How do you select a good ifa?

roysterer

Once again thanks for all the post, it as certainly given me plenty to think about. I believe an IFA is the best route to take, but I will do some research over the next 3 months before I make an appointment. I guess I will select 3 to attend an initial free meeting before I select the one I think best meets my needs, then I will take the plunge and hope things work out well. Nothing would please me more than to pay an advisor a large commission if it was based on performance that way we both win, and If it goes wrong well at least it was not for the want of trying to do what's best. This conclusion is based on taking a note of differing opinions from post on this thread.
THANKS

Lokolo

When you do go and see one, see what they offer, write it up on here, and we can comment.

Aegis

roysterer wrote: »

Nothing would please me more than to pay an advisor a large commission if it was based on performance that way we both win, and If it goes wrong well at least it was not for the want of trying to do what's best. This conclusion is based on taking a note of differing opinions from post on this thread.
THANKS

Would be nice, but it would put every IFA in the country into the unemployment line every single time the market crashed. Would you like to get no pay for a year because of something outside your control? I know I wouldn't!

robefc

Personally I would want the following from a financial adviser:

- fee based so I know there is no conflict of interest between what is in my best interests and the best interests of the adviser
- well qualified (diploma min, preferably chartered) so I know that they know what they're talking about
- back by a team of technical specialists - financial advisers are generalists, their job is to see clients and deliver advice, they cannot be expected to know everything about everything but should have access to a technical team who do!

When it comes to investments I would be very uncomfortable if they talked about performance as opposed to risk management and I would want to know exactly how they construct the underlying asset allocation and how they choose the funds for their clients.

That will do as a starter list!

Cheers

Rob