Having trouble finding an IFA

ferry

Clearly I need independent professional advice for my retirement planning and Insurances.I've tried using unbiased.co.uk but when I type in my details to find a fees free whole of market IFA and theres no one coming up for my area(Hertfordshire)..

They're all quoted as :
Are you a 'general practitioner' adviser offering a broad range of services?: No

I assume that means they're tied?

Can anyone help?

Thanks
T

stooby

A lot of IFA's will waive the fee if they're making commission on the product they sell you - however, they have to say they charge a fee for regulatory reasons.
I'd try un-restricting your search and try calling one which says they charge a fee and see if it's negotiable.

The alternative is to go with an advisor that charges you a set fee but will refund the commission they earn from the insurer/provder by paying it into your plan/policy. Although psychologically the idea of paying a fee may not appeal, it can work in your favour as the fee the IFA charges you might be less than the commission paid by the insurer which you would pay in-directly in the form of "management charges" or whatver the insurer might call them.

EDIT: Just realised this doesnt answer your question about Whole of Market. I'd guess they're tied or only offering a limited range of providers yes.

dunstonh

I assume that means they're tied?

No. It means that they are not general practitioners. To be on that site you have to be independent. You cannot be whole of market, multi-tied or tied.

Many IFAs, myself included, specialise in different areas and choose not to transact in others. Where that is the case you are not a general practitioner.

Your choice is whether you want to see a specialist or a jack of all trades.

Howie

Good evening,
I'm looking for an IFA in the Lincoln area and tried the site listed on the first post but its a maze of options and Qualifications!

Is there a section on this site with recommended people?

regards
Howie

PS thanks dunstonh for sparking me off in this direction to sort my self out! Dont suppose you are on the Lincolnshire side of Norfolk by any chance?

dunstonh

I'm looking for an IFA in the Lincoln area and tried the site listed on the first post but its a maze of options and Qualifications!

Filter by post code only. Ignore the qualifications. Over the years there have been different qualifications doing the same thing. I would ignore all the filters to be honest and just go with postcode.

Is there a section on this site with recommended people?

No. It would run the risk of some dodgy individuals trying to self promote themselves by pretending to be happy consumers.

You can narrow the options down a bit though to help find a good one. Historically, most mis-sales have come from salesforces. So, avoid the national/regional salesforces. Other things people tend to dislike are ever changing advisers. Again salesforces are worst for this but if you can get in with a local firm and ideally get the owner/partner/director to be your adviser, then you can be fairly sure they are going to be there for the long haul.

Plus, owner/partners have direct financial liability for the advice they give. Directors, whilst not personally liable, will be the ones losing out if a complaint involves redress. Employees have no financial liability. It may not surprise you that those that have personal liability for their advice tend to make sure that their advice is spot on more than perhaps an employee would.

PS thanks dunstonh for sparking me off in this direction to sort my self out! Dont suppose you are on the Lincolnshire side of Norfolk by any chance?

Totally the opposite side I'm afraid. I have an office just outside Gt Yarmouth and another between Lowestoft and Southwold. I think the oil rigs would be closer to me than you are.