I need to find an IFA

purplelavender

I live in West Dorset and wonder where I can find a reputable independent financial advisor? What sort of charges can I expect?

Reaper

Best to go on the recommendations of others.

Failing that:
http://www.unbiased.co.uk/

DiggerUK

purplelavender,
By all means go and see an IFA.
Just do not fall for the popular mythology, that they are market gurus who can advice you on the best market plays. They have no training or expertise in that field.
Best to think of them as sexed up sales reps.

Anybody with the capability of rational investigation can figure out how to take care of their savings.
Have a read of this piece from Sundays ST/G., no signs of green-shoots here.
http://www.telegraph.co.uk/finance/comment/tom-stevenson/6844019/This-shares-rally-cant-hide-a-lost-decade.html

An IFA will tell those who have put money in their zombie products that they are only suffering "paper losses", strange how they never talk of "paper gains"

What you putting by for anyway?
Best of fortune.

purplelavender

The situation is that we have been self employed for 3 years. I have some savings but my partner has none. I own my own house and we jointly own the business. We are paying into private pension and have no other pension. I am in early 50s but my partner is almost 60 and I fear we will not be able to retire for a very long time.................

Aegis

DiggerUK wrote: »

purplelavender,
By all means go and see an IFA.
Just do not fall for the popular mythology, that they are market gurus who can advice you on the best market plays. They have no training or expertise in that field.
Best to think of them as sexed up sales reps.

Anybody with the capability of rational investigation can figure out how to take care of their savings.

Says the man who, until he said a few silly things on here, didn't realise that a SIPP was a personal pension and who still claims that gold is a risk-free asset.

Nuff said on that really.

Have a read of this piece from Sundays ST/G., no signs of green-shoots here.
http://www.telegraph.co.uk/finance/comment/tom-stevenson/6844019/This-shares-rally-cant-hide-a-lost-decade.html

An IFA will tell those who have put money in their zombie products that they are only suffering "paper losses", strange how they never talk of "paper gains"

Reference please. All IFAs I know would recommend moving money out of zombie funds when reviewing a client's finances except in very special circumstances (e.g. very short time to retirement and a significantly higher GAR than what's available on the open market).

Or was this just another made-up accusation against IFAs?

Aegis

purplelavender wrote: »

The situation is that we have been self employed for 3 years. I have some savings but my partner has none. I own my own house and we jointly own the business. We are paying into private pension and have no other pension. I am in early 50s but my partner is almost 60 and I fear we will not be able to retire for a very long time.................

Definitely worth chatting to someone who can talk you through the various tax-efficient options that are available for your retirement. At the very least you should discuss what you can expect based on annuity rates (should you choose the annuitisation option, of course) and what you can put aside from now until retirement.

There are a few options that you can investigate, but the world of retirement planning is a tricky one to fully appreciate without a professional guiding you.

Most IFAs will offer you a first meeting for free to discuss the basics of what you're looking for, after that you'll need to agree a remuneration method for them if you want to keep them as your adviser.

DiggerUK

purplelavender wrote: »

I have some savings but my partner has none. I own my own house and we jointly own the business. We are paying into private pension.....in early 50s but my partner is almost 60 and I fear we will not be able to retire for a very long time.................

If you have no debts, including mortgage, then you are in a secure position, relax.

I am not a fan of private money purchase pensions. Maybe your partner should consider taking pension soon. Need to keep an eye on the economic situation for opportune moment for partner to cash in. My view is that the future is grim, you will have your own take on that I'm sure.

Whilst you look around just make sure that your savings are matching or beating inflation, consider NSI Index linked on 3/5 year window.
Taking as read that you have your Cash ISA's full.

Seasons fortune to you both.

dunstonh

If you have no debts, including mortgage, then you are in a secure position, relax.

Really? Both self employed, getting close to retirement with little in pensions. Possible little or no second state pension so only looking at potentially £5000 income a year. Obviously we dont have the facts but having no debts does not make you secure if you dont have sufficient income to live on.

I am not a fan of private money purchase pensions.

Thats because you dont know how they work as has been seen on your posts you have made in the past.

Need to keep an eye on the economic situation for opportune moment for partner to cash in.

Thats a fools game. Trying to time markets usually ends up being futile. You cannot predict the unpredictable. It also assumes that you would be fully invested in the markets and any sensible adviser or consumer would be diversified.

My view is that the future is grim, you will have your own take on that I'm sure.

In the last 100 years we have had two world wars and bigger recessions. Yet we are still here. Its all very well being cautious looking forward. However, everyone has their own views on risk and its not for you, I or anyone else to impose our risk profiles onto another person.

What sort of charges can I expect?

It will vary like any profession. You will have some cheap, some average and some expensive. You can also work on commission basis still if you wish. Fee basis may be cheaper though (typically small values or shorter terms are cheaper on commission basis than fee). You can also agree a fee with commission offset with many advisers. That way the fee is fixed but you can use the provider to pay that amount (with pensions that can be useful as you effectively get tax relief on the fee).

EdInvestor

purplelavender wrote: »

The situation is that we have been self employed for 3 years. I have some savings but my partner has none. I own my own house and we jointly own the business. We are paying into private pension and have no other pension. I am in early 50s but my partner is almost 60 and I fear we will not be able to retire for a very long time.................

Make a start by both getting state pension forecasts:
http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

You need to do this yourself anyway and it will give the foundation for your pension incomes.

Could you outline which is the man, which the woman,who is paying into the pension, and who owns the house and savings? Pensions are one area where gender continues to make quite a big difference!

purplelavender

I am female!!
Got the pension forecast and all OK from what I understand
The house is in my name and there are no debts on it or the business. The business trades under VAT but we just about manage to live on it but do get bit of Working Tax Credit. Savings in my name are Stocks and Shares ISAs
BTW we are not married
RE pension forecast - got figure for Basic and Additional Pension. I have 37 qualifying years and will retire 2021. I am divorced and this forecast has not taken my ex into account - would I be any better off doing this?

metrobus

Just be careful 90% are just salesmen pushing whatever gives them the highest comm.