IFA how do you choose? 1 January 2006 at 9:21PM in Over 50s MoneySaving 2 replies 916 views

tanith

I have belonged to this site for only a short while and with all the wealth of information here I have realised just how little I know about all the financial products that I and everyone else needs in their lives ......... I am still nervous about changing things in my financial world ......

Even though everyone explains things in great detail the trouble is with each product there are lots of variables depending on each persons different circumstances , to someone like me who usually goes with what is familiar when it comes to choosing products I end up more confused than ever and I really feel that I need personal advice , which means an IFA......

I need Pension advice and saving and investment advice , I won't have a great deal or a large pension pot so what happens to it is going to be vital and I am scared of making the wrong choices now which will mean the difference between having a retirement that I will be able to manage or one where I will be relying on Benefit to make life bearable... Its too late for me to make a difference or is it ? I really don't know.... I know I need advice but how do you decide wether the IFA is going to end up with more of my hard earned money than they deserve.. I do not mind paying for good advice but I am damned if I want some oik ripping me off because I am too stoopid to know the difference............ I know recommendations are not allowed but could anyone give me some pointers on how I go about finding an IFA who is just that and a decent human being too.....

al_yrpal

Go to http://www.unbiased.co.uk and seek some personal recommendations too

[Deleted User]

Tanith, we contacted an IFA a year ago. He has given us some good advice but remember that that is what it is` advice` and you don`t have to do what he or she recommends. I don`t really trust any IFA. I trust only myself and my OH. Stage 1 was that we had to move a pension fund. The IFA made sure that fees are capped at 1% and he refunded us a good cheque for part of the commision. I have to say that I am financially savvy and trade shares etc so I look at the pension fund performance on a weekly basis and so far so good.

At no time does the IFA have access to any of our funds. Stage 2 will be different in that we will be aiming for drawdown soon. I haven`t told the IFA that we will be withdrawing 25% of the pension pot for me to manage on our behalf. I have no worries doing this because my own sipp/isa managed by me is well on target to clear 10% increase in value this year.

Pensions is a minefield so I do recommend that you talk to an IFA, or three. But always keep your eye on the ball