Advice on finding an Independent financial Advisor

rubble2

As above really, is there any advice on how to find a good independent financial advisor please.

I have never used one before but am looking for information on retirement planning, possible equity release scheme etc.

Is there some qualification I should be looking for? don't know anyone who has used one so no possibility of personal recommendation unfortunately.
Any pitfalls I should be aware of?

Thanks

dunstonh

As above really, is there any advice on how to find a good independent financial advisor please.

Statistically, most do the job perfectly fine. They have a low complaints level at the FOS considering the number of transactions they do. So, the odds are that any you contact should be ok.

I have never used one before but am looking for information on retirement planning, possible equity release scheme etc.

Equity release does not fall under IFA qualifications as standard. It is a standalone extra qualification. Many IFAs (individuals) do not hold that qualification as they leave that side of things to their mortgage advisers (who work within the IFA firm). So, first thing you need to ask when you contact an iFA firm is whether they do equity release or not. However, if its only a possibility and you just want a discussion at this stage then any IFA can discuss equity release with you. It is only when it comes to arranging it that they need this extra qualification.

Any pitfalls I should be aware of?

The main issue is the size of fees. IFAs are not all the same. They target different markets. Their pricing will reflect the market they target (i.e. they may be good value for large investors but poor value for smaller or vice versa). Some firms target prestige clients and provide a service of that level which costs more but you may not want that. Rural firms have lower costs than city firms.

Be wary of firms that target a certain part of the market (ie. pension review companies). A local firm to you is usually the best place to start.

searchandmore

Hi Rubble,
I have learnt from experience that there are many things to consider when looking for the perfect IFA team.. First of all you want to find someone who you can trust, build a relationship with and be confident in knowing they have your own personal needs at heart.

rubble2

Thanks for the advice -very useful

sandsy

Another resource to check out is the Society of Later Life Advisers, particularly for equity release:

https://societyoflaterlifeadvisers.co.uk

ggmf

or https://www.vouchedfor.co.uk/

_pete_

I agree that the online lists of qualified advisers would be a good starting point, but I wouldn't assume that the absence of any formal complaints means that they are actually any good.

I posted quite a long message about my experience: https://forums.moneysavingexpert.com/discussion/comment/69527446#Comment_69527446

In a nutshell, what I've learned is to do a lot of reading (internet and maybe books) so when you interview a shortlist of IFAs you know what you are looking for.

xylophone

https://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser