How can i find a good IFA?

C_Mababejive

I feel like i need to find someone to sit down with for maybe an hour to give a general review and guidance as to my current situation and finances.

I'm thinking i could collate it all into some kind of cogent statement before going and then maybe just have an hours meeting? Is that how it works and how much might it cost? I wouldnt want someone trying to push stuff that they favour or get big kickbacks from.

bowlhead99

C_Mababejive wrote: »

I wouldnt want someone trying to push stuff that they favour or get big kickbacks from.

If they did that, they wouldn't be a real 'independent' financial adviser. The market is all fee-based now, they don't get paid by the providers (or if they did, they'd have to rebate it to you).

Best way to find an IFA is probably to find someone you trust who can make a personal recommendation. If not (because you don't have any friends that have used them, or your friends wouldn't know good advice from bad), then you start with names in a phone book. You'll find a 'directory' of independent advisors, solicitors etc at unbiased.co.uk, who have a big list of all your nearest IFAs in a particular part of the country (when doing a search, uncheck the box so that it doesn't only show advertised/sponsored results).

As for fees, that depends what you really want and will be at least based in part on how complex the solution might be and how much money you're talking about (as they are taking on a liability for their advice not being up to scratch, which could be expensive on a large pot). You should be able to have a free chat during which you work out the fees for proper 'advice' based on your circumstances. You could have these chats with two or three and see who you like and what the prices are, then go back to the one you like best.

dunstonh

I wouldnt want someone trying to push stuff that they favour or get big kickbacks from.

That isnt possible for an IFA. its all fee based now.

I'm thinking i could collate it all into some kind of cogent statement before going and then maybe just have an hours meeting?

Not much can get done in an hour. It really depends on what you are after. If its a generic chat then maybe an hour is fine but if you want regulated advice then it is a lot more work.

C_Mababejive

I think the conversation would be... hey this is what ive got, can i do any better with it?

TheTracker

I only used an IFA once. I charged them £100 each to talk with me. That really cut down the applicants. One of the 3 got a nice chunk of change for some good advice.

clarky_cat

C_Mababejive wrote: »

I think the conversation would be... hey this is what ive got, can i do any better with it?

I had an initial call with a IFA (who was recommended to me) the other day. Basically he asked me how much I want to invest, what debts I've got, if I've used my tax free allowance - that kind of thing. He then touched on if I'd want ethical investments + low/medium/ high risk.

The call was about half an hour and he didn't try to push anything, he's sending out a pack which he said will contain the costs if I decide to go with him.