Follow up advice from a financial advisor

eddddy

I took out a convertable term life assurance policy about 20 years ago, using a tied advisor - in fact, it was the building soc that gave me the mortgage. So I assume they got their commission.

So now, 20 years later, should I still expect the advisor to provide follow-up advice on the policy, on the basis of the commission they have already earned? (I want advice/assistance on writing the policy in trust.) Or should I expect to pay a fee for this?

To complicate things further, the building soc's financial planning business has been 'sold on' a few times since then. I'm not even sure who the current 'owners' are - so I'd need to track them down.

I've never had a review or any other type of follow-up, so the advisors have done relatively little in return for their commission so far!!!

TBH I'll probably discuss it with an IFA anyway, but I was just interested to get opinions.

lordhaldon

Go to a good IFA. Another reason why not to buy from a tied bank or building society adviser. Once they get paid they don't service the client - and they are expensive.

dunstonh

So now, 20 years later, should I still expect the advisor to provide follow-up advice on the policy, on the basis of the commission they have already earned?

No. You either enter into a servicing agreement or you dont. 20 years ago servicing agreements didnt exist in the way they do today.

I've never had a review or any other type of follow-up, so the advisors have done relatively little in return for their commission so far!!!

Have you ever asked for one? If you buy a tin of beans from Tesco, do you expect Tesco to give you servicing on that tin of beans 20 years later?

lordhaldon

LOL. Eddddy, if you do go to find a good IFA to help you, just make sure they can distinguish between a life assurance policy and a tin of supermarket beans! (No advertising allowed here) Hope this helps. :beer:

Sorry dunstonh - didn't mean to offend old chap but it just made me laugh.