Recommend an Independant Financial Advisor?

Honkycat

Hi,

Any recommendations for a good IFA (in Belfast ideally, but elsewhere if needs be)would be really appreciated. I'm facing possible redundancy and I need to get some advice on this and pensions etc. I'd like one that's not just out to earn commission, but really has the customer's best interests at heart (if possible!). Do these kind normally charge a fee and if so, how much on average?

Thanks for any advice on this,

Steve.

paulr66

Hi Steve

I am an IFA and live in Lincolnshire so Belfast is the other side of the world as far as I'm concerned. Saying that, I have clients in Spain, Australia and France. Anyway, to get to the point, Ifa's normally give you a choice between fees or commission or a combination of both. Most of my clients choose the commission option, so I won't be paid until acceptance of advice from my clients and policies are issued, therefore I'm not paid unless the policy goes past its cancellation period. And in 6 years of being an IFA (20 years in the financial industry) no one has ever cancelled, therefore I consider that my clients think I'm fair and want my service for the long term.

I'm 43, which is important as the average age for an IFA is over mid 50's. The other thing to consider is what the IFA's qualifications are because the Financial Services Authority have set the minimum standard as diploma level, of which I should attain by June. This involves the taking of several exams to hop over a benchmark and a lot of IFA's are less than enthuastic in taking these. In fact there is estimate that 20-30% will drop out by the deadline of 31 Dec 2012

Pensions is my favourite subject and therefore I'm not a great conversationalist at parties. But it's important for peoples future and not taken seriously enough which is why I'm enthuastic about speaking to you more. More than once clients tell me they're a minefield and that's why I enjoy them as I like to help people undestand what they really are and how to achieve your goals.

Regards

Paul Ross

grogdog

i read that as advertising for business which is not allowed on the site:(:(

just_thrifty

Hi, we're in Belfast, and when we were looking for independent advice about pension planning, the accountant my husband uses recommended David Rea at Square Seven on the Castlereagh Rd. Tel: 9079 2121. He was very straightforward (we're not that clued up re financial matters!) Can't remember his fee, but it was reasonable and we were very happy with the results of the advice he gave.

jenheiffer

paulr66 wrote: »

I'm 43, which is important as the average age for an IFA is over mid 50's.

Why should this be a bad thing, exactly?

wifeforlife

I've pm'd you - we used a fella I met through work and recommendations, it's been invaluable to us.

He's helped us with our mortgage, life insurances, pensions and all our financial planning for the next few years with reviews arranged by us. It's be great having someone who know's the lingo be able to explain things to us in plain English. Also with his help we've the potential to be mortgage free by the age of 40, and we're only starting now at 28!

Hope you get sorted, and sorry to hear about redundancy

Cate

paulr66

Jen, it's not a bad thing "being over mid 50's", it's just that in the IFA world, a lot of IFA's over mid 50's are less than enthuastic in studying for the diploma qualifacation and some are looking for an exit route out of the industry by 2012, hence not able to give ongoing service. It's a shame as there are some good financial advisers who have serviced clients over many years, but the FSA have forced their hand on this issue.

Each exam takes a minumum of 120 hours study and some IFA's need to pass 4 to achieve the minimum benchmark and there are only 9 windows left to take and pass the exam (April, July and October 2010, 2011, 2012).

I wouldn't dare insult anyone in their mid 50's and above

happy_gardener

We use 'hugh&Margaret Strahan' and they are strahan financial services in Pennybridge Ind Est in Ballymena. They both are great and will help/guide you. We have used them for our mortgages/pensions...
Def worth a ring and they make appointments at anytime to suit. They are down to earth people and approachable....

Need2SaveNI

Hi, I can thoroughally recommend Red Rock Financial on the Holywood Road in Belfast. I have used them for a number of years and found that they really think about the things you don't and anticipate your needs well at certain times.

bingobangobongo

cathy2702 - could you pm me the details also?

Thanks!

tara747

bingobangobongo wrote: »

cathy2702 - could you pm me the details also?

Thanks!

Me too! I want to be mortgage free by 40! :j