Can I Change My IFA ?

Blueflue

Hi All,
My IFA was recommended to me by friend. I don't have any complaints about his thoroughness in endeavouring to identify my requirements,however since signing me up for various products in 2010 I have not had a review of my portfolio. I understand that this should be conducted regularly to identify underperforming areas and address any problems before they 'drift' on for too long.
Is it possible to transfer my portfolio into the care of another IFA or company? I understand The Daily Telegraph uses Skipton Financial Services which apparently reviews portfolios several times a year?
Any advice would be most welcome.
Many thanks.

Aegis

You can appoint a new IFA without any difficulty at all. They will then take care of bringing the various policies under their agency.

Out of interest, have you asked your existing IFA for a review given you are presumably paying trail commission to him?

Blueflue

No,because he said that he would be in regular contact with me throughout the year. I note however that the only time he makes contact is in reply to any enquiries I may have about possible new business.
I don't want to paint him as bad chap, because he isn't, it's just that I don't feel I'm receiving the service he said he would give me when I intially started dealing with him.
I am disabled, and do not work and the money I have invested cannot be replaced therefore it is very important that the person/company handling my portfolio is very proactive and conducts regular reviews to minimise potential problems.

Linton

As Aegis hints, and as you seem to feel comfortable with what your current IFA has done for you so far, a good course of action IMHO would be to ask him for a review before you go through the hassle of finding another one.

Are you paying him for ongoing service?

dunstonh

My IFA was recommended to me by friend. I don't have any complaints about his thoroughness in endeavouring to identify my requirements,however since signing me up for various products in 2010 I have not had a review of my portfolio. I understand that this should be conducted regularly to identify underperforming areas and address any problems before they 'drift' on for too long.

You understanding is not correct unless you employed the adviser on servicing basis. If you employed them on transactional basis then no servicing would take place.

Is it possible to transfer my portfolio into the care of another IFA or company?

yes

I understand The Daily Telegraph uses Skipton Financial Services which apparently reviews portfolios several times a year?

As do all IFAs who you employ on a servicing basis.

Blueflue

Thank you dunstonh,my understanding was/is based on what he told me at the time i.e. that he would provide regular reviews. If he never intended to offer this service he shouldn't have informed me that he would in the first place.
For the reasons given in my last reply, I feel that I would be happier with more regular reviews. If the likes of Skipton Financial Services can off this, then I think I might like to change.
Would you know what this entails?

atush

As was said before, you should first ask the IFA to review your investments as was promissed (with no fee).

Only after this, should you decide to approach another firm. Switiching takes time and knowledge (and money) and I think you need time to do some more research (after you have spoken to him).

No point in paying to switch and have the next guy give you the same recs as the guy you have already paid??

And getting us to 'recommend' one you seem to have your heart set on already is not going to happen either.

Blueflue

Thank you for your reply atush. I'm not quite sure I understand your last sentence as I wasn't aware that I was asking you to 'recommend one'.
Also,what do you mean by 'is not going to happen either' ??

jimjames

Blueflue wrote: »

Thank you for your reply atush. I'm not quite sure I understand your last sentence as I wasn't aware that I was asking you to 'recommend one'.
Also,what do you mean by 'is not going to happen either' ??

The posts here are not allowed to give financial advice. We can also give suggestions but ultimately the decision is yours.

Personally I'm not sure of the benefit of reviewing a portfolio many times per year. That would seem to me to be likely to generate churn and unnecessary trading. Once a year would seem to be a reasonable timespan to me.

opinions4u

I'm not sure I'd want to take financial advice, independent or otherwise, from a bank or building society. Or even a major IFA company that has effectively become a sales force.

Blueflue

opinions4u
From your reply,I presume you possess a level of expertise in the selection of personal investment products that I don't. If I didn't seek professional help,it is more than likely that I would make inappropriate selections and as a result lose my money very quickly.