Chartered or non-Chartered financial adviser?

Cool-customer2015

Hi there, fellow forum members! I'm in need of some assistance and advice on selecting a financial adviser. It seems that even word of mouth or reviews can't be fully trusted these days, as some individuals can manipulate them. I've been considering chartered professionals since they are highly qualified, but I also believe that experience carries significant weight. I must admit, I'm feeling quite confused. So, if any of you could lend a hand and provide some guidance, I would be immensely grateful. Your valuable insights and advice are highly appreciated!

Albermarle

A normal local IFA ( Independent Financial Advisor) should be fine for 95% of situations. An experienced one is obviously better but the younger ones do not usually work totally unsupervised.
You do not need to pay extra for someone with a fancy title, which may or may not mean anything.
Unless of course you are talking about a more complex situation such as  funds in the Multi Millions, business owner, offshore accounts, complicated tax situation, investing in unregulated funds etc 

eskbanker

Cool-customer2015 said:

I'm in need of some assistance and advice on selecting a financial adviser.

What sort of engagement do you have in mind, i.e. what specifically are you looking for the adviser to do for you?

dunstonh

I've been considering chartered professionals since they are highly qualified, but I also believe that experience carries significant weight.

As someone who has higher qualifications, I would say that for most people, they are totally unnecessary.     The knowledge built up under the chartered level exams is worthwhile for around 2% of my clients.    Probably less nowadays given how long ago those exams were sat.  

Would you put yourself in the top 5% of wealth in the UK?   if not, then a normal IFA would be fine.

artyboy

dunstonh said:

I've been considering chartered professionals since they are highly qualified, but I also believe that experience carries significant weight.

As someone who has higher qualifications, I would say that for most people, they are totally unnecessary.     The knowledge built up under the chartered level exams is worthwhile for around 2% of my clients.    Probably less nowadays given how long ago those exams were sat.  

Would you put yourself in the top 5% of wealth in the UK?   if not, then a normal IFA would be fine.

Quite an interesting point - I'm not sure what the top 5% net worth threshold is these days, but I'd bet a fair chunk of posters on these boards fall into that category. Maybe even me 

But that's what makes it interesting - it could be relevant for quite a few reading this. I'm guessing it's not just the absolute amount though but how complex those clients affairs are - so is it things like wealth preservation, estate management and the like where having a chartered IFA brings added value?

Cool-customer2015

eskbanker said:

Cool-customer2015 said:

I'm in need of some assistance and advice on selecting a financial adviser.

What sort of engagement do you have in mind, i.e. what specifically are you looking for the adviser to do for you?

investment, trusts & inheritance tax planning, retirement planning. thanks