Becoming an IFA

Robert_Sterling_3

I think you might be mixing them up with lawyers stockbrokers  Bookmakers MPs

dunstonh

*Thick skin

Only if you belong to a message board.

*Commission without results - currently returns have been crap for the last 3 years but they still get their commission irrespective

So? 3 years is nothing on the life of the stockmarket and to be clear, they do get less commission. I know IFAs whose trail income has almost halved over the last 3 years. Its woken a few of them up

*Non decisive - because the only one that makes decisions is you

Dont get that one. An IFA makes recommendations on a course of action. A tied agent makes recommendations but leaves much of the choice with you. The decision to proceed always remains with the client.

*Risk averse - because the only one at risk is you

Unfortunatly not true.

*Independent - beware that they actually are

This is going to be quite important in the future. With depolarisation coming, you have multi-tied coming in. I bet you that the marketing on these will "suggest" that they not tied to one company and sound as if they are independent without actually saying it.

Also, be wary, that you can have an independent mortgage broker who is tied on life protection or you can have an IFA who is limited on mortgage selection.