the supplier of goods or services and the provider of essential public services shall not provide a service over the additional line which is manifestly more efficient or faster or on better terms than they provide over the freephone or geographic or mobile numbering range telephone line.

Prohibition of advance charging of other amounts

The supplier of goods or provider of services and the provider of essential public services who are obliged to make available a free telephone line or a telephone line with a geographical or mobile numbering range are prohibited from charging the consumer in advance any amount other than that allowed, on condition that it is refunded to him at the end of the call.

Misdemeanours

From 1 June 2022, the violation of the duty of information referred to above constitutes a serious economic offence.

It is a very serious economic offence:

  • setting the cost to the consumer of calls made to telephone lines made available by the supplier of goods or services to the consumer in the context of a legal consumer relationship above the basic rate;
  • the unavailability of a free telephone line or, alternatively, a telephone line with a geographic or mobile numbering range;
  • charging the consumer both the price of the call and an additional price for the service provided;
  • in the context of the telephone lines of an entity providing essential public services, the unavailability to the consumer of a line for telephone contact, free of charge or a telephone line with a geographical or mobile numbering range;
  • in respect of the additional telephone line, the provision of a service which is manifestly more efficient or speedier or on better terms than that provided over the freephone or geographic/mobile numbering range telephone line;
  • the prior collection of other amounts, on condition that they are returned at the end of the call.

Telephone lines of public entities

From 1 November 2021, all public entities that provide telephone lines with special numbers, with the prefixes “808” and “30”, must create an alternative telephone number with the prefix “2”.

Entities that are part of the central, regional or local public administration and concessionary companies of the central, regional or local public administration are covered by this measure.

As of that date, companies providing essential public services, namely the supply of water, electricity, natural gas and piped liquefied petroleum gases, electronic communications, postal services, collection and treatment of waste water, management of solid urban waste and passenger transport are excluded.

Framework

The regime currently in force establishes that the provision of a telephone line for contact within a consumer legal relationship does not imply the payment by the consumer of any additional costs for the use of that means, beyond the basic tariff, without prejudice to the right of telecommunications operators to bill for those calls.

The application of this rule has been hampered by the absence of a common understanding of the concept of basic tariff, besides the fact that the European directive, which gave rise to the Portuguese legislation, speaks of a “basic tariff”, and the national legislator chose to use the expression “base tariff”.

While the term “basic tariff” refers to an idea of an ideal tariff recommended for all consumers, the term “basic tariff” conveys the idea of a normal tariff for each particular consumer.

The Court of Justice of the European Union (CJEU), in May 2017, held that the concept of the basic rate corresponds to the normal cost of a usual communication that the consumer would expect to bear, i.e. it refers to the usual tariff for telephone communication, without any additional costs for the consumer. It concluded that the cost or price of a call relating to a consumer contract concluded, made to a customer helpline operated by a professional, may not exceed the cost of a call to an ordinary fixed geographical telephone line or to a mobile telephone line.

It is this and other issues that this regime aimed to clarify. On the other hand, the opportunity was taken to definitively regulate the issue of telephone lines made available by entities providing essential public services.

References

Decree-Law 59 2021 numbering of call centres – DR no. 135/2021, Series I of 14.07.2021
Law n.º 24/96, de 31 de julho
Judgment of the Court of Justice No C-568/15 of 2 March 2017

Source: All rights reserved to ©LexPoint, Lda

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.