IHT - IFA Review

Fermion

Following printing and reading the excellent MSE arcicle on Inheritance Tax (IHT) we decided to follow approach recommended in the article and booked a free 30-60min IHT review with one of the local IFAs.
I'm slightly concerned that the IFA (via the pre-meeting forms sent through) wants to undertake a full review of all existing financial arrangements including pension and investments arrangement & asset allocation models and savings/risk strategies. We only ready want to focus IHT and don't want to consider changes to our existing self managed SIPP/Drawdown pension arrangements which we would like to be out of scope.
Is it normal practice for IFAs always to conduct a full financial review even if we would prefer the scope to be limited to IHT planning? Does the FSA insist on this?

dunstonh

I'm slightly concerned that the IFA (via the pre-meeting forms sent through) wants to undertake a full review of all existing financial arrangements including pension and investments arrangement & asset allocation models and savings/risk strategies.

That should be the default position with any IFA. Indeed, it is a regulatory expectation. However, you can choose to limit it but it has to be your choice. Not the IFA.

Obviously, some of the things you mention do fall under estate planning.

Does the FSA insist on this?

The Food standards agency has no concerns

Do be aware, that many firms may not want to consider you as a client as their target market is only full-service clients.

Aegis

Inheritance tax interacts significantly with investments and pensions, so I'm not sure it would be possible to address IHT without factoring in your wider assets. Carrying out a review of your whole circumstances with a view to minimising IHT doesn't necessarily mean that you'll be making any changes to pensions and investments, but it would certainly be useful for an adviser to have details of your circumstances before offering any advice.