Retirement - do I need an IFA?

cashbackproblems

It seems like if you want to start a personal pension for example an IFA can get discounts and know which products for you to buy.

Also as pointed out inheritance etc where you require knowledge of the laws they might be good.

However for funds/shares you probably can guess as well as them, if they are so clued up in this area theyd be trading/investing themselves!

jem16

bigfreddiel wrote: »

Bad form to post to oneself but here goes anyway - just found this

FT's Top 100 IFAs list 2007

http://www.ftadviser.com/CMS_FTA_ROOT/cms_assets/Pdf/FTAdviser/Assets/Pdf/Top_100_Ifas_2007.pdf

and for 2009

http://rankings.ftadviser.com/ftadviser/top-100-financial-advisers-2009-in-association-with-matrix-data

fj

No 1 : Sesame - a network not an IFA
No 9 : Hargreaves Lansdown - renowned for DIY on here but expensive for advice (thread on savings & investment board at the moment for their advice section doesn't look too good)
No 11 - Towry Law - says it all really (again having read thread on savings & investment board)

I want an IFA for the quality of advice which is not necessarily something that can go hand in hand with the amount of business. In fact it can be detrimental as you are seen as a "target" to reach rather than a person.

yelf

bigfreddiel wrote: »

Actually I could fix my car - maybe not as quick as mechanic but its not exactly rocket science.

Thanks for your reply

Thats great, well done. Now i see you havent answered my questions: is this because you don't know? Also, taking account of recent tax changes would you be better off investing in an OEIC, an onshore bond, off shore or A.nother for capital growth based on your growth and income needs?

How one earth can you expect to get a league table of IFAs basd on quality and ervice provided (as opposed to client bank size and funds under management?).

Good luck investing based on interent forums.

Kiwi_Martin

Here's the thing Bigfreddiel, by all means if you feel capable, you can do it yourself however, if you find out in 5, 10 or however many years time in the future that you actually got it wrong it's tough luck, your mistake, whereas if you use an authorised IFA and he get's it wrong you have recourse. The same for Insurance, by all means go on moneymeercatthemarket.com and get the cheapest price with no advice, but if you get it wrong, your fault. Use an intermediary and you are covered by his indemnity insurance and the Financial Services Ombudsman Compensation Scheme for the first full £2,000 and 90% of the remainder without any upper limit!

Quentin

Looks like more scaremongering propaganda from the rogue broker with the rule breaking spam sig! (A change of board name doesn't fool us)

dunstonh

earch out a Chartered fee based adviser (so commission does not sway them), who uses cashflow planning software (Truth / Prestwood or Voyant etc), and can get you access to institutional index tracking funds.

Cashflow planning software is overrated and real life rarely matches it. At best its an indication of what may happen with major costs but at worst its a gimmick.

Institutional funds are available to all IFAs.

Quentin

feesarefare wrote: »

Then there are those that do the same in a much more subtle fashion.

Fail to see what harm is being done by telling thet "Truth"- lol

Were he telling the "truth" (albeit according to his gospel) without cynically coming here to advertise then he'd stand more of a chance of being taken seriously!

It isn't unusual for us to see IFAs come here and start (or join in) threads like this with ulterior motives.

Two rogues in one thread is some going though!

feesarefare

dunstonh wrote: »

Cashflow planning software is overrated

Overated by who?

What is your personal experience of these tools?

Have you ever used them with a client?

What do you use instead? Why wouldnt you want a base plan to start working from? How can do you give investment advice if you dont know what return is required?

I find it strange you are quick to put down IFAs that are making a real effort to be more professional and adding a whole new level to their advice process.

Theres a big demand for it as well , you only have to look a the Number thread on this forum.

Truth is even used in the JO8 Financial Planning syllabus.

Ive been using Truth for the last 3 years and its transformed our business- existing clients dont understand how we did our jobs before (frankly neither do I ) and new clients are blown away.

feesarefare

Quentin wrote: »

!

It isn't unusual for us to see IFAs come here and start (or join in) threads like this with ulterior motives.

Is that a fact?

Two rogues in one thread is some going though!

Dont put yourself down Quent

dunstonh

Have you ever used them with a client?

yes

I find it strange you are quick to put down IFAs that are making a real effort to be more professional and adding a whole new level to their advice process.

Not strange at all. I have never come across anyone that has really found cashflow planning of any use. You look back on old ones prepared and they rarely reflect what really happened.

its easy to sell the benefits of it but looking back over the years at what actually happened and comparing it to what was planned and you realise that the actual benefit isnt that good. Decent shortfall analysis software can do the same without printing out reams.

I know you like using Truth and if it works for you then great. However, its not some magic solution that makes all the alternatives bad.