Need a reliable IFA (for sourcing an annuity only)

dunroving

As per the above, I'm looking to take out a lifetime annuity and struggling to locate a professional who can help me to understand the options and get a suitable "deal".

I've used Unbiased, but initially they only suggested tied IFAs (tied to specific products, not completely independent).

They then sent me a link to a directory to look for local IFAs. But every one of the IFAs in the list seems to want to take control of my portfolio, help me with financial planning, choosing investments, etc. I just need one specific aspect of their expertise; I'm very comfortable with my previous investment decisions (I'm 67) and am no longer actively adding to my portfolio. 

Any suggestions of how to find the above? I see it as being analogous to looking for a mortgage advisor - I just need help finding a very specific product, not full bells and whistles financial planning advice.. 

Brie

It's difficult.  I've been trying to get my pensions sorted for some time and I suspect that because it's all relatively low value no one's really interested.  

The only suggestion I can make (& I've yet to try this myself) is to ring up a couple and ask "what's your fee to recommend an annuity?" They'll either give you a flat rate charge for an hour appointment or something or tell you they aren't interested in working that way.  

ali_bear

It should be a simple matter of shopping around for the best annuity rate and then making the deal (ew that word is starting to feel dirty). It seems this market operates in an unfair way to the detriment of the punter consumer. 

DRS1

There was a thread on here earlier this year I think asking much the same question.  The OP on that thread ended up using Retirement Line who are not an IFA but an annuity broker.  The IFAs all wanted to do more than just buy an annuity whereas the annuity brokers stick to that one thing.  But they are not cheap and if you can find an IFA who will do it you will probably get a better deal that way. There are other such brokers around (including LV= I think.  Anyway a google search for pension annuity will probably throw up a decent list) or you could look at Hargreaves Lansdown.

I will see if I can find the thread in case there are any useful suggestions in there or you can ask that OP if he ever found an IFA who could do the job.

DRS1

Well I could not find the thread but the OP may have been @incus432 judging by this post

Anuities Research — MoneySavingExpert Forum

dunstonh

I've used Unbiased, but initially they only suggested tied IFAs (tied to specific products, not completely independent).

There is no such thing as a tied IFA.

Advisers are either IFA or FA.   Tied advisers are FAs.   As are any advisers that have any restrictions.  

IFAs can have two main types: small local independent IFAs and national/regional IFAs. The latter can be restricted in that the head office controls what the individual advisers can do. So, not technically restricted but perhaps limited.  The nationals tend to be the type that want to hoover up assets under management and dont like transactional business.   Whereas general practitioner IFAs are happy to do both.

Unbiased is useless nowadays.  It is no longer an IFA directory.    Most IFAs have been priced out of using it.

Any suggestions of how to find the above?

Any small local IFA should be ok.  Avoid the regionals/nationals.

dunroving

dunstonh said:

I've used Unbiased, but initially they only suggested tied IFAs (tied to specific products, not completely independent).

There is no such thing as a tied IFA.

Advisers are either IFA or FA.   Tied advisers are FAs.   As are any advisers that have any restrictions.  

IFAs can have two main types: small local independent IFAs and national/regional IFAs. The latter can be restricted in that the head office controls what the individual advisers can do. So, not technically restricted but perhaps limited.  The nationals tend to be the type that want to hoover up assets under management and dont like transactional business.   Whereas general practitioner IFAs are happy to do both.

Unbiased is useless nowadays.  It is no longer an IFA directory.    Most IFAs have been priced out of using it.

Any suggestions of how to find the above?

Any small local IFA should be ok.  Avoid the regionals/nationals.

Thanks for the correction - I actually do know that but was being a bit loose. Interestingly, I had been searching for an IFA when unbiased came up - in their mini-questionnaire they didn't really distinguish between independent and tied FAs. 

Thanks for the national vs local distinction, I'll take a look at the locals. I guess if I send an initial email specifying exactly what I want, they can decide if they are interested in my specific requirements or not.

dunstonh

Thanks for the correction - I actually do know that but was being a bit loose. Interestingly, I had been searching for an IFA when unbiased came up - in their mini-questionnaire they didn't really distinguish between independent and tied FAs.

Unbiased used to be an IFA directory.    However, over the years it has transitioned into a lead generation site for national and regional salesforce FAs.     It still lives off its old IFA directory reputation despite most IFAs no longer appearing on it.

xylophone

You could try

https://adviserbook.co.uk/

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

TheGreenFrog

In my experience the ease of finding an IFA willing to act on a transactional basis for an annuity is linked to the amount involved, because the amount of work involved is not that different whether you are looking to buy an annuity with £50k or £500k and in practice easier to charge a proper fee for the work involved with a larger sum.   

dunroving

TheGreenFrog said:

In my experience the ease of finding an IFA willing to act on a transactional basis for an annuity is linked to the amount involved, because the amount of work involved is not that different whether you are looking to buy an annuity with £50k or £500k.   

Is that because their fee will be higher for a higher amount?