Time to see an IFA

fizio

5 odd years from early retirement and have decided I should get some 'expert' advice on my investment strategy/plans.
I like to think I am pretty clued up in the area of pensions, investments and tax but its time to make sure I am on the right track and have not missed anything I will regret later.
First step is to find an IFA. The usual advice of 'ask someone you know' hasn't helped so did some research via unbiased and vouchedfor websites and found someone i liked the sound of.
Had a quick phone call and he agreed to come and see me for 60-90mins at no charge and we could decide how to proceed after that.
The meeting is early next week so I am looking to make sure I am well prepped and have details of my investments/pension all ready to be reviewed etc
I'm not entirely sure what to expect from this meeting (given its free) and assume he will discuss a bunch of things with me and then go away to see if he can give me some value in terms of additional chargeable advice/recommendations.
Will post back after this first meeting and try to give an insight to whether its worth paying an IFA given all the info freely available these days
I've actually not even asked how much he charges so best discuss that at the meeting but given the sums involved i have no problem with paying a few hundred quid as the end result could be vastly different
Any suggestions on areas to cover will be appreciated

M.R.W.

Hi there,

Most IFAs offer the initial consultation meeting free of charge, to assess whether they're able to help you (and indeed whether you are willing to let them!).

The first meeting should be a purely fact finding exercise, where the IFA gathers the data they need to conduct research. Unless your circumstances and pension/investment arrangements are very simple then it would be unusual for the IFA to make any recommendations or product pitches at the first meeting.

Rough ideas of things that your IFA will need to know initially are likely to include;

- Your personal circumstances (maritial status, age, health, any children/grandchildren).

- Your financial position (current income/expenditure, employment status, tax position, details of home ownership/mortgage, details of your current pensions/investments/savings).

- Your objectives (when you want to retire, what income you want in retirement, whether you want any of that income to continue on your death).

- Your attitude to risk (capacity for loss, approach to investment, any moral/ethical restrictions on investments).

That's just a few thoughts but in reality the information that could be deemed relevant are endless, so it'll depend largely on your financial objectives. Your IFA is also likely to ask you to sign 'letters of authority' so they can request details of your existing policies.

Matt