finding an IFA for Pensions health check - info already consolidated - cost ?

JohnWinder

It is a marketing website that sells leads to adviser firms.

Someone maintains a directory of advisors sharing some relevant characteristics eg investing philosophy. I ask for a suitable name and contact information which I'm given without charge. It doesn't seem like an exercise that needs regulating. 

I approach the advisor, and I'm now on the same path I would have been on had I done the ringing around myself. The advisor has saved themselves some work because they're not fielding so many calls from amateurs some of which don't serve their business interests; that sounds like an annuity provider preferring not to have to deal with the masses, but rather have their products dealt with by a lesser number of people who know what they're doing - advisors. The annuity companies pay for that benefit by providing a higher paying annuity through an advisor; the advisors who get some business through Robin Powell pay for their benefit of avoiding the masses by paying him. It seems to make sense, even for the masses who 'will not pay any more than you would have done if you had engaged the planner directly'.. 

Legitimate, in the sense of fair, justifiable, true, well-founded, just, good faith? Seems to be. 

Albermarle

. I genuinely don't know whether these pensions are good etc.

I understand mortgages, ISAs but Pensions I am not comfortable with.

When you say ISA's do you mean Cash ISA's or Stocks and Shares ISA's?

A DC pension is just a tax efficient way of investing for retirement. So is it the pension bit you do not understand ( tax , contributions, withdrawal rules etc ) or is it the investments in the pension you are not comfortable with? 
If it is the latter than in reality it is not pensions per se that you are uncomfortable with, but investing in general.
Would be good to have some clarity on this.

wjr4

JohnWinder said:

It is a marketing website that sells leads to adviser firms.

Someone maintains a directory of advisors sharing some relevant characteristics eg investing philosophy. I ask for a suitable name and contact information which I'm given without charge. It doesn't seem like an exercise that needs regulating. 

I approach the advisor, and I'm now on the same path I would have been on had I done the ringing around myself. The advisor has saved themselves some work because they're not fielding so many calls from amateurs some of which don't serve their business interests; that sounds like an annuity provider preferring not to have to deal with the masses, but rather have their products dealt with by a lesser number of people who know what they're doing - advisors. The annuity companies pay for that benefit by providing a higher paying annuity through an advisor; the advisors who get some business through Robin Powell pay for their benefit of avoiding the masses by paying him. It seems to make sense, even for the masses who 'will not pay any more than you would have done if you had engaged the planner directly'.. 

Legitimate, in the sense of fair, justifiable, true, well-founded, just, good faith? Seems to be. 

Sounds completely dodgy so I’ll continue reporting every post until you stop. 

robatwork

Weird how that investor website has a "donate" button - a first. But it then goes to 

all doesn't smell completely above board.

Linton

flapjack22 said:

Hi07(

I have searched the internet, reviewed the guide on this website for finding an IFA, tried to use "free goverment services"  but.. it still seem arduous for what appears to be a health check/comparison of my existing pensions for a fixed one off fee.

In short, I am not looking to transfer out, look for new products, just someone to provide a healthcheck/overview/comparison in laymans terms, clear advice as to whether any of my pensions are:-

worth consolidating, or telling me they are doing ok/good and leave alone - that's all I want to know at this stage...

I have put all the pension info into 1 small excel spreadsheet, have detailed pension value over the last 5 years up, pension provider, and pension product name - but... I genuinely don't know whether these pensions are good etc.

I understand mortgages, ISAs but Pensions I am not comfortable with.

Happy to pay a one off fee for someone to look at the excel spreadsheet  and then provide comments/possible options - what should I be looking at to pay for this?

Forgive my ignorance is what I am simply looking for possible above? 

Thanks in advance.

A key problem I see is that in order to comment sensibly on your investments someone would need to know about you, your objectives and your strategy. Without this sort of information one cannot say that a portfolio is good and doing OK or not. A spreadsheet is not enough.

Also there is the question of liability. What happens if the advisor says “looks OK to me” and it turns out not to be.  Could you complain and ask for compensation? Covering liability is expensive.

JohnWinder

'Sounds completely dodgy so I’ll continue reporting every post until you stop. '

Could you help us out by explaining how you feel it is dodgy (evasive, shifty, sly, deceptive) and not legitimate, and why you think that?

flapjack22

Hi,

Thanks everyone for pointers, info and also giving me some approximate costs already.

I will get further info up and reply to each poster individually asap, this is a learning curve for me .

Many thanks again will post again within next 48 hours.

Thanks !

Malthusian

JohnWinder said:

'Sounds completely dodgy so I’ll continue reporting every post until you stop. '

Could you help us out by explaining how you feel it is dodgy (evasive, shifty, sly, deceptive) and not legitimate, and why you think that?

On most adviser directories you can put your location and it will show you the adviser firms they are selling leads to. On this website you have to give them your contact details and you will be directed towards... god knows. It may well be legitimate regulated financial advisers but it's impossible to tell. 

They also claim to be "partnered with" some outfit called "Second Life Financial Planning", who turn out to be the same people under a different name, on a website that my browser warns against visiting because its security certificate is mismatched. And despite describing themselves as "financial planners" they aren't regulated to give financial advice. That isn't illegal ("financial planner", like "will writer" or "holistic health practitioner", isn't a protected term) but it is misleading. The layman would assume a "financial planner" would be able to give financial advice.

robatwork

Malthusian said:

JohnWinder said:

'Sounds completely dodgy so I’ll continue reporting every post until you stop. '

Could you help us out by explaining how you feel it is dodgy (evasive, shifty, sly, deceptive) and not legitimate, and why you think that?

On most adviser directories you can put your location and it will show you the adviser firms they are selling leads to. On this website you have to give them your contact details and you will be directed towards... god knows. It may well be legitimate regulated financial advisers but it's impossible to tell. 

They also claim to be "partnered with" some outfit called "Second Life Financial Planning", who turn out to be the same people under a different name, on a website that my browser warns against visiting because its security certificate is mismatched. And despite describing themselves as "financial planners" they aren't regulated to give financial advice. That isn't illegal ("financial planner", like "will writer" or "holistic health practitioner", isn't a protected term) but it is misleading. The layman would assume a "financial planner" would be able to give financial advice.

An FA asking for donations via Paypal is a first - and then the link doesn't actually work. The copyright is 2020 - it all feels a bit....unloved... would be a generous description.

dunstonh

robatwork said:

Malthusian said:

JohnWinder said:

'Sounds completely dodgy so I’ll continue reporting every post until you stop. '

Could you help us out by explaining how you feel it is dodgy (evasive, shifty, sly, deceptive) and not legitimate, and why you think that?

On most adviser directories you can put your location and it will show you the adviser firms they are selling leads to. On this website you have to give them your contact details and you will be directed towards... god knows. It may well be legitimate regulated financial advisers but it's impossible to tell. 

They also claim to be "partnered with" some outfit called "Second Life Financial Planning", who turn out to be the same people under a different name, on a website that my browser warns against visiting because its security certificate is mismatched. And despite describing themselves as "financial planners" they aren't regulated to give financial advice. That isn't illegal ("financial planner", like "will writer" or "holistic health practitioner", isn't a protected term) but it is misleading. The layman would assume a "financial planner" would be able to give financial advice.

An FA asking for donations via Paypal is a first - and then the link doesn't actually work. The copyright is 2020 - it all feels a bit....unloved... would be a generous description.

The person is not an FA.  He is a blogger who also sells leads and links to another company founded by him that sells guidance.