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If Your IFA Dies Suddenly?
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GSP
Posts: 894 Forumite

Pretty morbid post but wondering what happens.
They are working on their own, so would they have this scenario planned and covered their end with someone or some organisation stepping in so their clients are still able to function and go ‘about their business’ quite quickly?
They are working on their own, so would they have this scenario planned and covered their end with someone or some organisation stepping in so their clients are still able to function and go ‘about their business’ quite quickly?
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If I used one, I would absolutely ask the question!
Some are part of small businesses, & succession planning sometimes leads to less desirable outcomes, as they hand their clients on to non-IFA Wealth Management firms....
If you really are dealing with a lone trader, then definitely have that discussion.
Not that much different to having that conversation in a family group....how would the other cope/manage if you (or they) were to pass away suddenly....Plan for tomorrow, enjoy today!0 -
If you are paying lucrative ongoing fees another IFA will quickly buy the business and hope you will continue paying the the fees.0
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I asked the question of a loan IFA.
The reply I got was…… “good question”
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Although nothing would happen to your investments , pension etc in the short term . They would just remain where they were until a new arrangement was sorted out .0
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Albermarle said:Although nothing would happen to your investments , pension etc in the short term . They would just remain where they were until a new arrangement was sorted out .But my question again was would an IFA have this planned where their clients are handed over to someone or some organisation in the event of their sudden death, assuming that planning is a big part of their role.There does not appear to be nothing on the web for this case. If he is around, perhaps dunstonh has a view?0
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Here was me thinking this thought process was in some way linked to the new ITV drama about John Darwin - the canoe man.0
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But my question again was would an IFA have this planned where their clients are handed over to someone or some organisation in the event of their sudden death, assuming that planning is a big part of their role.If it is a sole trader IFA then its likely the spouse/partner would sell it to another firm. There are usually locum arrangements in place but if a sole trader dies, then the locum may not be able to get access to data.There does not appear to be nothing on the web for this case. If he is around, perhaps dunstonh has a view?At the end of the day, many would just locate a new IFA or go with the new IFA that is appointed (if the firm is not a sole trader)
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.0 -
dunstonh said:But my question again was would an IFA have this planned where their clients are handed over to someone or some organisation in the event of their sudden death, assuming that planning is a big part of their role.If it is a sole trader IFA then its likely the spouse/partner would sell it to another firm. There are usually locum arrangements in place but if a sole trader dies, then the locum may not be able to get access to data.There does not appear to be nothing on the web for this case. If he is around, perhaps dunstonh has a view?At the end of the day, many would just locate a new IFA or go with the new IFA that is appointed (if the firm is not a sole trader)
Probably more simple terms if someone came to you and said my IFA has suddenly died, he or she had no spouse etc, what do I do? Thanks0 -
Thanks dunstonh. I was thinking if all the client’s trading and business was usually done through the IFA who had the access to the fund, how long before the client could actually move funds to withdraw or other activity.The provider/platform and the IFA are not directly linked. If the platform/provider received a new letter of authority that morning, then it would be moved to the new IFA same day.
Platforms with "orphaned" clients have processes in place to handle things like withdrawals.Probably more simple terms if someone came to you and said my IFA has suddenly died, he or she had no spouse etc, what do I do? Thankswith no succession plan in place, we would move the person to our agency, if that is what they wanted, and take over servicing from there.
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.1 -
GSP said:Pretty morbid post but wondering what happens.
They are working on their own, so would they have this scenario planned and covered their end with someone or some organisation stepping in so their clients are still able to function and go ‘about their business’ quite quickly?
If the former…have you asked them?Plan for tomorrow, enjoy today!0
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