Find a local IFA website?

ferry

Can anyone please remind me of the website whereby i can search for local independent IFA's in my area.
The particular area of expertise would be mortgages if that helps

Thanks
F

kingstreet

Use https://www.unbiased.co.uk, switching off the "sponsored ads only" option, so you get a full list for your area, not just the paid-for adverts.

ACG

I personally go with whats on google for everything.
I know a fair few brokers who are not on that website.

But in saying that you will get a good choice of brokers on there.

dunstonh

with unbiased, make sure you look at independent. They also list restricted now but do mark the two types clearly. unbiased has 99% coverage of IFAs as long as you turn off the paid for entries. Although most IFAs do not do mortgages.

ferry

Cheers guys
One more question please -what is the difference between an independent mortgage advisor and a Whole of market broker?
(The filter allows me to select both these options)

ACG

Whole of market offer deals that pay commission only.
Independent offer everything.

Edit:
Should also say - There may be a difference on how they get paid also but usually it will be 1 or both of the following... a fee and commission. I think independent have to rebate commission if they do charge a fee, but an independent broker might be able to confirm that (im whole of market, which is why im not 100%).

dunstonh

I think independent have to rebate commission if they do charge a fee, but an independent broker might be able to confirm that (im whole of market, which is why im not 100%).

There is some debate as there is some difference of opinion but an independent should ideally offer a fee and rebate any commission.

Crashandburn

dunstonh wrote: »

There is some debate as there is some difference of opinion but an independent should ideally offer a fee and rebate any commission.

I see it that if you want to call yourself independent, then the fee has to come from the client and not the lender. Any fees the advisor receives from the lender are then paid to the client.

Also note that Whole of Market brokers can offer this option too. Just makes sure its clear on their initial disclosure document before starting the process

ferry

Thanks guys,lots of useful info there.
At what point would I be informed of any fees I would need to pay for their services?
Would I be out of line literally asking "how much is this going to cost me" in our first consultation before any groundwork is even done?
Apologies for all the questions,we've normally done our own remortgaging in the past!

Wh05apk

It's amazing the confusion between "independent" and "whole of market" even amongst advsiors, I previously posted:

"If we are distinguishing between brokers etc we need to get the definitions correct, the FSA definition of independence is:
Independence


MCOB 4.3.7 06/04/2007(1) When providing information or giving advice to a customer on 2home finance transactions2, a firm must not hold itself out as acting independently unless it intends to:
(a) provide that service wholly or predominantly based on the whole market in the relevant type of home finance transaction2; and
(b) enable the customer to pay a fee for the provision of that service.
(2) A firm which in accordance with (1) holds itself out as independent must ensure that the information or advice subsequently given to the customer concerned is information or advice on 2home finance transactions2 from the whole market in the relevant type of home finance transaction2.

So an independent broker has to give you the option to pay a fee, but may not charge one, also they do not have to recommend direct deals, simply be "whole of market" which means:

Whole of market


MCOB 4.3.4 31/10/2004(1) A firm which holds itself out as giving information or advice to customers on regulated mortgage contracts from the whole market must not give any such information or advice unless:
(a) it has considered a sufficiently large number of regulated mortgage contracts which are generally available from the market; and
(b) the consideration in (a) is based on criteria which reflect adequate knowledge of the regulated mortgage contracts generally available from the market as a whole.

So technically an "independent, whole of market broker" could work off a panel off 10-12 lenders which would be a "sufficiently large number" to cover most requirements. "

Personally I would stick to google it is as good as any, anyone can list on unbiased, they do not qualify in anyway.

Crashandburn

Wh05apk wrote: »

Personally I would stick to google it is as good as any, anyone can list on unbiased, they do not qualify in anyway.

Which gives you SEO savy firms rather than good ones.

Ask friends for recommendations is also a very good source

Good luck