alternative pension investments

atush

Mania, as far as I am awarer you may not call/approach and either must wait for your phone to ring, or advertise to get it ringing..

cgzz

So this would be classed as quite normal practice? Sounds like new IFAs are just trying to take advantage of existing customers as its always a new IFA that suggests transfers - never the IFA who did the work originally.

dunstonh

cgzz wrote: »

So this would be classed as quite normal practice? Sounds like new IFAs are just trying to take advantage of existing customers as its always a new IFA that suggests transfers - never the IFA who did the work originally.

They are not new IFAs. The employees of the firm may be new to the firm but your relationship is with the firm.

It is often better to aim to be seen by the owner/partner/director IFA of a firm as you get consistency then. Employee IFAs are subject to turnover like any business.

mania112

cgzz wrote: »

So this would be classed as quite normal practice? Sounds like new IFAs are just trying to take advantage of existing customers as its always a new IFA that suggests transfers - never the IFA who did the work originally.

This is quite similar to my situation.

I have recently qualified as an IFA - I am employed by the firm I have worked for as a paraplanner (a paraplanner does all the hard work while the IFA gets all the money) for many years.

The owners are happy to share with me some of their clients, as they wind down towards retirement.

The owner-IFAs have contacted the selected clients, and I have written to them to ask if they would like to meet me so that I can introduce myself. Many have.

Like Dunston says, it wouldn't be a cold-call anyway, but I think this approach is the fairest. I haven't tried to sell anything during the first meeting and they have all been happy for me to take over thereafter.

It's quite tricky to get going as a genuine IFA - especially when there are also so many scammers out there.

cgzz

dunstonh wrote: »

They are not new IFAs. The employees of the firm may be new to the firm but your relationship is with the firm.

Ah but to me they are NEW IFAs because I have never spoken to them before. No-one else from the firm has ever spoken to me apart from an IFA. They are simply trying to get me to agree to transfers so that they can dip in to my investments, take a fee and make an impression to their new employer. It is therefore legalised cold calling.

mania112

cgzz wrote: »

Ah but to me they are NEW IFAs because I have never spoken to them before. No-one else from the firm has ever spoken to me apart from an IFA. They are simply trying to get me to agree to transfers so that they can dip in to my investments, take a fee and make an impression to their new employer. It is therefore legalised cold calling.

Do you always speak to the same adviser at your bank?

bigadaj

cgzz wrote: »

Ah but to me they are NEW IFAs because I have never spoken to them before. No-one else from the firm has ever spoken to me apart from an IFA. They are simply trying to get me to agree to transfers so that they can dip in to my investments, take a fee and make an impression to their new employer. It is therefore legalised cold calling.

If you're not happy with them then vote with your feet. You may say that retaining staff is the practices problem but if your impression is that it leads to poor service then it's also your problem.

Rdr should stop churning really as you should be charged a flat fee for a specific task or review, or more probably a fixed fee per year for a review if servicing.

jem16

mania112 wrote: »

Do you always speak to the same adviser at your bank?

I'm not sure I would compare a bank's adviser with an IFA - I would expect more.

dunstonh

Ah but to me they are NEW IFAs because I have never spoken to them before. No-one else from the firm has ever spoken to me apart from an IFA. They are simply trying to get me to agree to transfers so that they can dip in to my investments, take a fee and make an impression to their new employer. It is therefore legalised cold calling.

its not legalised cold calling. Your commercial arrangement is with the company. Not the individual staff it employs. If you dont like it then change it.

cgzz

I would never talk to a bank adviser - only an independent.


Aren't IFAs governed by some sort of protocol covering initial contact with a client? I know via the FCA register IFAs have "controlled functions" and "CF30 Customer" seems to be the most prevalent. What does that function do or enforce?