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  • FIRST POST
    • Amanda65
    • By Amanda65 6th Mar 13, 4:45 PM
    • 1,969Posts
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    Amanda65
    Is there such a thing as a truly independant IFA
    • #1
    • 6th Mar 13, 4:45 PM
    Is there such a thing as a truly independant IFA 6th Mar 13 at 4:45 PM
    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 ) and I am a nasty suspicious person who really just wants some honest and practical advice.

    Any ideas ???
Page 1
  • UsernameAlreadyExists
    • #2
    • 6th Mar 13, 4:48 PM
    • #2
    • 6th Mar 13, 4:48 PM
    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
    • xylophone
    • By xylophone 6th Mar 13, 5:04 PM
    • 15,067 Posts
    • 8,137 Thanks
    xylophone
    • #3
    • 6th Mar 13, 5:04 PM
    • #3
    • 6th Mar 13, 5:04 PM
    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
    • By atush 6th Mar 13, 5:32 PM
    • 14,090 Posts
    • 8,356 Thanks
    atush
    • #4
    • 6th Mar 13, 5:32 PM
    • #4
    • 6th Mar 13, 5:32 PM
    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
    Originally posted by UsernameAlreadyExists

    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
    • By atush 6th Mar 13, 5:33 PM
    • 14,090 Posts
    • 8,356 Thanks
    atush
    • #5
    • 6th Mar 13, 5:33 PM
    • #5
    • 6th Mar 13, 5:33 PM
    www.unbiased.co.uk
  • UsernameAlreadyExists
    • #6
    • 6th Mar 13, 6:45 PM
    • #6
    • 6th Mar 13, 6:45 PM
    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.
    Originally posted by atush
    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "
    • tell_it_how_it_is
    • By tell_it_how_it_is 6th Mar 13, 7:29 PM
    • 516 Posts
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    tell_it_how_it_is
    • #7
    • 6th Mar 13, 7:29 PM
    • #7
    • 6th Mar 13, 7:29 PM
    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
    • By mania112 6th Mar 13, 7:35 PM
    • 1,856 Posts
    • 701 Thanks
    mania112
    • #8
    • 6th Mar 13, 7:35 PM
    • #8
    • 6th Mar 13, 7:35 PM
    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 www.financial-ombudsman.org.uk/
    • dunstonh
    • By dunstonh 6th Mar 13, 8:09 PM
    • 81,072 Posts
    • 46,332 Thanks
    dunstonh
    • #9
    • 6th Mar 13, 8:09 PM
    • #9
    • 6th Mar 13, 8:09 PM
    Is there such a thing as a truly independant IFA
    all of them
    and if so, how do I find them ?
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • GhIFA
    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "
    Originally posted by UsernameAlreadyExists
    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
    • By Amanda65 6th Mar 13, 8:30 PM
    • 1,969 Posts
    • 3,702 Thanks
    Amanda65
    Are you saying you dont want to pay for advice?
    Originally posted by dunstonh
    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!
    • dunstonh
    • By dunstonh 6th Mar 13, 8:48 PM
    • 81,072 Posts
    • 46,332 Thanks
    dunstonh
    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!
    Well, that is all IFAs.

    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".
    Different era. Also, most were not put in place by IFAs. IFAs came about in 1988. Endowments were already on their way out by around 1995. FAs dominated the retail of them. However, it is easy to look back with hindsight. Had this site existed back then, it would have recommended endowments. The media did and so did Which? (consumers association). Even people with shortfalls are usually better off because of the economic events that affected the ability of the investment element to fail to hit target. The bigger picture needs to be looked at. Had the economy continued the way it used to when endowments paid big surpluses, peopel would have been worse off.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Amanda65
    • By Amanda65 6th Mar 13, 10:36 PM
    • 1,969 Posts
    • 3,702 Thanks
    Amanda65
    Well, that is all IFAs.
    Originally posted by dunstonh
    I wish I had your faith. Unfortunately I have heard too many horror stories from friends to be able to be so confident, hence me asking the question!

    I have been on the unbiased website though and am going to give a couple of local companies a call and see what their charges are likely to be and go with 'gut instinct' - very scientific
    • bigfreddiel
    • By bigfreddiel 6th Mar 13, 10:40 PM
    • 2,642 Posts
    • 1,080 Thanks
    bigfreddiel
    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
    Originally posted by UsernameAlreadyExists
    totally agree - couldn't have put it better myself

    fj
    • bigfreddiel
    • By bigfreddiel 6th Mar 13, 10:49 PM
    • 2,642 Posts
    • 1,080 Thanks
    bigfreddiel

    Are you saying you dont want to pay for advice?
    Originally posted by dunstonh
    theres paying for advice trouble is that ifas have a bad reputation for taking ongoing payments and not doing anything to justify it - rdr may alleviate that but being in finance no doubt these charges will be reapear in another guise

    also ifas dont seem to take responsibility when things go bad - allegedly

    i would like to see ifas taking on the risk them selves and drop all charges id their advice fails to meet an agreed outcome -it will never happen tho; becaise as we all know no one can actually predict how an investment will pan out - they may as well just give you odds like a turf accountant

    just my ramblings to upset all those ifas out there

    cheers

    fj
  • UsernameAlreadyExists
    And this is a fatal flaw because.......?
    Originally posted by GhIFA
    ... errr ... because they're going to charge you a load of money?

    I wouldn't trust an IFA as far as I could throw one They can NOT see into the future. And neither can I. You can either flip a coin, or .. as they'd rather you do ... pay out time & time again to have them regularly review things and make the "necessary" modifications and adjustments each time.
    • atush
    • By atush 6th Mar 13, 10:54 PM
    • 14,090 Posts
    • 8,356 Thanks
    atush
    Well indeed ... but you have identified the fatal flaw.
    " they need to make a living. "
    Originally posted by UsernameAlreadyExists
    All that means a fair price paid for work done. They got it before from commission. Now, no commission. so you pay an agreed fee. which has not been set by a regulator.

    You are in the driver seat. If you find the seat too hot, get out.
    • atush
    • By atush 6th Mar 13, 11:00 PM
    • 14,090 Posts
    • 8,356 Thanks
    atush
    I wish I had your faith. Unfortunately I have heard too many horror stories from friends to be able to be so confident, hence me asking the question!

    I have been on the unbiased website though and am going to give a couple of local companies a call and see what their charges are likely to be and go with 'gut instinct' - very scientific
    Originally posted by Amanda65
    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!

    As said, an IFA (as opposed to FA) wants you to be happy. That is their best interest.

    Your horror stories are 3/4th hand from many who do not understand pensions or money in fact.

    Call 3/4 from unbiased, go to see 2.
  • UsernameAlreadyExists
    As said, an IFA (as opposed to FA) wants you to be happy. That is their best interest.
    Originally posted by atush
    You sound like a closet IFA yourself. Just admit it ... you want to take money money money, over & over again. Why else do you get up in the morning?
    • tell_it_how_it_is
    • By tell_it_how_it_is 6th Mar 13, 11:41 PM
    • 516 Posts
    • 638 Thanks
    tell_it_how_it_is
    With respect, how the heck does "I have heard too many horror stories from friends" become "Your horror stories are 3/4th hand from many who do not understand pensions or money in fact."?!

    While I have no real desire to slate IFAs (I'll leave that to others lol), it's clear on here that some of you feel they can never do any wrong.

    All the experts got endowments wrong, but hey, that's life, no case to answer, they got their money, it's the poor b*ggers who put faith in them that lost out.

    All this is not to say there aren't good, clever, conscientious IFAs etc., but for me the undoubted love-in, and excuses for bad practice and outcomes that goes on in here just grates somewhat.
    “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
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