What to expect from an initial 1 hour free session with a financial adviser?

Brie

I've finally organised a free session with a IFA with an eye to sorting out some pension and tax questions.

I'm concerned that it will be a one way conversation with me providing information and him filling in some form followed by me getting a request for ££ in order to get the answers to any of my questions.  

Is that likely?  Or what else might happen??

Truthfully I'm not currently overrun with assets but expect this to change when an inheritance materialises (this year, next decade?).  I would hope that I will get some decent advice with the IFA thinking that there may be some profit to them at some unspecified point in the future.  Or does it not work that way?

coyrls

You won't get any advice during your free session.  If you want advice, you will need to pay for it.

Brie

coyrls said:

You won't get any advice during your free session.  If you want advice, you will need to pay for it.

So there's really no point in doing this then.  How does someone with small pensions decide how to handle them?  

eskbanker

Brie said:

coyrls said:

You won't get any advice during your free session.  If you want advice, you will need to pay for it.

So there's really no point in doing this then.  How does someone with small pensions decide how to handle them?  

They decide for themselves, potentially with assistance from consumer finance forums, or they engage an IFA (after first having a free chat to establish the basics for a working relationship).

Thrugelmir

Nobody isn't going to give you an hour of their valuable time in order for you receive free advice. Walk out the door and are never seen again. 

Brie

Thanks all - I guess I'll cancel so as not to waste anyone's time.  

ColdIron

Brie said:

coyrls said:

You won't get any advice during your free session.  If you want advice, you will need to pay for it.

So there's really no point in doing this then.

Not at all, unless you wanted free advice which you won't get, no one works for nothing

If you did want advice then it's a getting to know you session. This works both ways. Do you feel comfortable with the advisor, does the advisor want your business etc

Chickereeeee

Deleted_User said:

Free tea and biscuits?

I think the idea is to get a feel of whether you could get on with them if you did want advice and to pay for it.

Yes, this, but mainly - to see if they can offer you anything. Would you be a suitable customer/client for their services. Eg. They probably see a lot of people with say £50-100k to manage, but they would nit want to take them on.

ChilliBob

I disagree, but then I suppose it depends on what you feel 'advice' actually means to you?

I had a few chats with IFAs about a year ago, I found these useful:

* I learnt the main value add, for me, and I think for many, is more about structures/planning/iht and not sbout specific investments.

* It made me think about my pension contributions in a pretty unique circumstance I found myself in

* It made me realise some of the things they were suggesting might be useful for me, we're things I didn't know about, so, it gave me things to research

* It allowed me to understand how much it would cost me to become a client, how the onbosdding process works etc

* It allowed me to realise SJP is bloody expensive!

David Svenson has just done a blog on advice actually. In his view, if you just want to know about investing, perhaps not, if you want to look into tax planning, iht, trusts etc then perhaps yes, but, that'd s huge generalisation of the article, which is well worth a read. Especially if you are considering a 'big shop' (not recommended on here) 

Thrugelmir

ChilliBob said:

I disagree, but then I suppose it depends on what you feel 'advice' actually means to you?

Specific to an individual's circumstances. Plenty of free resources that cover topics generically. 

eskbanker

ChilliBob said:

I disagree, but then I suppose it depends on what you feel 'advice' actually means to you?

Who are you disagreeing with?