IFA recommends switch to Metlife

dunstonh

Blue_Parrot wrote: »

Has anyone heard of 2Plan? If yes, any vibes? If no, they're a firm of IFAs. Thanks.

followed by..

They are a national firm of IFA's,

I thought they were an IFA network (but dont know). However, that term covers a multitude of different business models. Some can be very intrusive into the running of individual IFAs whilst others only have compliance services. Some are just national salesforces in disguise. I don't know a thing about their level of intrusion.

brianrhill

dunstonh wrote: »

I thought they were an IFA network (but dont know). However, that term covers a multitude of different business models. Some can be very intrusive into the running of individual IFAs whilst others only have compliance services. Some are just national salesforces in disguise. I don't know a thing about their level of intrusion.

2Plan are a National, not a network.

Blue_Parrot

There's one here. I've been in and interviewed him, he is very pleasant, personable, not pushy, alert, not a flim-flammer. The initial meeting is free, he will come here, could be an hour, could be an hour and a half, whatever it takes.

I've got a brochure but it doesn't state fee or commission rates so I'll have to go back for another.

Has been in financial services industry ~20 years and an IFA for ~6 years IIRC.

Seems like a good start?

brianrhill

He should have, or will shortly provide you with a Disclosure Document which will outline how they work. IFA's must give you the option of fees or commission.

IIRC?

What qualifications does he have? Should be on his business card.

dunstonh

2Plan are a National, not a network.

In which case, I agree with you. Small local firms can give you a personal service and the IFAs are likely to be there for the longer term. Especially if you can get in with the owner/partner/directors. National firms tend to have higher staff turnover and because the advisers have to share what they earn with the employer, they are likely to want to work more on commission basis or have higher fees to compensate.

Blue_Parrot

brianrhill wrote: »

He should have, or will shortly provide you with a Disclosure Document which will outline how they work. IFA's must give you the option of fees or commission.

IIRC?

What qualifications does he have? Should be on his business card.

I only popped in to see if I liked the cut of his jib; I'll pick up the other brochure and his business card next time I go in to make the appointment.

brianrhill

Blue_Parrot wrote: »

I only popped in to see if I liked the cut of his jib; I'll pick up the other brochure and his business card next time I go in to make the appointment.

well done. As far as qualifications are concerned he ideally should have DipFA or DipPFS. If he only has CertPFS or FPC, he may be out of a job around this time next year!!

Blue_Parrot

brianrhill wrote: »

well done. As far as qualifications are concerned he ideally should have DipFA or DipPFS. If he only has CertPFS or FPC, he may be out of a job around this time next year!!

I think it will be much easier to deal with an IFA here, rather than one ~150 miles away. Not least because people talk to each other here, word gets around, "Reputation is the cheapest and most effective form of advertising". (Robert Townsend, boss of Avis, in "Up the Organisation")

I must admit to being very surprised that the initial free consultation could go on for as long as an hour, let alone even longer if necessary.

CannySaver_2

Blue_Parrot wrote: »

I must admit to being very surprised that the initial free consultation could go on for as long as an hour, let alone even longer if necessary.

At the end of the day an IFA needs to form a relationship with their client and vice versa, investing an hour or two, building your reputation, establishing credibility and starting to build a relationship would seem like a good idea.

Sounds like you have already found someone you feel more comfortable with.

Re qualifications I'd agree they are important but you also need to deal with an IFA who is active in the area on which you require advice. No good having a certificate on the wall if they don't put into practice, on a regular basis, the work they are qualified to do. They need to keep up to date with latest developments both in legislation and products, historic qualifications don't help them to do this, actually doing the job and good CPD do.

The Canny Saver

Blue_Parrot

This is what happened with the last lot. We used to deal with a small IFA firm ~150 miles away for historical reasons. The MD himself would answer the phone and twice drove all the way here for meetings. We all got on well.

Then his small firm was merged with/taken over by? a larger firm in the same area. Suddenly we're not dealing with him personally any more, but with an unknown brisk young woman who sent through piles of 80-page reports, questionnaires, demands for verification, and used words like "We're going to make you piles of dosh". No explanation was ever offered as to why our previous man had stopped dealing with us personally, as before. He is still there.

Having been their clients for over a decade, call me sniffy and old fashioned if you wish, but the final straw was a letter to us with five typing errors in our 4-line address. I wrote back saying that no further assistance was required ftm.

A couple of years went by, then from the same firm up pops another IFA, this one even younger, who in the first few interactions on 3 or 4 topics, managed to make a mistake on every single one. Mistakes which even I with no financial certificates, could see were stupid errors. Then we got into the MetLife thing.

I have been under the impression, therefore, for a few years now, that they are too big for personal contact, just whack out another 80-page report, covering letters littered with typing errors, and they'll fulfill their quotas and make "piles of dosh".

That's my opinion and why I am keen to change IFA while I still have my marbles......while I'm still working, can and will read the small print and query recommendations because I am not afraid of them.

(Sorry to sound so brisk, but I'm not a gaga pensioner and run my own business.)