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How to choose FSA

I need to take pensions advice and know that unbiased.co.uk has been recommended on here as a good source. I have been through the very long list of advisors close to home, but still feel that I am just picking a name out of a hat. So is there any sensible way of narrowing down my options, for example should I look at their qualifications and use that as a factor, or only consider advisors that specialise in pensions, should I go for a company with numerous advisors, or a single advisor on their own. How do you choose?

Comments

  • mania112
    mania112 Posts: 1,981 Forumite
    Part of the Furniture Combo Breaker
    AF3 and G60 are advanced Pension Qualifications - take a look out for them.

    Similarly, if you see someone who is Chartered, that's a higher level than someone who has a Level 4 Diploma (and a 'Fellow' is the highest possible grade for an IFA).
  • bmm78
    bmm78 Posts: 423 Forumite
    Via unbiased.co.uk there are various ways of narrowing down your search, but the only meaningful ones are the qualifications.

    Not that qualifications are the be-all and end-all by any means. Being Chartered or a Fellow demonstrates a commitment to learning and an ability to pass exams, but it isn't a cast-iron guarantee of knowledge or quality advice.

    One of the criticisms I have of unbiased is that firms can select virtually every area when putting together their entry, regardless of whether they focus heavily on that area or not. You can try narrowing it down to specialist pension firms, but it's likely that you will get much the same results.

    Generally IFAs are a good bunch these days, and most will offer a free initial chat where you can get a feel for what they can do for you. If you sample a few local firms and then go with the one who makes the best impression, you probably won't go too far wrong.

    Charges are obviously an important consideration, but "good" advice should more than pay for itself.
    I work for a financial services intermediary specialising in the at-retirement market. I am not a financial adviser, and any comments represent my opinion only and should not be construed as advice or a recommendation
  • dunstonh
    dunstonh Posts: 118,615 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ot that qualifications are the be-all and end-all by any means. Being Chartered or a Fellow demonstrates a commitment to learning and an ability to pass exams, but it isn't a cast-iron guarantee of knowledge or quality advice.

    i would agree. Plus, in reality, the vast majority of people do not require a chartered adviser. So, you could end up paying more for a transaction that requires no knowledge that a chartered adviser could offer. akin to paying brain surgeon rates to apply a plaster.

    There are certain middle ground options which show further learning has been obtained without going chartered. For example, J05 is a specialist exam on pension income options. This is far more detailed on things like drawdown etc than the default examination.
    How do you choose?

    Statistically, most will be perfectly fine to do the job you want them to do. Is your situation something unusual or different to the norm that perhaps you feel a chartered adviser is worth paying the extra for?
    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.
  • TH1878
    TH1878 Posts: 458 Forumite
    edited 16 October 2013 am31 6:27AM
    dunstonh wrote: »
    i would agree. Plus, in reality, the vast majority of people do not require a chartered adviser. So, you could end up paying more for a transaction that requires no knowledge that a chartered adviser could offer. akin to paying brain surgeon rates to apply a plaster.

    There are certain middle ground options which show further learning has been obtained without going chartered. For example, J05 is a specialist exam on pension income options. This is far more detailed on things like drawdown etc than the default examination.



    Statistically, most will be perfectly fine to do the job you want them to do. Is your situation something unusual or different to the norm that perhaps you feel a chartered adviser is worth paying the extra for?

    Of course, not all Chartered advisers do actually cost more.....

    I would phone them up, give them a bit of information about what you want and just ask for a brief outline of what they propose doing. I would then go and meet the 2 or 3 of them that you feel most comfortable with.

    The service that you may get from one may be much more comprehensive than from another and hence be more expensive, but offers better value, so just finding out cost over the phone doesn't tell the whole story.
  • silvercar
    silvercar Posts: 48,717 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Ask friends and family for recommendations.
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • sandsy
    sandsy Posts: 1,744 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    See if any of the advisers in your area have any reviews on:
    www.vouchedfor.co.uk

    Just bear in mind that advisers pay to be on the site and may only remind customers who they think will give them high ratings to post reviews.
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