Finding an IFA..a couple of questions please..

ferry

Just been scanning https://www.unbiased.co.uk in search of a local IFA who can advise me on 2 key areas..
1.My mortgage is due for renewal in September and 2.I would ideally like to review my retirement planning situation.

When selecting an IFA not used before,can anyone please give me any guidelines or questions I should be asking to ensure I will make the right selection of company?

Also could someone please elaborate on how I 'pay' an IFA for their time and advice,please..i.e is it by the hour or the fees based route..?Wiil I be given the choice?

Many thanks for the help
T.

bobbyron

log in IFA contact them for ifa's in your area,then check them out on the web to see what theh specialise in. rather than choosing a lone ifa who may only specialise in one or two topics i think it best to opt for a small practice of 3-4 ifa's that way you are sure to get more chance of one who specialises in your topic. you are given the choice to pay per hour or a % of fuds you may want to transfer...:o

ferry

Thanks bobbyron.

simondo

Please keep in mind that the term IFA means they are not tied to anyone, ie thay can offer products from across the board, but this does not mean they may offer the best product for you.

I have had dealings with a few IFA's who had their own interests at heart rather than mine. They offered me a product that paid the highest commission to them even though there was other products on the market that suited me better and was less expensive also

It would be wise to check their reputation

dunstonh

All you have to do is ask to see the research behind the decision and ask to have a written report before signing the application. The report is called a suitability report and has to be issued within 10 days after the application is signed. Many IFAs will issue it in advance if you request.

Also remember that most people in the UK have never used an IFA. The rules for tied agents and independents are different but research and surveys have found that over 2/3rds of people seeing tied agents thought their advisers were independent when they were not. So, make sure the adviser is independent and ask to see proof of it (you shouldnt have to ask as the first document issued called the initial disclosure document confirms the status of the adviser).

ferry

Excellent advice as usual...many thanks

T.