Investment Advisors

Investment advice in financial instruments is classified as an investment service which may be provided by financial intermediaries registered at the CMVM.  Same service may also be provided by other individuals (investment advisors) albeit restricted to securities.

The investment advisor may also receive clients’ orders concerning securities and transmit same to financial intermediaries for execution.  However, investment advisors may not have the powers to manage clients’ accounts on a discretionary basis.

The individuals that are considered to be competent and holders of adequate professional skills may also be investment advisors (or carry out the investment advice activity as legal persons).

The investment advisor is paid by investors for services provided and same issues a fee slip where all the sums paid by the client as well as the exact services provided, are mentioned.

The investment advisors authorised by the CMVM may establish companies or other corporate bodies, on their own behalf, for exercising the investment advice activity and ensuring transparency with regard to their activity and to client relationship.