IFA in London

Mynxmox

I need to consult an IFA in London and have never used the service of one before.

How easy is it to find a good IFA?
Is it all just trial and (expensive) error?
Are they rated - is there a way to find out how well they perform?
Is there a website that lists them? Saw many on search engine but not sure if they are all truly independant.

Would so appreciate a recommendation of one in London.

Thanks

greenglide

unbiased.co.uk gives you a list of IFAs and there areas of qualification.

Ring them, talk to them, see what they say, personal recommendation.

dunstonh

How easy is it to find a good IFA?

Generally very easy.

Are they rated - is there a way to find out how well they perform?

It is difficult to rate an IFA and how would you measure how they perform? Job needs doing, job gets done.

Is there a website that lists them? Saw many on search engine but not sure if they are all truly independant.

Independent means independent. However, dont rule out restricted but whole of market either with no restriction on pensions. Some ex IFAs restrict themselves in certain niche or high risk areas but still act whole of market. The type of adviser to avoid is single or multi-tied (limited panel). The unbiased website will only show independent and restricted whole of market advisers. tied and multi-tied are not allowed on there.

Aegis

Mynxmox wrote: »

I need to consult an IFA in London and have never used the service of one before.

How easy is it to find a good IFA?
Is it all just trial and (expensive) error?
Are they rated - is there a way to find out how well they perform?
Is there a website that lists them? Saw many on search engine but not sure if they are all truly independant.

Would so appreciate a recommendation of one in London.

Thanks

It wouldn't surprise me if there were thousands of us in London, though the specialisms will vary from adviser to adviser even within a firm. Your best bet is to contact a few and send them details of what you are looking for. Based on the replies you can see if you would like to meet one or more of them for a brief introductory chat. It's very difficult to rank IFAs, though some websites have recently attempted to start doing so - there's nothing reliable yet though. You simply need to decide which one talks the most sense and offers a fee that works for you.

Personally I disagree with dunstonh on restricted, not because such a firm will necessarily offer a worse service but because the term "restricted" runs from a provider using a single product right up to those who will look at all pensions but only regulated investments, for example. The FCA has specifically stated that there is no such definition as "restricted whole of market" (and has in fact stated that it really should be avoided as a description of a firm's activities), so that term isn't one that will be easy to search by, therefore it may well be better to look around for an independent adviser and look to restricted advisers only if you can't find an IFA willing to assist.

dunstonh

The FCA has specifically stated that there is no such definition as "restricted whole of market" (and has in fact stated that it really should be avoided as a description of a firm's activities)

Although it has said it can be used in a description of the activities as long as the restrictions are noted.

therefore it may well be better to look around for an independent adviser and look to restricted advisers only if you can't find an IFA willing to assist.

If the restriction is limited to things such as unregulated schemes then it is hardly a restriction that impacts on the decision. Plus, given the amounts of potential mis-selling in those areas, knowing the adviser avoids such things could add to consumer protection.

There are some peculiarities with the current stance by the FCA. An IFA cannot refer a specialist case to another IFA. However, a restricted adviser can. A totally daft situation. The compliance company for a restricted adviser can insist on higher qualifications for higher risk/specialist areas of business. However, they cannot do the same with an IFA. So, a restricted adviser could be better qualified and have better controls in place than an IFA. In theory, IFA should be the ideal solution. However, it is not the only solution and some restrictions can add to consumer protection rather than detract. For the benefit of the OP I say that as an IFA myself. It is more important to know the restriction. If the restriction is minor and doesnt affect you negatively then its fine. If it restricts on product/provider choice then look elsewhere.