recommend an IFA?

wallofbeans

Hi All,

I'm looking to talk to an IFA about moving some money out of an investment bond. Any recommendations? I would like to talk via email if at all possible so suggestions of people that would be happy to work like that would be helpful. I'm London based if that makes a difference.

Thanks.

bowlhead99

Probably not the answer you are looking for, but outside the large and expensive 'wealth management groups' (most of which are missing the 'I' from IFA... many of the thousands of advisors are just 1-5 partner operations in hundreds of towns and cities across the country. Asking for a recommendation here is a bit like saying, do you know a good dentist or butcher, or who did your last will or home purchase?

There are search tools such as adviserbook.co.uk, or unbiased.co.uk, or industry body-funded ones like https://www.thepfs.org/yourmoney/find-an-adviser/ There are a number of IFAs who post here regularly, but are not supposed to use the forum to tout for business leads.

wallofbeans

bowlhead99 wrote: »

Probably not the answer you are looking for, but outside the large and expensive 'wealth management groups' (most of which are missing the 'I' from IFA... many of the thousands of advisors are just 1-5 partner operations in hundreds of towns and cities across the country. Asking for a recommendation here is a bit like saying, do you know a good dentist or butcher, or who did your last will or home purchase?

There are search tools such as adviserbook.co.uk, or unbiased.co.uk, or industry body-funded ones like https://www.thepfs.org/yourmoney/find-an-adviser/ There are a number of IFAs who post here regularly, but are not supposed to use the forum to tout for business leads.

Not the answer I was looking for, but thanks for it anyway. It does feel a little like a needle in a haystack and is what has put me off looking before...

I'll check out those sites though, thank you...

george4064

Already mentioned, but I would suggest taking a look at https://www.unbiased.co.uk

Good luck.

Speedbird676

wallofbeans wrote: »

It does feel a little like a needle in a haystack and is what has put me off looking before...

It is!

I met with an adviser in my local area (also London) who was highly rated on unbiased.co.uk. Only after the second meeting did I feel uneasy with their advice, which I then ran by one of the IFAs on the forum who confirmed my suspicion that the advice was 'questionable' and the fees very high for what they were offering to do.

Said IFA made it very clear how miffed he was when I decided not to proceed.

It really has put me off seeing another as I don't have the time to meet several in the hopes of finding a good one, so I embarked on my DIY journey!

6022tivo

Speedbird676 wrote: »

It is!

I met with an adviser in my local area (also London) who was highly rated on unbiased.co.uk. Only after the second meeting did I feel uneasy with their advice, which I then ran by one of the IFAs on the forum who confirmed my suspicion that the advice was 'questionable' and the fees very high for what they were offering to do.

Said IFA made it very clear how miffed he was when I decided not to proceed.

It really has put me off seeing another as I don't have the time to meet several in the hopes of finding a good one, so I embarked on my DIY journey!

It's how I feel about it as well.
I would feel pressured to go along with it. No doubt they have followed their scripts regarding risk etc, but the end result is they want to make as much commission out of it as possible.

eskbanker

6022tivo wrote: »

the end result is they want to make as much commission out of it as possible.

They'd need a Tardis then, as they haven't been able to earn commissions on investment advice since 2013!

https://www.moneyadviceservice.org.uk/en/articles/Guide-to-financial-adviser-fees:

Financial adviser fees vs commission

Since 2013 advisers cannot be paid a commission if they give you advice about:

• Pensions,
• Investments, or
• Retirement income products such as annuities.

Instead they must charge you a fee for the advice.

However, if you’re getting advice on: mortgages, equity release, general insurance (like travel or home insurance) or protection insurance, such as term life insurance, advisers can still be paid commission.

Albermarle

but the end result is they want to make as much commission out of it as possible.

Commission payments to IFA's were stopped some time ago .
They make their money by charging you directly for their time . Either for a one off review, or an ongoing % charge ( or both)
Normally the first 'get to know you' meeting is free, so no problem to arrange three or four, before deciding.

6022tivo

eskbanker wrote: »

They'd need a Tardis then,

If they had one of these, they wouldn't be an IFA.

Fair Play, I stand corrected.

Malthusian

Speedbird676 wrote: »

It is!

I met with an adviser in my local area (also London) who was highly rated on unbiased.co.uk.

Happy IFA clients don't leave reviews unless asked and the best IFAs don't bother asking them to. Some don't market at all. Ratings on websites mean absolutely nothing.

Research by the trade rags has also shown that many advisers who claim Chartered status actually aren't and many who claim to be independent actually aren't. The directories just take their money and have no interest in verifying the information they present to potential clients. In short they are a complete waste of time unless all you are after is a list of advisers in your area.

The only reliable way to find a good IFA, other than meeting a few and filtering out the duffers, is a personal recommendation from someone you trust who has known their IFA for at least a decade.

fred246

Can you not just do it yourself anyway. Normally a little bit of research yourself means you don't need one. The only thing they actually do is fill in forms and charge large fees.