How do I change my IFA

Slinky

For over 25 years I've had the same IFA. They aren't very local to me now and not very proactive, I wouldn't hear from them from one year to the next if it wasn't for me contacting them occasionally when I want something doing.

I've met a local IFA through my business that I'd like to transfer to. What do I need to do to get my policies transferred to their care?

Annie1960

I'm not really sure why you think you need an IFA to 'care' for your policies. Your policies will look after themselves.

If you want to see a new IFA, just make an appointment to see them. Be clear about what you want from them. If you let them, they have a habit of trying to get you to transfer all your existing investments to one of their platforms, I think they get commission for this.

Make sure you thoroughly read anything they ask you to sign. I had one some years ago who told me he needed my signature on some letters to get up-to-date valuations on my S&S ISAs. One of the ISA companies then wrote to me telling me they were transferring all trail commissions to the new IFA - he did not give me an opportunity to read the whole letter, and he misled me about what it contained.

Maybe this situation has improved now as you can pay an hourly rate for advice, but make sure you ask about any commissions etc. Not such an issue if you want advice on setting up new investments, but more important to understand this if the new IFA wants you to transfer any of your existing investments.

Slinky

Typed a reply and lost it.

Thanks for the reply.

I don't think it's wise to just let the policies take care of themselves. Some of them were set up a very long time ago. I found out the hard way from previous investments that some active care would have given me a better return. I want the new IFA to have the whole picture of what I've invested in, and see whether I could do better with a different mix of investments etc. I'm not bothered about him getting the commissions, people do need paying for what they are doing. I've known him for a number of years and think he would do a better job for me than my existing arrangements.

Annie1960

Then just bring a copy of all your various investments with you and the new IFA will look into it and recommend any action he thinks. He will probably get you to fill in a questionnaire about your attitude to risk, as this will affect any recommendations.

dunstonh

What do I need to do to get my policies transferred to their care?

Let the local IFA know and they will do the work. You dont need to do anything.

bigadaj

Slinky wrote: »

Typed a reply and lost it.

Thanks for the reply.

I don't think it's wise to just let the policies take care of themselves. Some of them were set up a very long time ago. I found out the hard way from previous investments that some active care would have given me a better return. I want the new IFA to have the whole picture of what I've invested in, and see whether I could do better with a different mix of investments etc. I'm not bothered about him getting the commissions, people do need paying for what they are doing. I've known him for a number of years and think he would do a better job for me than my existing arrangements.

It's fine to use an ifa but always better to do some research and reading yourself to understand the process and stratgey of investing.