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  • FIRST POST
    • rubble2
    • By rubble2 14th Jun 17, 11:58 AM
    • 264Posts
    • 45Thanks
    rubble2
    Advice on finding an Independent financial Advisor
    • #1
    • 14th Jun 17, 11:58 AM
    Advice on finding an Independent financial Advisor 14th Jun 17 at 11:58 AM
    As above really, is there any advice on how to find a good independent financial advisor please.

    I have never used one before but am looking for information on retirement planning, possible equity release scheme etc.

    Is there some qualification I should be looking for? don't know anyone who has used one so no possibility of personal recommendation unfortunately.
    Any pitfalls I should be aware of?

    Thanks
Page 1
    • dunstonh
    • By dunstonh 14th Jun 17, 12:12 PM
    • 89,435 Posts
    • 54,898 Thanks
    dunstonh
    • #2
    • 14th Jun 17, 12:12 PM
    • #2
    • 14th Jun 17, 12:12 PM
    As above really, is there any advice on how to find a good independent financial advisor please.
    Statistically, most do the job perfectly fine. They have a low complaints level at the FOS considering the number of transactions they do. So, the odds are that any you contact should be ok.

    I have never used one before but am looking for information on retirement planning, possible equity release scheme etc.
    Equity release does not fall under IFA qualifications as standard. It is a standalone extra qualification. Many IFAs (individuals) do not hold that qualification as they leave that side of things to their mortgage advisers (who work within the IFA firm). So, first thing you need to ask when you contact an iFA firm is whether they do equity release or not. However, if its only a possibility and you just want a discussion at this stage then any IFA can discuss equity release with you. It is only when it comes to arranging it that they need this extra qualification.

    Any pitfalls I should be aware of?
    The main issue is the size of fees. IFAs are not all the same. They target different markets. Their pricing will reflect the market they target (i.e. they may be good value for large investors but poor value for smaller or vice versa). Some firms target prestige clients and provide a service of that level which costs more but you may not want that. Rural firms have lower costs than city firms.

    Be wary of firms that target a certain part of the market (ie. pension review companies). A local firm to you is usually the best place to start.
    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.
    • searchandmore
    • By searchandmore 14th Jun 17, 12:25 PM
    • 1 Posts
    • 1 Thanks
    searchandmore
    • #3
    • 14th Jun 17, 12:25 PM
    • #3
    • 14th Jun 17, 12:25 PM
    Hi Rubble,
    I have learnt from experience that there are many things to consider when looking for the perfect IFA team.. First of all you want to find someone who you can trust, build a relationship with and be confident in knowing they have your own personal needs at heart.
    • rubble2
    • By rubble2 14th Jun 17, 3:10 PM
    • 264 Posts
    • 45 Thanks
    rubble2
    • #4
    • 14th Jun 17, 3:10 PM
    • #4
    • 14th Jun 17, 3:10 PM
    Thanks for the advice -very useful
    • sandsy
    • By sandsy 15th Jun 17, 8:03 AM
    • 1,171 Posts
    • 677 Thanks
    sandsy
    • #5
    • 15th Jun 17, 8:03 AM
    • #5
    • 15th Jun 17, 8:03 AM
    Another resource to check out is the Society of Later Life Advisers, particularly for equity release:

    https://societyoflaterlifeadvisers.co.uk
    • ggmf
    • By ggmf 15th Jun 17, 8:21 AM
    • 36 Posts
    • 7 Thanks
    ggmf
    • #6
    • 15th Jun 17, 8:21 AM
    • #6
    • 15th Jun 17, 8:21 AM
    or https://www.vouchedfor.co.uk/
    • _pete_
    • By _pete_ 15th Jun 17, 11:14 AM
    • 96 Posts
    • 22 Thanks
    _pete_
    • #7
    • 15th Jun 17, 11:14 AM
    • #7
    • 15th Jun 17, 11:14 AM
    I agree that the online lists of qualified advisers would be a good starting point, but I wouldn't assume that the absence of any formal complaints means that they are actually any good.

    I posted quite a long message about my experience: http://forums.moneysavingexpert.com/showthread.php?p=69527446#post69527446

    In a nutshell, what I've learned is to do a lot of reading (internet and maybe books) so when you interview a shortlist of IFAs you know what you are looking for.
    • xylophone
    • By xylophone 15th Jun 17, 12:47 PM
    • 22,853 Posts
    • 13,207 Thanks
    xylophone
    • #8
    • 15th Jun 17, 12:47 PM
    • #8
    • 15th Jun 17, 12:47 PM
    https://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser
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