Financial advisor

hayleydaley

Has any one used the following vouchedfor.co.uk they offer well the one near me an hours free pension advice. Then they charge their fee. Just wondering if anyone has come across the website.

macca1974

don't know the website, but its most likely a marketing gimmick. I think most financial advisers will provide an initial meeting for free and then charge you for any advice. They aren't going to actually charge any proper advice for nothing, but they might provide some pointers.

sandsy

I've heard of it but no more than that. My understanding is that it's a bit like 'rated people' but for IFAs.

dunstonh

Has any one used the following vouchedfor.co.uk

Its like yellow pages. Advisers have to pay them to be listed on there. I checked a month or so back and found it had very little coverage. The main database for advisers is https://www.unbiased.co.uk That will include those that pay to have a better entry and those that do not. So, its more comprehensive.

one near me an hours free pension advice.

You wont get advice in that one hour. The first free hour (which is consistent across the industry) is to see if you need advice from them or not and if they want you as a client.

Bootsox

Some good points being made here, I have wrestled with the need for an IFA myself on the basis:

a) I am tight

b) What do they do that you couldn't do yourself (they can't predict the future, so their guess on future fund performance is as good as yours)?

c) There are loads easily accessible free guidance out there.

d) Their fee rates/structures seem completely OTT

When the time comes, it seems that one of the low cost "platform style" SIPP, internet based, wrappers will be appropriate (HL, Fidelity, etc) plus a bit of research to select an "income style" fund or three (there was a recent article in the Telegraph on-line with recommendations) and that is it.

Or am I missing something obvious?

atush

Well only A seems a viable reason to me.

They do not predict the future. What they do is determine your risk profile (something most people can't do accurately for themselves) and help you build a portfolio that matches this risk profile.

Sure there is a load of free advice out there, but sorting the wheat from the chaff isn't always easy.

They cost more, because they have to carry the risk of doing it wrong for you. And this risks lasts your lifetime, it doesn't end should they retire.

Bootsox

atush wrote: »

Well only A seems a viable reason to me.

They do not predict the future. What they do is determine your risk profile (something most people can't do accurately for themselves) and help you build a portfolio that matches this risk profile.

Sure there is a load of free advice out there, but sorting the wheat from the chaff isn't always easy.

They cost more, because they have to carry the risk of doing it wrong for you. And this risks lasts your lifetime, it doesn't end should they retire.

You make it sound like a bit of Hocus-Pocus just to put the frighteners on people.

dunstonh

b) What do they do that you couldn't do yourself (they can't predict the future, so their guess on future fund performance is as good as yours)?

IFAs have to do a level of due diligence on research that will be far in excess of what DIY investors are likely to do. If the IFA messes up then there is consumer protection on that front. Due diligence is an area that has significantly increased in recent years and continues to be increased and the FCA are carrying out a review on this soon.

c) There are loads easily accessible free guidance out there.

None of which gives consumer protection and some of what you read on the internet is wrong.

d) Their fee rates/structures seem completely OTT

Impossible to measure 20,000 odd advisers as they will all have different charging levels.

When the time comes, it seems that one of the low cost "platform style" SIPP, internet based, wrappers will be appropriate (HL, Fidelity, etc) plus a bit of research to select an "income style" fund or three (there was a recent article in the Telegraph on-line with recommendations) and that is it.

If you are looking at an "income style" fund or three then it does suggest an IFA can offer value with their service.

The Telegraph give no recommendations. The media is notorious for fashion investing and favouring advertisers.

DancingBadger

Their fee rates/structures seem completely OTT

I thought so too until I started hanging around this forum.

No doubt some Smart Alec will slate me for saying this, but accumulating a pension fund is a doddle compared to realising a tax-efficient income from it.

There's no doubt some FAs/IFAs will attempt to charge outrageous sums. You need to shop around and consider fee-based advice if you have a large pot.

CathA

hayleydaley wrote: »

Has any one used the following vouchedfor.co.uk they offer well the one near me an hours free pension advice. Then they charge their fee. Just wondering if anyone has come across the website.

I have and have spoken to a few of them on this site. The ones I spoke to were very helpful.

atush

Bootsox wrote: »

You make it sound like a bit of Hocus-Pocus just to put the frighteners on people.

Why would I do so? I am a people after all.