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IFA - Asking for too much information?

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Danish74
Danish74 Posts: 4 Newbie
First Post
Hi everyone, I went to unbiased.co.uk a free service that directs you to IFAs

A company called Humboldt Financial called me and after about an hour's chat where we shared things like

Outstanding Mortgage
Savings
Expenses
Plans for Retirement

At the end he asks me to scan and sign some forms back to him giving the company (Humboldt) my consent to write to our pension providers over the years to get an up to date valuation as well as enquire about any aspect of other products I might have with them

It all seems like handing over a lot of information without a contract (yet) and i wondered whether this perfectly ok or should I tread carefully?

Value the thoughts of this group! Thanks in advance.

Danish 74
«1

Comments

  • MovingForwards
    MovingForwards Posts: 17,149 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Maybe ask in this section as a couple of IFAs post and can compare it to how they do things:
    https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Thank you! I'll do that now
  • Hi everyone, I went to unbiased.co.uk a free service that directs you to IFAs

    A company called Humboldt Financial called me and after about an hour's chat where we shared things like

    Outstanding Mortgage
    Savings
    Expenses
    Plans for Retirement

    At the end he asks me to scan and sign some forms back to him giving the company (Humboldt) my consent to write to our pension providers over the years to get an up to date valuation as well as enquire about any aspect of other products I might have with them

    It all seems like handing over a lot of information without a contract (yet) and i wondered whether this perfectly ok or should I tread carefully?

    Value the thoughts of this group! Thanks in advance.

    Danish 74
  • squirrelpie
    squirrelpie Posts: 1,374 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    What are you expecting to get as a result? Does it depend on the information the IFA might gather? Do the forms give him carte blanche to use the information for anything he chooses or do they limit it to advising you or other sensible purposes? Is there anything he might actually learn that would embarrass you or otherwise inconvenience you?
  • dunstonh
    dunstonh Posts: 119,646 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It all seems like handing over a lot of information without a contract (yet) and i wondered whether this perfectly ok or should I tread carefully?
    Once you sign the contract, you become liable for charges.  The initial free period is contract free but without cost.  So, take your pick.

    For advice to be given, information needs to be obtained.  For example, how do you expect to be given retirement advice if the adviser cannot find out information about your retirement plans?

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Marcon
    Marcon Posts: 14,394 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    If you're concerned about signing authority forms at this stage, then you could always write to each provider yourself and give them authority to send the relevant information 'in respect of this request only' to [contact details of IFA]. 
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Clueless56
    Clueless56 Posts: 104 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    I would suggest if you feel you're being pushed into something you are not ready for, you refuse and say you need time to consider.  However, without knowing the up-to-date valuations etc of your pensions, he cannot give you an informed opinion of how he believes you should proceed to achieve what you want, which is what you have asked him to do presumably.  As dunstonh says, without a signed contract, you are committing to nothing and just gathering information.
  • cfw1994
    cfw1994 Posts: 2,127 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Danish74 said:
    Hi everyone, I went to unbiased.co.uk a free service that directs you to IFAs

    A company called Humboldt Financial called me
    Unbiased does NOT just do Independant Financial Advisors….are you sure Humboldt are IFAs?
    Their website didn’t suggest it to me (quick skim) - they may just be Financial Advisors.
    If so…I would steer clear.   
    You should either DIY, or use IFAs….anything else will lead to more limited options….& perhaps increased fees 🤷‍♂️
    Plan for tomorrow, enjoy today!
  • Thanks everyone! Appreciate the help here. They are asking for carte blanche to look into any aspect of my financials with my pension providers. And I think I might go back and ask them to limit the scope to just pensions

    This has been invaluable
  • HappyHarry
    HappyHarry Posts: 1,806 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    If you are asking an IFA to give you advice, then the IFA will want to know a lot about your current circumstances and future plans, else they cannot give you the best advice.

    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
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