We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

so how do I find a good IFA?

I need a little advice.
I understand that I must have an Independant Financial Advisor for my pension company to deal with, the question is where do you find a truly independant advisor who is not simply going to try to sell you somthing from the company that pays them the higest rate of commision? I know I'm just an old cynic, but I think you only realy get one shot at this.
Any advise gratefully recieved.

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    You don't have to have an IFA if you don't want one.You can use an execution only broker and get the charges rebated instead.

    eg https://www.cavendishonline.co.uk
    https://www.h-l.co.uk
    Trying to keep it simple...;)
  • jem16
    jem16 Posts: 19,494 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Try to find an IFA who works along the new model and for whom the trail commission is the most important rather than the initial commission.

    For example the NMA taking around 1/2% initial commission no matter what the product is would rebate any extra commission from the company back to you. The trail commission of 0.5% provides the ongoing service and is more reliant on good service as the better the product the more the IFA gets paid.

    Try www.unbiased.co.uk to find an adviser. Avoid large salesforces and find a smaller company where you can deal with the owner/partner. Then phone a few and ask their terms.
  • dunstonh
    dunstonh Posts: 118,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    where do you find a truly independant advisor who is not simply going to try to sell you somthing from the company that pays them the higest rate of commision?

    As Jem says, agree a level of remuneration at the start and then you wont get any concern of contract bias.

    You need servicing with this. You dont want one that sets it up and walks away. So dont go to a salesforce (national/regional firms). They have awful staff turnover and salesforces are less willing to negotiate terms. Find a smaller local firm and get in with the owner/partner/directors as they will be there for the long haul.
    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.
  • I work for a small independent financial advising company, and we are not in it just for the commission. We have advised thousands of people on pension's, Mortgage's, Life Policies, Investment's etc etc. More than most are truly grateful for receiving good honest advice! No doubt there are rouge traders out there, but as long as you have a good amount of involvement with the IFA, and feel comfortable with the IFA’s suggestion’s, then you should be ok.

    I hope the above help's.

    X MAXWELL24 X

    P.S don't go for a tied agent, go for an Independant adviser who will search the WHOLE market place for the best price/contract.
  • Brilliant, this is what I need genuine sound advice! thanks chaps / chapesses.:T
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.