What to ask an IFA?

Newly_retired

Today I have a review with my IFA. My questions for him are:
How are my investments performing?
Is my S & S ISA invested in the right funds? Is it a good time to be adding to it ? ( I stopped about a year ago )
What should I be doing about an investment which is about to reach its 5 yr guarantee ( discussing my options).
I know he will have his own agenda and will want me to invest more of my savings ( which amount to double the amount of my investments).
Given the current economic situation, poor savings rates etc I do not know what to do.
Any other questions I should be asking him?
Thanks in advance for your opinions.

Phlip_corter

"Independent financial adviser",A whole of market financial adviser is similar but they do not offer the option to pay for their services with a fee, so they must rely on commission from product providers for remuneration. This can create bias towards a product recommendation when another solution may be more appropriate.

dunstonh

I know he will have his own agenda and will want me to invest more of my savings ( which amount to double the amount of my investments).

If you think that then sack the IFA straight away. There is no point having a business relationship with someone you dont trust.

Dooooooooooooooonut

dunstonh wrote: »

If you think that then sack the IFA straight away. There is no point having a business relationship with someone you dont trust.

This

Also, you would have been better off adding to your stocks and shares ISA now than a year ago, that's for sure!

What I really recommend is that you interrogate every statement he makes, get very precise on the terms and definitions he is using so as to be absolutely sure of what he is saying. You'll probably then find it amusing to put this all in your own words

Newly_retired

Well I am furious! The post has just come and his secretary has sent me a letter "Following your conversations with XX....". We haven't had them yet!
The letter asks me to complete a form and send documents to arrange for the encashment of the investment which is coming up for its 5th anniversary guarantee!! Discussion about this was the main reason for having a review and I think it is preposterous that my decision has been assumed!

k8r4u

I guess you'll have a few more questions in mind for the review then :D:D

Nanny knows best ....

Newly_retired

How do I complain? The more I think about it the more angry I am becoming.
No answers today to my questions as he had to cancel ( ill ).

greenface

Newly_retired wrote: »

How do I complain? ( ill ).

You pick up the phone ....................................................
........................... you wait for it to ring..........................
................when they say hello IFA how can i help .............
................you tell them what you think ..........................


why ask ??

greenface

Phlip_corter wrote: »

"Independent financial adviser",A whole of market financial adviser is similar but they do not offer the option to pay for their services with a fee, so they must rely on commission from product providers for remuneration. This can create bias towards a product recommendation when another solution may be more appropriate.

Is that a fact ?? my IFA charges a fee and i had a option also

jem16

greenface wrote: »

Is that a fact ?? my IFA charges a fee and i had a option also

That would be true and why he's an IFA.

However Phlip_corter was talking about a whole of market financial adviser.

A whole of market financial adviser is similar but they do not offer the option to pay for their services with a fee,

You didn't read the post carefully.

Cook_County

Ask:

1. How long the company has existed.
2. HIS specific qualifications.
3. How long he has been with the company (you want consistency)
4. The costs and charges
5. Is he going to charge for the initial meeting

Then along with the other stuff you want to discuss you can decide if you actually like him!