Is there such a thing as a truly independant IFA

and if so, how do I find them ?

We really need to tidy up our finances and one area we seriously need to look at are hubby's pensions - he has about 7! Sadly his works history has been somewhat disjointed due to redundancy but everywhere has involved in him enrolling in a pension scheme and we get so much post relating to them. I am sure that we may be better off amalgamating them if we can - or maybe not - and therein lies our problem.

Over the years every financial advisors we have dealt with seems to have benefitted alot from the advice given (inlcuding one who I believe now lives in a tax haven :eek::eek:) and I am a nasty suspicious person who really just wants some honest and practical advice.

Any ideas ???
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Comments

  • No IFA is truly independant - because they are biased towards themselves, and not you ;)

    Put all you post in a pile, read it all carefully ... and DIY :D
  • xylophone
    xylophone Posts: 44,138
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    Which pensions does he have?
    Are any of them final salary/defined benefit?
    Of those that aren't (if any) do they carry any guarantees?
    Has he requested a state pension forecast?https://www.gov.uk/state-pension-statement
    http://www.unbiased.co.uk/
  • atush
    atush Posts: 18,719
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    No IFA is truly independant - because they are biased towards themselves, and not you ;)

    Put all you post in a pile, read it all carefully ... and DIY :D


    Rubbish, they need to make a living. And they always want the best for their clients as happy clients ight return for something else, or might refer customers.

    There is no way an IFA would actually want unhappy clients who lose money.
  • atush wrote: »
    Rubbish, they need to make a living. And they always want the best for their clients as happy clients ight return for something else, or might refer customers.

    There is no way an IFA would actually want unhappy clients who lose money.

    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "
  • I understand exactly where you are coming from. I eventually called one up, and after explaining on the phone I was interested in transaction only, he spent 20 minutes of our free meeting trying to convince me to go ahead on a commission basis, quoting an initial £850 to transfer one pension.

    A second one, introduced as a friend of a friend, simply posted me forms to transfer to Scottish Life (pension already with same group, Royal London), with a £900 fee and annual commission charge.

    I just ended up doing my own analysis, which led me to decide I'd be better off as was. Although whether or not that'll prove to be the right decision or not, I suspect I'll never know!
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • mania112
    mania112 Posts: 1,981
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    an Independent Financial Adviser is called so because he/she has access to the whole of the market.

    This is opposed to a Tied Adviser (or Multi-Tied) who has access to either products from the company they represent or from a network panel.... a good example of this is an Adviser in a Bank (although some of those are IFA's).... actually that might be a bad example because bank advisers are going out of fashion... but you get the point.

    Are IFA's truly Independent and Unbiased? Yes, they must be, it's in their 'contract' with the FSA.

    If you have had a bad experience and don't believe that to be the case please contact the Financial Ombudsman Service https://www.financial-ombudsman.org.uk/
  • dunstonh
    dunstonh Posts: 116,030
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    Is there such a thing as a truly independant IFA

    all of them
    and if so, how do I find them ?

    https://www.unbiased.co.uk is a good database.
    Over the years every financial advisors we have dealt with seems to have benefitted alot from the advice given (inlcuding one who I believe now lives in a tax haven ) and I am a nasty suspicious person who really just wants some honest and practical advice.

    Are you saying you dont want to pay for advice?
    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "

    And the problem with that is what?
    That encourages client retention and good service.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • GhIFA
    GhIFA Posts: 619 Forumite
    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "

    And this is a fatal flaw because.......?
    I am an IFA. Any comments made on this forum are provided for information only and should not be construed as advice. Should you need advice on a specific area then please consult a local IFA.
  • Amanda65
    Amanda65 Posts: 2,076
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    dunstonh wrote: »
    Are you saying you dont want to pay for advice?

    Don't believe I have said that at all. What I am trying to establish is how I find someone who gives advice that I can trust as being in our best interests and not based on their best interests! Unfortunately we are of the era who, had our IFA at the time to be believed, should have drawing on a pot of endowment money next year that would not only pay off our mortgage but would, and I quote "see any kids through university and let you have a nice holiday". We will in fact not be even paying off the chunk of the mortgage it is supposed to cover :( You maybe can understand my scepticism!
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