Rate Your IFA

bigfreddiel

Hi,

If you use or have used an IFA can you rate the service you obtained in this thread - Amazon style would be good:

5 stars - excellent
4
3 stars - average
2
1 star - not great

and a short paragraph hilighting the good or bad experience

cheers

fj

Rob_192

OK I'll start this one off.

Overall 3 stars

In my case I used the same IFA from about 15 years ago until 2 years ago.

He initially set up my first pension, a Prudential (formely Scao Am) with profits - don't laugh, it's actually been very good.

Subsequently I wanted to put in some more and he suggested opening a Scot Widows pension, two years later I had a lump sum to invest and he suggested opening a Clerical Medical pension - I did both these, but looking back, I'm not sure why the Clerrical Med - I suspect commission came into this! Though in fairness, they have both performed well. 3 years ago, I began to realise there were better options and stopped all contributions and now pay into a SIPP, but the previous money is all still invested with the previous 3 providers.

5 years ago IFA suggested opening a S& S Isa - excellent advice, but he then wrote to us recommending 5 funds, 3 days later a near identical letter arrived recomending different funds, only two in the list were common to both letters, when challenged about this he admitted he'd been busy, forgotten he'd written the first letter and then somewhat embarrased he stated it was difficult to choose funds and little better than sticking a pin in the wall!! Over the next 4 years, all we got was an aniversary letter giving geneal comment about the markets and not one recommendation to change funds - this was the final straw. ISA's now set up with HL and previous ones transfered over - I'm doing far better on my own.

Now very wary of IFAs, which is a shame as I acknoledge I need a review or some help from time to time.

R

redmalc

Well i am somewhat unsure about the service i am getting from my IFA,i have been with them some 14 years and he has been ok until the last 2/3 years.In 2003 he advised me to move my pension from Scottish Widows to Clerical medical which i did then in early 2007 he wrote advising i should move back to Scottish widows and recommended the funds to invest in which has been a disaster because he advised that 10% 15% was invested in various property funds,I have some 100K in the pension and also 80K in various stocks and share isa,s also with him but i have had no contact from him for 2 years now and i was thinking of moving everything to Hargreaves any comments or advice would be appreciated.

dunstonh

In 2003 he advised me to move my pension from Scottish Widows to Clerical medical which i did then in early 2007 he wrote advising i should move back to Scottish widows and recommended the funds to invest in which has been a disaster because he advised that 10% 15% was invested in various property funds

I hope you dont mind but I am going to highlight your response as the problem when trying to rate advisers.

1 - Pensions in the last few years have been getting cheaper. So, it wouldnt be difficult at all to justify a modern plan as being better than a 2003 plan.

2 - The funds in the more recent pension are unlikely to have been a disaster. Spring 2007 was the peak of the markets. You then had two years of decline. That is timing of events. Not advice or product specific.

3 - 10-15% in property is around the typical allocation you would expect on a diverse portfolio.

t i have had no contact from him for 2 years now

Are you employing him on a servicing contract?

purch

I give myself 5 stars.

I'm not particularly Independant, and my 'advice' normally takes the form of an order, but otherwise I'm pretty damn good :eek: