Where to find a good IFA

Stavros_3

Is their a web link anywhere which also gives ratings on their performance

lilac_lady

I don't have the answer re the web link but I found a good one by following a personal recommendation from a friend. I think that's the best way to find someone who will do a good job for you.

dunstonh

Stavros wrote: »

Is their a web link anywhere which also gives ratings on their performance

You cannot. IFAs do nothing that can be measured in a ratings sense.

IFAs are considered to be a cottage industry still. Dominated by small local firms with a handful of advisers. The larger firms have a few awards that they vote for each other very year. This allows them to share the various rosettes in their letterhead but the award is meaningless (like most financial services awards you see for "best" whatever).

Stavros_3

Is there a link to IFA's in your area please

dunstonh

https://www.unbiased.co.uk allows a postcode search and has 99% of all IFAs. (remember to remove the filter that only shows IFAs that pay for that service).

The_Economist

http://www.moneysavingexpert.com/savings/how-to-pay-for-financial-advice
Hope this helps.........

dunstonh

The_Economist wrote: »

http://www.moneysavingexpert.com/savings/how-to-pay-for-financial-advice
Hope this helps.........

Useful article but do note that there are quite a few errors in it (mainly caused by information going out of date and not being updated rather than being wrong). The following are some missing bits or updated bits.

Hybrid fee (becoming known as customer agreed remuneration) or fixed fee option not mentioned. Hybrid fee is where you agree a fee with the adviser but they take it out of the commission with any surplus commission being used to rebate into the investment or enhance product terms. That option is particulary useful with pensions where you effectively get tax relief on the fee. Fixed fee is a transaction cost rather than by the hour. Both of these options give a fixed fee and remove any potential for bias that you may feel could exist)

use unbiased.co.uk as the database search but untick the option that only shows advisers that have paid to be listed. Unbiased has 99% coverage of IFAs and only IFAs. No need for any other search engine. Indeed, many of the others use the unbiased database but put their own front end on it.

Qualifications have changed. AFPC is now diploma. G60 doesnt exist any more. J05 has replaced it. Plus there are more than one qualification boards so there are different exam numbers for the same level. An adviser may not have G60 but have J05 which is the current version but allows them to do the same subject.

I would also note that you shouldnt go over the top on qualification requirements if your transaction doesnt need it. There is no point getting a chartered financial planner to look at a £200pm regular ISA. Most typical consumer transactions dont require higher qualifications and when they do, many adviser firms have specialists available in-house to handle those (and I say that as an adviser that does have higher levels than the standard). However, for larger transactions or more specialist transactions then it is important to look for advisers that do focus in those areas. e.g. do you want to get investment advice from an adviser that spends 90% of their time doing mortgages (or vice versa). If its £100pm into an ISA then not a problem. If its £100k investment then I would want to see a quality investment adviser.

oldandgrumpy

I guess good IFA's are down there at the bottom of the Channel, along with good solicitors, estate agents, car dealers and, of course, good MPs!