Question for dunstonh

Hamilton10_2

Hi there,

I've been umming and ahhing about whether to seek professional advice or to go it alone investing, but have decided it is definitely worthwhile to seek advice from an expert.

dunstonh (or anyone else!) - I know you are a New Model Advisor and I would really like to be advised by someone who follows this model and is an expert on investment. Do you know where I can find a list of IFAs who use this model in my area? I live in Kent.

Many thanks

Hamilton10_2

Bump - anyone?

dunstonh

There is no list of NMA IFAs.

It is a business model rather than an official type of adviser. Citywire have a weekly publication called "New Model Adviser" and each week there are 3-4 firms profiled and thats been going for around a year now. However, they havent created a master list. It is still very much a minority business model. I would estimate that its around 10% of the overall number. It is seen as the ideal model but it's not something that many firms can move to over night. It took me nearly three years and last year was really the first year that it really started to have an impact.

One way to narrow it down is that NMA basis tends to be the smaller firms. The salesforce is not an efficient business model and relies on initial commission. So, you can elminate all national and most, if not all regional firms. NMA firms also tend to be investment/pension only. So, a look in the yellow pages for firms with an entry that is more investment than anything else would help. Apart from that, its trial and error until you find one.

Hamilton10_2

Thanks very much dunstonh - I will start hunting.

Chrismaths

If you phone up a few IFAs and ask for their "menu" - it's an FSA term, don't get me started - and look for someone who will charge 1% (or there abouts) upfront - that's a good clue that they might be a NMA.