Good IFA - where can I find one - are their websites?

stamboy

I want to speak to an IFA about my pension options but I'm a bit concerned about getting one that isn't very good.

Is it pot luck or is there some website/stats that will point me towards a good one?

Thanks

dunstonh

I want to speak to an IFA about my pension options but I'm a bit concerned about getting one that isn't very good.

The current stats show that IFAs account for just 2% of complaints to the FOS despite having the largest distribution. So, statistically, you should be fine. I would suggest you avoid national and regional salesforces just to make sure.

Is it pot luck or is there some website/stats that will point me towards a good one?

IFAs are largely a cottage industry with the majority being small firms of 1-5 advisers. That makes it near impossible for websites to review an IFA. Also, how objective would the review be and how would they know what is right or wrong.

artha

stamboy wrote: »

I want to speak to an IFA about my pension options but I'm a bit concerned about getting one that isn't very good.

Is it pot luck or is there some website/stats that will point me towards a good one?

Thanks

There are sites that will give you listings and quality checks. Just google it and see what comes up in your area. In my opinion, based on what I am nowbitterly regretting,the most important thing a reputable IFA should tell you is that you need to review your situation and their advice or that of other IFA s on a regular basis. The IFA I used 14 years ago to advise on AVC contributions basically said invest in XYZ, come back to me when you retire, and I'll advise again. Trusted him but am now paying the price. (Details have been posted elsewhere but I didn't get much sympathy as IFAs can be very slippery and defensive when it comes to their "profession")

Academic

Two sites which may be useful are Unbiased and The Personal Finance Society.

The PFS site allows you to find financial advisers who are chartered and hold higher qualifications (not that this necessarily implies that they are "a good one" but at least they are qualified to a higher level). It also allows you to search for an adviser who specialises in a particular area, such as pensions.

Hope this helps.

jem16

artha wrote: »

In my opinion, based on what I am nowbitterly regretting,the most important thing a reputable IFA should tell you is that you need to review your situation and their advice or that of other IFA s on a regular basis.

Basically you need to make sure that your IFA is a servicing IFA and not just a transactional IFA. A servicing IFA will be reviewing your investment yearly - or more if you have agreed this. A transactional IFA will simply set up and probably never contact you again.

The IFA I used 14 years ago to advise on AVC contributions basically said invest in XYZ, come back to me when you retire, and I'll advise again. Trusted him but am now paying the price. (Details have been posted elsewhere but I didn't get much sympathy as IFAs can be very slippery and defensive when it comes to their "profession")

As far as I remember from your thread you saw the "in-house" IFA for your company pension who advised you on your AVCs for that company. Whilst it might have seemed good to have paid nothing for the advice the IFA was not really working for you but for the company. Had it been a totally independent IFA you may have been advised totally differently.

dunstonh

As far as I remember from your thread you saw the "in-house" IFA for your company pension who advised you on your AVCs for that company. Whilst it might have seemed good to have paid nothing for the advice the IFA was not really working for you but for the company. Had it been a totally independent IFA you may have been advised totally differently.

I agree. He was the IFA for the company and acting on behalf of the company. The advice provided would have been basic advice in respect of the AVC and thats it unless you engaged him/her on a professional individual basis.

artha

jem16 wrote: »

As far as I remember from your thread you saw the "in-house" IFA for your company pension who advised you on your AVCs for that company. Whilst it might have seemed good to have paid nothing for the advice the IFA was not really working for you but for the company. Had it been a totally independent IFA you may have been advised totally differently.

Firstly I'm glad that you remember my post although I do admit to occasional provocational posts to grab attention but with the best intents to inform the general viewers of threads.

I did post in other threads that the IFA did not receive anything from the company as far as I'm aware. The company now do not even publically offer the services of this IFA but if you ask will give you the contact details but it comes by email with a disclaimer that it is not a recomendation.

artha

jem16 wrote: »

Basically you need to make sure that your IFA is a servicing IFA and not just a transactional IFA. A servicing IFA will be reviewing your investment yearly - or more if you have agreed this. A transactional IFA will simply set up and probably never contact you again

Good piece of advice but many, like me, have just come across this differentiation (wish I could spell!). This is the first time on this site that I have seen this comment i.e servicing vs transactional and it reinforces the point I originally made. People say "see an IFA" but what is not emphasised is make sure that you understand that situations change i.e. "a puppy is not just for Christmas but for life" Sorry to descend into the crude simile or vernacular but that is the way it is as I now see it

brianrhill

Before you see an IFA, swot up on what the FSA say about pensions on this link:

http://www.moneymadeclear.fsa.gov.uk/products/pensions/pensions.html

unbiased is quite useful I think. The PFS are also ok - they do list Chartered first in their directory which I do not agree with, The PFS is part of the CII which sells the exams to be a financial adviser! Chartered status means that the adviser has more technical knowledge (how much of that is useful I'm not entirely sure!), but there are enough that I've come across that are very analytical, but miss the big picture (apologies to those that aren't!!). Websites can be a bit misleading as there are a number of companies that do flashy template designs for IFA's, so it's not as easy as you think.

purch

Is it pot luck or is there some website/stats that will point me towards a good one?

As in all professions there will be good one's and not so good one's.

how objective would the review be and how would they know what is right or wrong.

That is true, you cannot really 'rate' and IFA, other than by personal experience.

As Academic say's, Qualifications alone do not prove that a professional is good at their job, just good at earning Quals.

The best way to kind a good professional (Solicitor, Accountant, IFA) is by word of mouth and recommendation.