Do I really need a IFA?

fairleads

jaycay wrote: »

A private pension has been transferred from my ex-husband into my name which is a stakeholder pension plan. The Provider has strongly recommended I seek advice from a financial advisor. I have had an initial consultation with a IFA, who was suggesting giving advice for savings, etc. I have not committed yet to the IFA. Could anyone please tell me whether it is important that I do have an IFA? My income is not great am I am trying to hang on to my money but don't know whether it would be foolish to not consult one. I'm 55 and in employment.

Before going the IFA route first go to the Windfallwinnie blog and check out her hubby's IFA provided portfolio of 19 funds. Evaluate them using the the info provided by Trustnet web. Now ask yourself could you do better. I'm sure that if you stuck most, if not all, of WFW's portfolio into cash even, you could.

CannySaver_2

fairleads wrote: »

There is an anomaly here in that while you accept employment risk

Employment risk? Am I right in assuming you think self employment is more risky than employment? I'd say at the moment, in some sectors and industries, self employment actually offers more job security!

jaycay

I shall check these out Fairleads, thanks. By the way I do have an education - just not in pensions but I'm doing plenty of research and learning fast. Fortunately, my business does offer job security for the foreseeable future.

jaycay

I have been provided with enough info to not require an IFA at the moment but should I feel the need in the future, I do know which IFA I would use after having discussions with 4 different ones (he also came highly recommended by someone I trust). The difference in selling tactics and fees varied considerably. Thank you CannySaver, I do feel much better about things.