IFA Meeting

Notfarfromtheborder

What should I expect from initial free IFA meeting, interest in what I have and want to achieve with discussions around this or more a sales pitch of their services?


No 1 coming tonight, next one in a couple of weeks.


Thanks for any input

dunstonh

What should I expect from initial free IFA meeting

Very little.

interest in what I have and want to achieve with discussions around this or more a sales pitch of their services?

Personalities will be different with advisers and business models will differ with different IFA firms. However, broadly speaking, you should expect a little of getting to know each other. A basic discussion of what you are looking for and a basic discussion on how the IFA works. If there is an early indication that the IFA can be of benefit to you then you will usually expect another appointment to be made. If there are existing plans to review, a letter of authority is usually completed to allow details to be obtained from the providers.

bigfreddiel

I would expect not to be talked down to as though I had no idea about pensions, isas, and so on.

I would expect an IFA to explain how they assess your risk profile, find out what your objectives are, explain their charges and fees clearly, explain the various solutions and the reasoning behind don't them,.

I would also ask to see their qualifications and membership of any professional bodies.

I would also want a list of other people he offered his services to and their feedback, may be a bit tricky with that one.

I would also need to speak to his/her line manager if possible.

Also see at least three before deciding

Use the web to do more research.

Good luck and don't rush into anything. Ignore any one off offers of a lifetime.

fj

dunstonh

I would also want a list of other people he offered his services to and their feedback, may be a bit tricky with that one.

That would be unlawful.

I would also need to speak to his/her line manager if possible.

Can't see any benefit of that. Most IFAs are directly authorised nowadays. So, there is no line manager. There will be a compliance officer but they cant add anything to the discussion. If they are working for a larger employer, then its usually a sales manager. What do you imagine them saying? Plus, you really want to avoid employee advisers of larger firms if you can.

To be honest, if one of my staff came to me saying that they had a potential client that wanted to speak with me first, I would be quite negative. It would suggest a troublemaker client who is going to be more hassle then they are worth. It highlights a lack of trust in my staff and our processes right at the outset and that is no way to conduct business. Trust needs to be earned but that sort of demand would not go down well. I would probably follow it up by then asking what level of profitability/wealth are we talking about. Unless it is director level wealth/profitability, I would tell them to go back and say no and if the person is not happy with that then walk away.

Whether that is right or wrong is down to opinion but I have experience in this sort of thing where a client was getting advice from the qualified and regulated adviser but was going to an ex adviser who was now doing a non-advice role and getting duff and out-of-date info that was undermining the the adviser and damaging the confidence of that adviser. It is conflict that most dont want or need.

bigfreddiel

You should look at employing an IFA just like any other professional, so asking to see examples of his/her work is valid. You wouldn't buy a new kitchen without asking to see examples of the craftsmanship work.

You wouldn't employ a new person at work without taking up references

You wouldn't rent a property without taking references and a hefty deposit

So an IFA isn't any different. And if he/she isn't happy with these checks, move on and find another, you're never going to trust this person

One person you do trust implicitly tho is your GP. And he/she is only entrusted with your life! You can of course refer to The Medical Directory to check qualifications.

Good luck and let us all know how you get on fj

dunstonh

You should look at employing an IFA just like any other professional, so asking to see examples of his/her work is valid. You wouldn't buy a new kitchen without asking to see examples of the craftsmanship work.

Methodology and reasoning absolutely correct. Relatively easy to do.

One person you do trust implicitly tho is your GP. And he/she is only entrusted with your life! You can of course refer to The Medical Directory to check qualifications.

Harold Shipman?

In reality, a bit of common sense just needs to be applied. Most people need relatively simple things. If it is weird and unusual and not mainstream then be on guard.

justme111

Bigreddiel , why would you trust an opinion of some random clients of IFA ? Every single one would have some that are satisfied with them , otherwise they would not been in business. It will not mean you will be happy with them. I know people who are very happy with SJP for example.
Besides , how do you see it happening in practice ? IFA giving you details of some of his clients ? Unless pre agreed with them it is a major infringement on their privacy and if pre agreed how you will know they are authentic ?

LXdaddy

Notfarfromtheborder wrote: »

What should I expect from initial free IFA meeting, interest in what I have and want to achieve with discussions around this or more a sales pitch of their services?


No 1 coming tonight, next one in a couple of weeks.


Thanks for any input

We did initial meetings with three IFAs earlier this year. The three meetings were similar and different


Basically we laid out our position financially, explained what we thought we need to do in preparation for retirement.


The IFA explained their background and experience in this specific area, talked through their approach and outlined fees.


What we got out of the meeting was a feeling about is this a person who we could work with and have a relationship with. We specifically looked at the backup that the person has - in the case where one was a lone operator, what happens to us if he gets hit by the proverbial bus before we do? In the case of those in a small partnership what's the relationship with other partners.


Yes they are all claimed qualifications and are IFAs (all came from unbiased.co.uk) They each also used the services of another company to overview compliance and provide data analysis/research.


For us one of the three was ruled out on the evening - we just didn't like his manner. maybe a little condescending, hard to describe but basically didn't seem to be "someone like us".


The other two were pretty close in our opinion and the decision was probably resolved by a difference in approach to fees. The one we went with seemed to be more willing to have a fixed fee per hour rather than a simple % of funds under management.