How to find a good IFA

pmd123

Hi all

I'm looking to speak with an IFA, have looked at several websites which list the IFA's in my area, but have no idea how to tell the good from the bad. Obviously asking others for recommendations would be a good start, but don't know anyone who's used one before.

Any advice on how to go about this?

dunstonh

but have no idea how to tell the good from the bad.

Statistically, you are unlikely to find a bad one.

https://www.unbiased.co.uk is the main website. they only allow IFAs and restricted but whole of market advisers. Plus, they check qualifications.

pmd123

Thanks

I have been on unbiased and there are about 20 within 10 miles of me, some offer first meeting at advisers own cost. Just pick one of these and take it from there?

dunstonh

some offer first meeting at advisers own cost.

I would have thought all would do. Indeed, it used to be a requirement to be listed on that site.

Just pick one of these and take it from there?

There are some filters on subjects you want to discuss in case it is specialist but if its maintream, then yes, just pick from there. You know that all the advisers listed that state their qualifications have had them checked. You can also view the statement of professional standing too as firms are encouraged to upload those. So, they are good things to look out for.

pmd123

Very helpful info, I appreciate the advice !

jamesd

You might also try initial phone or perhaps better email contact outlining what you're after and the amounts concerned, since it's always possible that some IFAs would prefer not to have your business because they just don't like to work in certain fields.

It's also worth knowing that we're currently in what may be the busiest time of the year for financial advisers. Unless you think you may need capped drawdown you might want to wait for six to eight weeks. Capped drawdown is relevant for anyone who wants to take an income from a pension and not have their maximum pension contribution limit reduced from £40k to £10k and this option goes away for new plans after 5 April 2015, so urgent action is needed to get it in place in time.

InsideInsurance

dunstonh wrote: »

Statistically, you are unlikely to find a bad one.

By what measure?

Was looking for an IFA for my Protection Insurance needs knowing that my pre-existing medical conditions would make it complex.

First one gave up after the first rejection

Second one said the first one was wrong to approach the company they did as it was an auto decline for my condition. They then approached another company and also got a decline. The third company approached did offer terms.

After the 2nd wasnt doing much better engaged a whole of market broker. They got terms quoted at the same time that the 2nd IFA got terms from the 3rd company. The IFA decided to retire and sold his book of client on and so the broker asked if I minded if they also approached the 3rd company. As the chap who'd done all the work was gone and as the new person hadnt made contact at all (and never did) I said ok and they managed to get the insurer to slash the rates.

I dont think in any job are all people good. Now there may be very rare cases of miss selling etc but that doesnt mean they all put in 100% effort to 100% of the clients. The first one did even mention that Protection wasnt their main interest despite it being listed as such on unbiased.

dunstonh

By what measure?

IFAs account for under 1% of complaints at the FOS (with the majority of those complaints rejected).

I dont think in any job are all people good.

Nor do I. Which is why I said statistically unlikely.

InsideInsurance

dunstonh wrote: »

IFAs account for under 1% of complaints at the FOS (with the majority of those complaints rejected).

And presumably most of those complaints will be about miss selling?

I guess its somewhat the nature of the business that the majority of complaints either (a) go to the product provider, eg when the claims rejected or (b) are of the type where its unlikely that people will go through the motion of complaining and escalating.

As per my own case, when the IFAs just didnt bother doing their job I just went to another IFA and wouldnt consider going to the FOS in relation to this sort of matter.

Quentin

dunstonh wrote: »

IFAs account for under 1% of complaints at the FOS (with the majority of those complaints rejected).

Irrelevant.


Who complains to the FOS when their "trusted" IFA turns out to be another rogue?


Plenty to be found on google who were reported to the police though!

dunstonh

Plenty to be found on google who were reported to the police though!

So we are going into 0.000x% levels now are we?