Finding decent IFA without word of mouth?

solidpro

Hi

I've always thought the best way to find out a 'contractor' is to use a combination of trusted reviews, word of mouth and finalising it with a taste test (like meeting a builder before pressing ahead).

Anyway, in the last few years I used word of mouth to find an IFA, a private pension adviser and two mortgage brokers and all of them were rubbish. And I use that word advisedly - they weren't necessarily rubbish because of the deal I entered into or the outcome, but the process was always troublesome, and largely the impression was that they were biased, or throwing darts at a board and any benefits I saw were through luck rather than unbiased experience and expertise.

I really need to sit down and talk to a decent IFA but without word of mouth, I really don't know the best way to find one, or a few to narrow down... anyone have ideas?

Thanks

xylophone

 You could try

https://adviserbook.co.uk/

Tick "confirmed independent" and other options as required when the menu comes up.

eskbanker

https://www.moneysavingexpert.com/savings/best-financial-advisers/#find mentions a couple of options, although Unbiased is usually dismissed by one of the IFAs posting on here on the basis that it's no longer the service it set out to be.  AdviserBook has also been mentioned in passing, although I can't recall whether that was in a good or a bad way!

The 'taste test' you refer to should still be possible, in that IFAs will typically offer an hour's introductory chat free and without obligation....

wjr4

What are the reasons you thought they were rubbish? 

dunstonh

https://www.moneysavingexpert.com/savings/best-financial-advisers/#find mentions a couple of options, although Unbiased is usually dismissed by one of the IFAs posting on here on the basis that it's no longer the service it set out to be.  AdviserBook has also been mentioned in passing, although I can't recall whether that was in a good or a bad way!

That will be me.   Unbiased, in our area (noting that point as another IFA mentioned the same wasn't the case in his area), doesn't have a single self-owned directly authorised IFA firm on it.   By that, I mean the small localised firms with 1-5 advisers who are not part of a network, regional or national salesforce.     There is one networked IFA, two regional IFA firms and several non-IFA saleforces and some with a national number that would appear in every search going.  

Unbiased itself is no longer an IFA directory. They include FAs.   And their current pricing has effectively priced out local IFA firms.   It costs £302 pm to be listed in unbiased and that is for 5 locations (not ideal if you are spread over rural areas).   Or £1292pm for 20 locations.
https://citywire.com/new-model-adviser/news/unbiased-fee-hike-will-put-an-end-to-hidden-costs-for-ifas/a2426845

Previously, Unbiased was effectively a lead generation site.   i.e. enquiries made by consumers were sold to firms willing to pay for that lead.   But originally, Unbiased was just an IFA directory.  Only IFAs, no sales/lead gen.  That is no longer the case.

I guess unbiased saw the ridiculous pricing of [vouched for or trustpilot - cannot remember which] and thought they wanted some of that.         However, it does mean that the small local independent IFAs are being squeezed out and the national/region/network IFAs and FAs have taken over.   In our area, a number of the local IFAs meet up periodically for breakfast and chat and not one of them appears on a paid listing on unbiased.  Indeed, not one of them uses any paid for directory as the general position is that the good IFAs don't need to advertise to get clients.   They are busy to begin with and get natural business inflows without needing to pay for it.

JohnWinder

https://www.evidenceinvestor.com/find-an-adviser/

dunstonh

JohnWinder said:

https://www.evidenceinvestor.com/find-an-adviser/

That is a lead generation site.  It will only show advisers that agree to pay a fee for the lead that results in a successful conversion.

eskbanker

dunstonh said:
Indeed, not one of them uses any paid for directory as the general position is that the good IFAs don't need to advertise to get clients.   They are busy to begin with and get natural business inflows without needing to pay for it.

So in OP's position of not having access to useful word of mouth recommendations, how would prospective customers find IFAs in your area?

Linton

Google, "IFA <local town>"  and ignore the various paid-for and listings etc sites

Albermarle

Anyway, in the last few years I used word of mouth to find an IFA, a private pension adviser

I do not think 'private pension advisor' is a title that has any specific meaning.

In any case that is what you have an IFA for, as a large chunk of their work is related to pensions.

and largely the impression was that they were biased, 

Biased about what ?

or throwing darts at a board and any benefits I saw were through luck rather than unbiased experience and expertise.

Where you looking maybe for some kind of guarantee about investment growth ?

dunstonh

eskbanker said:

dunstonh said:
Indeed, not one of them uses any paid for directory as the general position is that the good IFAs don't need to advertise to get clients.   They are busy to begin with and get natural business inflows without needing to pay for it.

So in OP's position of not having access to useful word of mouth recommendations, how would prospective customers find IFAs in your area?

Google firms and you will get those that don't advertise as well as those that do.

Anyway, in the last few years I used word of mouth to find an IFA, 

Are you sure it was an IFA?  Research has found that over half the people who think they are seeing an IFA are actually seeing an FA.    We have seen it plenty of times on this site to where someone kept referring to their IFA only to find out it was an FA they were talking about.  

IFAs cannot be biased.  That is the whole point of the I in IFA.   However, they will have opinions on investment options and investing is largely about opinion.  So, you will get some preferences.  That doesnt make it biased though.