Not hiring an IFA

Brie

I've been trying to sort out a admittedly complicated financial situation involving my pensions, redundancy and likely inheritance (yes - don't count my chickens)

I contacted a local company but just didn't get a good sense of them from initial contact (short phone call, email only).  There was a company recommended via work regarding redundancy/pensions so I contacted them.  Big countrywide place with an IFA about 80 miles away.  He seems jolly enough but I don't think after an initial 1 hour phone chat that he has taken in the complexities of my situation.  This was evident when we were having a second chat and I'm not sure he's actually read anything much about my various pensions.  He convinced me to schedule a face to face visit for a couple of weeks from now.  

Well you know how it is when you are talking to someone in this situation...he seems friendly and convincing that he can do wonders with my money.  But after the fact I'm not too sure.  

I don't know this guy and, as mentioned, he's not local so it's not like I'll ever bump into him.  Is it common to simply walk away from these things?  I would obviously cancel the upcoming meeting in plenty of time.  

A friend has recommended someone local that I would like to talk to before I take anything with the first guy any further so will need time to arrange that.

Nothing has been signed, the upcoming meeting would be the official fact find.

Albermarle

You are the customer, as long as you have not signed or committed to anything, you can do what you like.
Just tell the first guy, something has cropped up in a couple of weeks, so you will contact them again soon. Then you can still rearrange the meeting if you want to, although you do not sound that keen anyway. 

masonic

It is normal and recommended to approach more than one potential adviser when seeking financial advice, and to go with the one who seems to be the best fit. So inevitably that involves a potential customer letting one or two advisers down. It goes with the territory.

dunstonh

Just make sure its an IFA.  Over half of people seeing FAs think they are seeing an IFA (old research but still seems to be valid).

You have to sign a fee agreement (which can be electronic nowadays) but until you get to the stage a fee has been agreed, you are not liable for anything.

zagfles

And as I always mention here, worth doing a quick check to see if they have any FO judgements against them https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions

bostonerimus

It is 100% your prerogative to walk away. Just send an email to cancel any future appointments and the do not answer any follow ups as unscrupulous people can try to reel you in again. 

Go into any meetings well prepared to sniff out dubious advice, so do your research and educate yourself a little. Ask questions that you know the answers to so you can see how honest and competent the person is. Then get the fees in writing and if they are at all hesitant then just write them off. Do not be desperate, the IFA wants your business more than you need that particular IFA's services.