IFA Recommendation

hrpomrx

I need a recommendation for an IFA that will give me the required advice on a DB transfer to SIPP. I don't care if the advice is for or against, it makes no difference.

I do not want or need the IFA to make the transfer (I'll do it myself) or set up a SIPP (I already have one), I just want the advice, which is a pre-requirement. It is mighty hard to find an IFA willing to do this, most of them seem to want to do a full service.

Thanks for any recommendations, either here or via PM.

dunstonh

I don't care if the advice is for or against, it makes no difference.

Surely it does if the IFA does not recommend it and wont sign the transfer forms unless it is a positive outcome?

It is mighty hard to find an IFA willing to do this, most of them seem to want to do a full service.

And only 1 in 10 IFAs hold the necessary permissions.

xylophone

https://forums.moneysavingexpert.com/discussion/5651518

hrpomrx

dunstonh wrote: »

Surely it does if the IFA does not recommend it and wont sign the transfer forms unless it is a positive outcome?

Not true.

See Telegraph.co.uk /pensions-retirement/news/watchdog-says-can-move-final-salary-pension-even-advisers-say/

(Sorry won't let me post the URL.)

Plus, AJBell has been allowing DB transfers to a SIPP even if the advice was against, for quite some time.

dunstonh

hrpomrx wrote: »

Not true.

See Telegraph.co.uk /pensions-retirement/news/watchdog-says-can-move-final-salary-pension-even-advisers-say/

(Sorry won't let me post the URL.)

Plus, AJBell has been allowing DB transfers to a SIPP even if the advice was against, for quite some time.

The IFA has to sign the transfer form to verify advice was given. Many will not sign the transfer form unless the advice is positive.

TBC15

You have post.

Joey_Soap

hrpomrx wrote: »

I need a recommendation for an IFA that will give me the required advice on a DB transfer to SIPP. I don't care if the advice is for or against, it makes no difference.

I do not want or need the IFA to make the transfer (I'll do it myself) or set up a SIPP (I already have one), I just want the advice, which is a pre-requirement. It is mighty hard to find an IFA willing to do this, most of them seem to want to do a full service.

Thanks for any recommendations, either here or via PM.

Quite seriously, if anyone has a lead on an IFA to do this, I am all ears. Please post details here or by PM. I am more than capable of doing the transfer and investment work myself. I just need a letter that says I was given advice. I will do the rest.

sandsy

dunstonh wrote: »

The IFA has to sign the transfer form to verify advice was given. Many will not sign the transfer form unless the advice is positive.

Which is really quite unethical given the legislation doesn't require a positive recommendation. Particularly if a charge has been levied which is not contingent on a transfer.

So the lesson to the OP is find out whether your chosen adviser will sign the forms, irrespective of whether the recommendation is positive or not.

Having said that, if it's not, you really ought to be thinking twice about undertaking this transfer. If a professional who has considered all your circumstances and fully understands your reasons for wanting the transfer says it's not in your best interests and can explain clearly why, you have to ask yourself why you would go against that advice.

dunstonh

Which is really quite unethical given the legislation doesn't require a positive recommendation. Particularly if a charge has been levied which is not contingent on a transfer.

I think it is more a symptom of the FCA being obtuse when they were being asked to clarify the situation last year and they avoided answering.

I also wonder if the PI insurance has anything to do with it. Our renewal was earlier in the year and I did some shopping around and quite a few times the question came up on the proposal about whether you did DB transfers and whether you did them even if the advice was not to.

I would like to think that the FOS would treat insistent clients correctly. The fact that many IFAs do not not, is a sad state of affairs.

So the lesson to the OP is find out whether your chosen adviser will sign the forms, irrespective of whether the recommendation is positive or not.

Which is the point I have been trying to make but the OP doesnt seem to understand.

Aegis

dunstonh wrote: »

The IFA has to sign the transfer form to verify advice was given. Many will not sign the transfer form unless the advice is positive.

I've seen that as well, but don't believe it's the correct thing to do. I have agreed in the past to sign a letter confirming that advice was given, though if my advice is not to transfer I will indicate as such on whatever I sign.

Interestingly the regulations don't seem to view that as a barrier - as long as the scheme member is making an informed choice, the advice can be not to transfer and the member can proceed.

TBC15

Joey_Soap wrote: »

Quite seriously, if anyone has a lead on an IFA to do this, I am all ears. Please post details here or by PM. I am more than capable of doing the transfer and investment work myself. I just need a letter that says I was given advice. I will do the rest.

You have post.