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

ChilliBob

Thrugelmir said:

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. 

Ah well yes, all of these IFAs (well and SJP, *not* I!) did give me useful information very specific to my situation actually. 

Perhaps things have changed and IFAs feel they need to show some value before any commitment. Heck one even offered to contact my pension provider and perform an audit to tell me if and where it was lacking, and obviously, how their offering would be better, solve those problems, and has returned higher than the one I had given risk level xyz etc. 

I suppose this also depends what you are offering to the IFA too, they will do more, I assume, for a pot of £5m than they would 500k or 50k

ChilliBob

eskbanker said:

ChilliBob said:

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

Who are you disagreeing with?

A few people above who suggested an intro meeting wouldn't lead to any advice. I feel it may do, and if it doesn't, it'll give you additional information you may not already know. Worst case scenario it's a wasted hour, not a huge big deal for most.

Don't yet me wrong, I'm not using an ifa right now, but I feel I know when one may be more appropriate for me and would add more value, which I feel is a useful thing to know  

dunstonh

Generally speaking, you get no advice (in a regulatory sense) in the initial free meeting.   Its purpose is to meet each other,  get some basics and see if there is common ground going forward for the individual to employ the adviser and for the adviser to feel is is viable for them.

 Heck one even offered to contact my pension provider and perform an audit to tell me if and where it was lacking, and obviously, how their offering would be better, solve those problems, and has returned higher than the one I had given risk level xyz etc. 

Writing to the providers to ascertain details is pretty much what all should be doing before any advice is given unless it is clear in the first meeting that the relationship is not going to proceed.  With the exception of a certain salesforce that regularly pops up on here who seem to be able to transfer pensions without obtaining details from the existing provider.

eskbanker

ChilliBob said:

eskbanker said:

ChilliBob said:

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

Who are you disagreeing with?

A few people above who suggested an intro meeting wouldn't lead to any advice. I feel it may do, and if it doesn't, it'll give you additional information you may not already know. Worst case scenario it's a wasted hour, not a huge big deal for most.

Don't yet me wrong, I'm not using an ifa right now, but I feel I know when one may be more appropriate for me and would add more value, which I feel is a useful thing to know  

Ah right, as you say it depends on whether you're looking for advice or 'advice'!  Actual advice, in the sense of the regulated activity, will cost money, but a general introductory chat can indeed open the customer's eyes to more possibilities than they'd previously considered....

theoretica

If the IFA knows the size of pot you are talking about and was happy to book the session then presumably they don't see it as a waste of their time.  If they aren't busy with something more lucrative it might be good advertising for them, either for you coming back in future, or mentioning them to other people. 

I expect if you want someone else to take the responsibility of saying 'you should do X' you would need to pay for it, but if you want a discussion of things to think about and general facts you might get that.

ChilliBob

eskbanker said:

ChilliBob said:

eskbanker said:

ChilliBob said:

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

Who are you disagreeing with?

A few people above who suggested an intro meeting wouldn't lead to any advice. I feel it may do, and if it doesn't, it'll give you additional information you may not already know. Worst case scenario it's a wasted hour, not a huge big deal for most.

Don't yet me wrong, I'm not using an ifa right now, but I feel I know when one may be more appropriate for me and would add more value, which I feel is a useful thing to know  

Ah right, as you say it depends on whether you're looking for advice or 'advice'!  Actual advice, in the sense of the regulated activity, will cost money, but a general introductory chat can indeed open the customer's eyes to more possibilities than they'd previously considered....

Yep, 100%, left me with lots to research and a very useful suggestion that I may want to contribute xyz to my pension for abc reason, but that obviously the final figure wouldn't be something to rely on unless I was to formally engage them etc.