Financial Advisor - how to find a good one?

garmeg

dunstonh said:

Hudsonbutler said:

Sorry for suggesting, I'll get my coat

No need to apologise.   It is a common misconception that the unions do what is best for their members.   Over the years I have seen some of the products union members were marketed on and they were dire and expensive.   

Unions only do what is best for their leaders not their members.

Arthur Scargill, Bob Crow, Mark Serwotka ... don't think I need to go on?

Langtang

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

dunstonh

Langtang said:

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

Statistically, the vast majority of IFA firms do a good job.   The suitability of advice is not the issue. This is reflected in the very low complaints stats and low uphold rates.     The main area of concern really is more to do with fees.  Some firms are damned expensive. Others reasonable.   Some firms have business models that target high net worth ongoing servicing. Whilst others are general practitioner firms that cater for all sorts.  Some firms are based in cities with expensive offices and lots of staff.  Ohers work out of small offices in rural locations and don't have that cost base.    
Generally speaking, avoid the ones that market themselves as wealth managers.  Not the search engine itself as virtually every firm will appear under wealth management.  It is where the firm uses that tagline to describe themselves.    
Also try to avoid the factory line firms. (usually internet-based where there are not many advisers but loads of unqualified staff doing most of the work).  These are often where the problems tend to occur (most recent examples seen with DB pension transfers)

GustyGardenGalaxy

Thanks a bunch for the helpful suggestions, much appreciated.

Langtang

dunstonh said:

Langtang said:

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

Statistically, the vast majority of IFA firms do a good job.   The suitability of advice is not the issue. This is reflected in the very low complaints stats and low uphold rates.     The main area of concern really is more to do with fees.  Some firms are damned expensive. Others reasonable.   Some firms have business models that target high net worth ongoing servicing. Whilst others are general practitioner firms that cater for all sorts.  Some firms are based in cities with expensive offices and lots of staff.  Ohers work out of small offices in rural locations and don't have that cost base.    
Generally speaking, avoid the ones that market themselves as wealth managers.  Not the search engine itself as virtually every firm will appear under wealth management.  It is where the firm uses that tagline to describe themselves.    
Also try to avoid the factory line firms. (usually internet-based where there are not many advisers but loads of unqualified staff doing most of the work).  These are often where the problems tend to occur (most recent examples seen with DB pension transfers)

Thank you very much for the whittling down process. Our problem is, we’ve never used one before so wouldn’t know what to look for. Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3. One were the sh*stars who sold us our first, only, house. One seemed to be one man working from a home office and the others were a large company with lots of staff. 

I’m not sure where I go from here. #1 is out because it still grates. I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. The 3rd had lots and lots of staff (and mentioned wm)

BritishInvestor

Langtang said:

dunstonh said:

Langtang said:

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

Statistically, the vast majority of IFA firms do a good job.   The suitability of advice is not the issue. This is reflected in the very low complaints stats and low uphold rates.     The main area of concern really is more to do with fees.  Some firms are damned expensive. Others reasonable.   Some firms have business models that target high net worth ongoing servicing. Whilst others are general practitioner firms that cater for all sorts.  Some firms are based in cities with expensive offices and lots of staff.  Ohers work out of small offices in rural locations and don't have that cost base.    
Generally speaking, avoid the ones that market themselves as wealth managers.  Not the search engine itself as virtually every firm will appear under wealth management.  It is where the firm uses that tagline to describe themselves.    
Also try to avoid the factory line firms. (usually internet-based where there are not many advisers but loads of unqualified staff doing most of the work).  These are often where the problems tend to occur (most recent examples seen with DB pension transfers)

Thank you very much for the whittling down process. Our problem is, we’ve never used one before so wouldn’t know what to look for. Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3. One were the sh*stars who sold us our first, only, house. One seemed to be one man working from a home office and the others were a large company with lots of staff. 

I’m not sure where I go from here. #1 is out because it still grates. I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. The 3rd had lots and lots of staff (and mentioned wm)

Sorry that you didn't have any luck with AdviserBook. The alternatives in terms of directories are Unbiased and VouchedFor - happy to post some info on what to look for if you are considering using one.

dunstonh

I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. 

A lot of advisers work from home.  Often firms that have 3-5 advisers will have the individuals working from their homes.  City locations tend to have a shop front whereas rural locations tend to be offices in a converted garage or barn or along those lines.

I recall an article some years back that still referred to the majority of firms as a cottage industry.

The 3rd had lots and lots of staff (and mentioned wm)

Massive generalisation but that would be the one to avoid.     WM would hint at discretionary management and you needing to fir their model rather than the other way around.

Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3.

Its a relatively new directory. So, many firms have not put their status on there yet.   Unbiased has ceased to be an IFA directory and is now a lead generation site.  Most of the IFAs I know don't appear on there apart from the free basic entry.    Vouchedfor was expensive when they last contacted me.   So, i don't personally have a good opinion of it.  Plus, when I checked out to see what other firms were on there local to us, none of them were.  There was little coverage in our area.  It was mostly the city based wealth management firms and the new advisers that a trainee firm churns out regulalary that need the business as they are new.

To be honest, google is not a bad option.  It will often show you the firms that dont advertise.

Langtang

BritishInvestor said:

Langtang said:

dunstonh said:

Langtang said:

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

Statistically, the vast majority of IFA firms do a good job.   The suitability of advice is not the issue. This is reflected in the very low complaints stats and low uphold rates.     The main area of concern really is more to do with fees.  Some firms are damned expensive. Others reasonable.   Some firms have business models that target high net worth ongoing servicing. Whilst others are general practitioner firms that cater for all sorts.  Some firms are based in cities with expensive offices and lots of staff.  Ohers work out of small offices in rural locations and don't have that cost base.    
Generally speaking, avoid the ones that market themselves as wealth managers.  Not the search engine itself as virtually every firm will appear under wealth management.  It is where the firm uses that tagline to describe themselves.    
Also try to avoid the factory line firms. (usually internet-based where there are not many advisers but loads of unqualified staff doing most of the work).  These are often where the problems tend to occur (most recent examples seen with DB pension transfers)

Thank you very much for the whittling down process. Our problem is, we’ve never used one before so wouldn’t know what to look for. Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3. One were the sh*stars who sold us our first, only, house. One seemed to be one man working from a home office and the others were a large company with lots of staff. 

I’m not sure where I go from here. #1 is out because it still grates. I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. The 3rd had lots and lots of staff (and mentioned wm)

...happy to post some info on what to look for if you are considering using one.

Thanks for both of those, I will give them a go. 

We are definitely going to be using one so I  would very much like if you would post some info, it would be appreciated. 

Langtang

dunstonh said:

I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. 

A lot of advisers work from home.  Often firms that have 3-5 advisers will have the individuals working from their homes.  City locations tend to have a shop front whereas rural locations tend to be offices in a converted garage or barn or along those lines.

I recall an article some years back that still referred to the majority of firms as a cottage industry.

The 3rd had lots and lots of staff (and mentioned wm)

Massive generalisation but that would be the one to avoid.     WM would hint at discretionary management and you needing to fir their model rather than the other way around.

Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3.

Its a relatively new directory. So, many firms have not put their status on there yet.   Unbiased has ceased to be an IFA directory and is now a lead generation site.  Most of the IFAs I know don't appear on there apart from the free basic entry.    Vouchedfor was expensive when they last contacted me.   So, i don't personally have a good opinion of it.  Plus, when I checked out to see what other firms were on there local to us, none of them were.  There was little coverage in our area.  It was mostly the city based wealth management firms and the new advisers that a trainee firm churns out regulalary that need the business as they are new.

To be honest, google is not a bad option.  It will often show you the firms that dont advertise.

I really appreciate you taking the time to reply, your insight is very much appreciated. 

Back in the old days if you wanted a tradesman and didn't know any, you would just flick through the yellow pages and just choose one you thought was OK. This is what I am afraid of online. Can someone pose as an IFA, but not actually be one. 

I am probably being quite dramatic here, but I think my point is valid. How do you know someone( whether on the phone or online in these trying time) enough to trust them with all your money....

I had a look through the fca website and most in my area worked for St James' ...... wealth management, although they all had home addresses (which would tie in with you comment above)

I'll probably regret posting this, but....

If only we knew someone we feel we could trust, a proven source....

BritishInvestor

Langtang said:

BritishInvestor said:

Langtang said:

dunstonh said:

Langtang said:

dunstonh said:

Hudsonbutler said:

Don't know if you're in a union, but they normally have good recommendations. 

Not really.  A number of the unions have links to restricted advisers and get a cut of the fee income.   

I have the same issue. My wife is in Unison, and they have a free (initial meeting) service but the advisor is restricted. We booked an appointment, but have since cancelled it due to them being restricted. 

We are looking for a good one too. 

Statistically, the vast majority of IFA firms do a good job.   The suitability of advice is not the issue. This is reflected in the very low complaints stats and low uphold rates.     The main area of concern really is more to do with fees.  Some firms are damned expensive. Others reasonable.   Some firms have business models that target high net worth ongoing servicing. Whilst others are general practitioner firms that cater for all sorts.  Some firms are based in cities with expensive offices and lots of staff.  Ohers work out of small offices in rural locations and don't have that cost base.    
Generally speaking, avoid the ones that market themselves as wealth managers.  Not the search engine itself as virtually every firm will appear under wealth management.  It is where the firm uses that tagline to describe themselves.    
Also try to avoid the factory line firms. (usually internet-based where there are not many advisers but loads of unqualified staff doing most of the work).  These are often where the problems tend to occur (most recent examples seen with DB pension transfers)

Thank you very much for the whittling down process. Our problem is, we’ve never used one before so wouldn’t know what to look for. Someone earlier in the post suggested the adviserbook website. It was very helpful but when I filtered, I was left with 3. One were the sh*stars who sold us our first, only, house. One seemed to be one man working from a home office and the others were a large company with lots of staff. 

I’m not sure where I go from here. #1 is out because it still grates. I like the sound of #2 but someone working out of their home on their own frightens me - and I know it shouldn’t. The 3rd had lots and lots of staff (and mentioned wm)

...happy to post some info on what to look for if you are considering using one.

Thanks for both of those, I will give them a go. 

We are definitely going to be using one so I  would very much like if you would post some info, it would be appreciated. 

"Unbiased has ceased to be an IFA directory and is now a lead generation site.  Most of the IFAs I know don't appear on there apart from the free basic entry. "

It's hard to disagree with this, and Unbiased has taken a lot of stick, but...

Unbiased

There are currently two ways to search for an adviser on the Unbiased website: “Find me an Expert” and “Browse Professionals” – both buttons are located on the top right of the page.

Find me an expert

This option asks you to enter your postcode, what help you are looking for (e.g. pensions and retirement) and the value of your investments and matches you with a local adviser.

Browse professionals

The alternative is to browse for a professional yourself. After entering your postcode, you are presented with a list of advisers. Each adviser has a response rating which is scored out of 10 and is intended to show how quickly the adviser reacts to enquiries. The lowest an adviser can score is 7. Unbiased marks down adviser firms for rejecting unsuitable enquiries, so an adviser with a score of 9 may be someone that rejects a large percentage of people getting in touch. An adviser scoring 7 could either be new to Unbiased or alternatively one that has allowed an enquiry to expire. Expired in this case means the adviser did not accept or reject the enquiry sufficiently quickly, typically within 24 hours.

As you can see from the above, you don't have much choice if you select "Find me an expert" but if you choose "Browse professionals" you can select a shortlist of firms that you think might be a good fit

Advisers won't mind you giving them a call to see if they can help as it saves them having to pay Unbiased for a lead, and in addition, those that find adviser details and then call (rather than go via Unbiased) tend to be more engaged (rather than merely shopping around - there are a lot of tyre kickers on Unbiased) which will stand you in good stead (a lot of advisers have given up on Unbiased due to the poor quality of the leads).

VouchedFor:

VouchedFor allows the user to search for a service based on their location and investment level. 

The one differentiator with VouchedFor versus Unbiased and AdviserBook is that it allows clients or prospects that have had contact with an adviser to leave feedback which should in theory help you filter out advisers with a poor rating. In reality, very few advisers seem to receive average ratings lower than 4.5/5 so this might not be as useful a filter as it would first seem.

Unlike Unbiased, VouchedFor does not offer a matching service. 

VouchedFor allows independent AND restricted advisers on their website 

https://pro-support.vouchedfor.co.uk/article/39-why-we-are-adding-all-regulated-financial-advisers-to-vouchedfor