Finding decent IFA without word of mouth?

Albermarle

solidpro said:

I note my question hasn't been answered. Sounds like the best suggestion so far is to write IFA and my town into google..... is that really where we are in looking for someone to trust our lives with?

Well how do you find a GP, you look for one locally normally !

eskbanker

solidpro said:

I note my question hasn't been answered. Sounds like the best suggestion so far is to write IFA and my town into google..... is that really where we are in looking for someone to trust our lives with?

Your question has been answered, even if the answers perhaps weren't what you were hoping for - I pointed you in the direction of three directory sites, and others have suggested that a generic search engine should unearth IFAs who don't participate in those, or advertise.  Do you believe that there's a better option that everyone is refusing to tell you about?

JohnWinder

I’ll have another shot, assuming you’ve tried all the suggestions thus far, at the risk of opening up old wounds.
As you’ll have to evaluate them yourself try some of Jason Zweig's questions from the WSJ: https://switchpointfinancial.com/19-questions-ask-financial-advisor/

xylophone

Did you try

https://adviserbook.co.uk/

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

You'll then need to ring round to see what's on offer/arrange initial chat.

dunstonh

JohnWinder said:

I’ll have another shot, assuming you’ve tried all the suggestions thus far, at the risk of opening up old wounds.
As you’ll have to evaluate them yourself try some of Jason Zweig's questions from the WSJ: https://switchpointfinancial.com/19-questions-ask-financial-advisor/

And as per previous time:

1 - Doesn't apply to UK
2 - Doesn't apply to UK
3 - Doesn't apply to UK
4 - EU MIFIDII rules apply to disclosures
5 - Shouldn't be as the FCA doesn't like that.  If you can offer client A £xx then why are you charging client B £yy?
6 - Some do, some don't in respect of fixed fees.   Retainers are not allowed in the UK.
7 - conflicts of interest is a mandatory disclosure.  It shouldn't apply to IFAs though (the whole point of an I in front of FA)
8 - Does not apply to the UK
9 - Accountants and solicitors do not receive remuneration from advisers unless the adviser is part of the firm.
10 - UK is more segmented with specialists handling various areas much of the time.  The Jack of all trades model is outdated and only stragglers still exist.
11 - That is allowed (it's a silly question to ask really)
12 - normal discussion points in a meeting for those that are interested.
13 - UK requires structure and process with a documented process with suitability being the main objective.
14 - UK advisers are not investment managers - so doesn't apply to UK
15 - UK advisers are not investment managers - so doesn't apply to UK
16 - Product providers/platforms provide the statements.  Not advisers.  FCA sets benchmarking rules.
17 - None of those qualifications apply to the UK.
18 - The FCA regulates return disclosures.
19 - The worst question of the lot.   What an adviser may do for themselves should not be replicated for everyone.

Beddie

solidpro said:

I note my question hasn't been answered. Sounds like the best suggestion so far is to write IFA and my town into google..... is that really where we are in looking for someone to trust our lives with?

Think of it like an estate agent or solicitor - phone 2 or 3 local companies, briefly discuss your needs and see which one gives the best impression. Many would ask friends, but as you don't want to do that this is the next best step.

wjr4

solidpro said:

I note my question hasn't been answered. Sounds like the best suggestion so far is to write IFA and my town into google..... is that really where we are in looking for someone to trust our lives with?

You also didn’t answer my question of why you thought they were rubbish? 

boingy

The problem is that word of mouth is not very reliable because the person making the recommendation might not have been using the IFA for very long so the recommendation is based on him/her being nice or easy to get on with in the first few meetings. It's a bit like someone reviewing a gadget they have only just bought. You need a recommendation from someone who has a decade or more experience with an IFA and who has weathered a few financial storms along the way and those people are hard to find. What I would say is ignore anything on Facebook!

Aegis

xylophone said:

 You could try

https://adviserbook.co.uk/

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

Looks like a good shout, but I just tried to sign myself up and apparently their coders decided that every firm had to have a 6-digit Firm Reference Number, never thinking that eventually the FCA would need to move to 7 digits.

Oh well

Linton

solidpro said:

I note my question hasn't been answered. Sounds like the best suggestion so far is to write IFA and my town into google..... is that really where we are in looking for someone to trust our lives with?

Having found say 3 the next step would be to arrange a free half hour meeting with each when you can explain your circumstances and what you are looking for and they can explain how they can help you and the likely costs. Then choose the one, if there is one, you will feel most comfortable working with. 

That really is the key factor.