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How to find an IFA for retirement options?

2

Comments

  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You may well use them amongst yourselves

    We were....
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    innovate wrote: »
    Now I am not an IFA or otherwise financial expert, but this talk of R04 J05 J04 SSASs QROPSs/QNUPSs AF3 G60 is just completely and utterly hilarious!

    Every trade has its jargon and I'd much rather that people use the correct and accepted terms rather than indulge in "baby talk".
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • chris1
    chris1 Posts: 582 Forumite
    Part of the Furniture 100 Posts
    Aegis wrote: »
    Would it not be better in your view to look for someone with either J04 and J05 or AF3/G60, as that would be someone going above the bare minimum pension knowledge demonstration?

    Thank you. Having established that J04 and J05 or AF3 are needed, going back to the original question, how would a selection of IFAs with these be found?

    Unbiased is not helpful. Of course he can put in his postcode and 'retirement' and see whether the three advisors round the corner have the relevant qualifications, but if they don't, or they're not suitable, all you can do is randomly make up postcodes on the offchance of finding one, hardly satisfactory.

    Surely there's a better way!?
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Thank you. Having established that J04 and J05 or AF3 are needed, going back to the original question, how would a selection of IFAs with these be found?

    unbiased shows qualifications.
    the three advisors round the corner have the relevant qualifications, but if they don't, or they're not suitable, all you can do is randomly make up postcodes on the offchance of finding one, hardly satisfactory.

    Unbiased gives more than 3 answers unless there is a shortage advisers within a mileage radius.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    innovate wrote: »
    Now I am not an IFA or otherwise financial expert, but this talk of R04 J05 J04 SSASs QROPSs/QNUPSs AF3 G60 is just completely and utterly hilarious!

    Not quite sure why it's hilarious, but ok.
    Do you IFA guys seriously expect anyone will take you serious if you use all these code words?

    Actually, yes. Technical knowledge generally comes across well if the other person knows their subject too. And clients generally prefer their adviser to educate them so that they understand the terminology too. If I'm writing a client report, I'll usually say, for example, "Qualifying Recognised Overseas Pension Scheme (QROPS)" and from then on will refer to it as just QROPS because that's quicker and easier.

    If I'm talking to someone technically minded (which I deem gadgetmind to be from previous experience) then I'll just use the terminology and will explain it if requested. As it happens, it seems he understood perfectly clearly.
    You may well use them amongst yourselves, but you have to speak in clear text with your prospective and existing clients.

    I'm not talking to prospective or existing clients here, so I don't see the problem.
    Unless, of course, you wish to join the exclusive club of worshipful bankers.

    No thanks.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You could search on google maps for IFAs and contact them directly to ask what their specific qualifications are, I suppose... Not the easiest way to approach it, but it will hopefully satisfy your requirements more reliably than expecting a third party website to be exactly up to date.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Aegis wrote: »
    If I'm talking to someone technically minded (which I deem gadgetmind to be from previous experience) then I'll just use the terminology and will explain it if requested. As it happens, it seems he understood perfectly clearly.

    Google filled the gaps, but thanks for the offer.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Perelandra
    Perelandra Posts: 1,060 Forumite
    innovate wrote: »
    Now I am not an IFA or otherwise financial expert, but this talk of R04 J05 J04 SSASs QROPSs/QNUPSs AF3 G60 is just completely and utterly hilarious!

    Do you IFA guys seriously expect anyone will take you serious if you use all these code words? You may well use them amongst yourselves, but you have to speak in clear text with your prospective and existing clients.

    Unless, of course, you wish to join the exclusive club of worshipful bankers.

    I actually found those threads quite useful. I also don't have a clue what they're talking about, however I am now aware that there are a serious of different qualifications that could potentially be used as indicators for the knowledge and/or application of said knowledge when deciding on which IFA to engage. I didn't know this previously.

    So when I am looking for an advisor for myself (in some years time, probably), I will remember having read this thread and have more of an idea of where I need to start.

    So useful for me! :T
  • srcandas
    srcandas Posts: 1,241 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker
    Enlightened me regarding the qualifications as well.

    I notice the IFA who emailed me back today after an initial 2 hour meeting has avoided offering or listing any qualifications. Guess you only find out if you ask.

    Anyway in my case a non runner. At last he has had to give me a price. In effect 3% of a £180000 pot. 2% to investigate and 1% for doing any changes. Additional charges from then forwards.

    He does make some useful comments (all of which you can read in threads here :beer:) but he also gives an example which makes me very suspicious.

    He illustrates the reinvestment of a 25% lump sum taken from a 9.3% GAR pension.

    [FONT=&quot]Age 80 - taking full 9.3% GAR = £115,680[/FONT]

    however

    [FONT=&quot]Age 80 - £86,760, plus £64,464 from lump sum invested in new pension, less lost income of £28,920 = £122,934[/FONT][FONT=&quot]

    [/FONT]
    He uses 5% growth for the example.

    I believe I could drive a tractor through this illustration even with no IFA qualifications ;)

    Much harder to find an IFA, understand what they can offer (like getting blood out of a stone), and be happy with the outcome than ever I imagined.

    Good luck op, you'll need it :beer:
    I believe past performance is a good guide to future performance :beer:
  • Daniel_Elkington
    Daniel_Elkington Posts: 243 Forumite
    edited 14 May 2012 at 11:56AM
    G60 is the old qualification for pensions investment, retirement options and a practise paper.

    This was split up into AF3, J04 and J05. R04 is a newer version of J04 with a few bits of J05 in it.

    J04 teaches you how the pensions industry works in regards to building up retirement benefits

    J05 teaches you about the various options and calculation methods as regards to taking those benefits

    AF3 is a paper where you get case studies sent beforehand and you can buy exam guides which teach you the model answers for all the case studies before sitting the exam, it is really proof that an individual can apply the theoretical knowledge to case studies.

    to be honest you want someone who knows what they are talking about, cares about you and is interested in helping you achieve what you want. The first question a good IFA may ask is 'what do you want to achieve with it?' and then go from there.

    use findanadviser.org as this is the PFS search thing, we have a code of conduct and the advisers should theoretically be more ethical. However the search functionality is a bit naff.

    Qualifications aren't the be all and end all.

    also moneyadviceservice.org.uk can be fairly useful.
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