IFA aint great in communication!!

pcyam

hi all,

im not sure if this is the right place, please move if needs be.

my parents have an IFA which was replaced by the previous IFA-he retired from advising and passed on his whole clients list to the current IFA. My parents are now ready to take their pensions but I leave messages and emails asking for forecasts on annuities but it takes ages for a reply and when I do manage to call him, hes not exactly the most polite person, and makes it that I'm a nuisance. From chatting to a colleague they said have you suggested a drawdown/back, i sort of understood what she meant but wanted further advice so email him and now a month has passed by and still no reply from a couple of emails.

If I wanted to change IFA, do i just walk into another IFA and ask them to take on the funds?? Also, how easy is it if I wanted to help my parents to find out the annualities/drawdowns available to them, will the pension/finance companies talk to me if I wanted to find out from a few companies how much they are willing to offer for the funds??

TIA

from a very confused pcyam xx

dunstonh

If I wanted to change IFA, do i just walk into another IFA and ask them to take on the funds??

Yes. An agency transfer can be completed and the new IFA assigned.

Also, how easy is it if I wanted to help my parents to find out the annualities/drawdowns available to them

Not very easy. Many of the annuity providers do not retail direct to public (especially the enhanced terms providers). Drawdown is possible to do DIY but are you ready to provide the ongoing servicing that drawdown will require? Do you know what you are doing and are you willling to risk your parent's income in retirement on that?

pcyam

Thank you dunstonh,

dunstonh wrote: »

Yes. An agency transfer can be completed and the new IFA assigned.

Not very easy. Many of the annuity providers do not retail direct to public (especially the enhanced terms providers). Drawdown is possible to do DIY but are you ready to provide the ongoing servicing that drawdown will require? Do you know what you are doing and are you willling to risk your parent's income in retirement on that?

I will start looking for some reputable IFA's for my parents.

Unfortunately, no I dont know what I am doing and really dont want to risk my parents hard earn money, so will take your advice and look for IFA to do it and take advice from them instead.

Phew, can go to bed and not have to worry that they are stuck with that guy, do we need to let him know we are moving or can the new IFA just take over everything??

dunstonh

do we need to let him know we are moving or can the new IFA just take over everything??

No you dont. Although he will find out when he is notified by the provider that he is no longer the servicing agent.

Cautious_Investor_3

pcyam wrote: »

Thank you dunstonh,



I will start looking for some reputable IFA's for my parents.

Unfortunately, no I dont know what I am doing and really dont want to risk my parents hard earn money, so will take your advice and look for IFA to do it and take advice from them instead.

Phew, can go to bed and not have to worry that they are stuck with that guy, do we need to let him know we are moving or can the new IFA just take over everything??

Hi

Use www.unbiased.co.uk to help find an adviser who is local to you and has the experience and qualifications necessary for your requirements.

Word of mouth is also a good way to find an IFA.

You need to find someone that you get on with personally, as well as them having the necessary experience etc. Your relationship with them could last a long while, you need to enjoy your time with them!

Consider both fee and commission charging IFAs.

If I can help further please do not hesitate to ask.

The Cautious Investor