Start Cavendish/Aviva Stakeholder... or something else?

CyphersRounds

dunstonh wrote: »

An IFA is not a fund manager. So, rating them as such would be wrong. An IFA is a planner, adviser and facilitator. Yes, that will involve discussions on investment options but it doesnt involve having a crystal ball. You would expect the adviser to have a greater knowledge of investments and understanding of different strategies but the IFA is not doing the management of the investments (although they will offer rebalancing and review services if you want them)

I realise that they don't manage the investments, but they do everything else, which makes them pretty crucial!

If you met with 5 IFAs, how would you chose the one that you wanted to employ.

dunstonh

If you met with 5 IFAs, how would you chose the one that you wanted to employ.

Statistically all 5 should be fine. You cant claim perfection but no profession is. You would choose much on the same basis as you employ anyone to do a job for you.

slgkid

I am also 30 and recently went down the route of "choosing an IFA". There is quite a bit of good advice on how to do it if you just google "how to choose an IFA". The unbiased .co.uk is a good place to start. I chose 4 different IFA's from my local area with listed specialism in what i wanted them for (including retirement planning) and offering a fees only service as a payment method. I called them up, explained my circumstances and booked free initial meetings with each of them at their offices. I only gave additional information to those who asked for it at this point (only 2 did). I booked the day off work and my partner and I met with each of them. I found that one of the IFA's stood out above the others especially taking time to address my partners attitude to risk and what she wanted from their services. The answers to all of our questions were explained and the follow up work has been great. Time will tell if it was money well spent (and it was expensive if compared to a % of our portfolio) but i feel much more comfortable about the foundations for our finances going forward. Good luck with yours.