Finding an honest, reputable IFA

MM2002

Hi All,
I'm looking for some advice on my mortgages(Residential & BTL) and investments(Savings/ISA's/Shares etc)

My pension was with SJP but after being with them a good few years found I would have been better leaving in my workplace pension. They also only offered advice(Bad at that!) on my pensions, not on any oter finances, i.e. how to work my residential vs BTL mortgages. so would like to find a local IFA (Bedfordshire).
My company offer an introductory service with a company called 'Unbiased' and my union recommends 'Quilter' , neither of which I know anything about other than trustpilot that rates both highly. I am weary of being misled like St James' Place did for my pension. 

Any advice/recommendations considered and appreciated

MM 

eskbanker

MM2002 said:

My company offer an introductory service with a company called 'Unbiased' and my union recommends 'Quilter' , neither of which I know anything about other than trustpilot that rates both highly. I am weary of being misled like St James' Place did for my pension.

Unbiased is a comparison site linking to advisers, so isn't the end game, and Quilter, like SJP, aren't IFAs but (tied) FAs.

https://www.moneysavingexpert.com/savings/best-financial-advisers/ is maybe somewhere to start....

Eyeful

1. Perhaps reading through these may be of help to you.
https://www.which.co.uk/money/investing/financial-advice/how-to-find-a-financial-adviser-afZ375F6BIiC
https://societyoflaterlifeadvisers.co.uk/
https://www.moneyhelper.org.uk/en

2. Out of curiosity I took a look a look at the Quilter website.
A notice came up to (a) tell them if I was a Customer or an Advisor (b) to accept or reject their cookies. 
I rejected their cookies from being downloaded on to my computer. They would not allow me to continue any further.
That told me all I needed to know about them.

3. Make sure you understand the difference between an IFA & an FA.

dunstonh

I'm looking for some advice on my mortgages(Residential & BTL) and investments(Savings/ISA's/Shares etc)

Most IFA (individuals) no longer do mortgages.    However, the IFA (firm) will often have mortgage advisers as part of the team.

My company offer an introductory service with a company called 'Unbiased' and my union recommends 'Quilter' , neither of which I know anything about other than trustpilot that rates both highly. I am weary of being misled like St James' Place did for my pension. 

Quilter are FAs, not IFAs.   And unbiased started life as an IFA directory, but over the last few years, it priced out most IFAs and only FAs and national salesforces still remain on unbiased.  In our area, just one IFA appears in the list and they are a network member and not a directly authorised IFA.

Most IFA firms are small localised firms of 1-5 advisers.   They will have a similar internet footprint to your local baker or butcher.    Many will not advertise as they have no need to.  However, they will typically appear on google searches or the free directories.  

Most of the paid sites are dominated by FAs and not IFAs.

xylophone

https://adviserbook.co.uk/

You could try above - tick "confirmed independent" and other options required when the menu comes up.

Eyeful

MM2002

1. Check if financial services firms are authorised and have permission to sell you products and services.
Use the FCA register below. It will provide you with correct  contact details and the FRN of the company,
https://register.fca.org.uk/s/
https://www.fca.org.uk/consumers/fca-firm-checker/search

2. If they are not on the above register, don't deal with them.

3. Be careful and use the register above so as to avoid scam and clones of legitimate companies.
Example: There are clones of the Quilter company you mentioned.

MM2002

Many thanks all.

Looks like Unbiased is the way to go, at least will point me in the right direction.

Thanks again, really helpful

youth_leader

My husband died in 2016 and I was lucky enough to get a lump sum.  I spoke to a local woman, also widowed, who recommended her IFA, she has known him for many years. 

I've now been with him since 2017 and have just had my annual review, he travels from Norfolk to the NE to see me and others in this village.  My investments with him are doing well.  Highly recommended, Martin Roden – Financial Advisers

dunstonh

Looks like Unbiased is the way to go, at least will point me in the right direction.

only if you want FAs or salesforces rather than IFAs.

MM2002

dunstonh said:

Looks like Unbiased is the way to go, at least will point me in the right direction.

only if you want FAs or salesforces rather than IFAs.

Hope I don't sound too daft, but whats the difference? How would one be better than the other?Is it worth speaking to both(if I can find an IFA-seem hard to find one and how does one know if they are offering the best advice?Is it not all personal view on risk?

MM2002

youth_leader sa

My husband died in 2016 and I was lucky enough to get a lump sum.  I spoke to a local woman, also widowed, who recommended her IFA, she has known him for many years. 

I've now been with him since 2017 and have just had my annual review, he travels from Norfolk to the NE to see me and others in this village.  My investments with him are doing well.  Highly recommended, Martin Roden – Financial Advisers

Many thanks, What is the ballpark figure an IFA charges? Is it a fixed rate or a %?

My old pension adviser from St James Place used to travel a long way to visit me also, this raised suspicions as I thought he wouldnt be doing this unless he get paid well for his time- turns out I lost 1000's but he had the gift of the gab as they say and only when i read the small print did i realise his recommendation had to make 4% more pa to beat my workplace pension. When I asked about this suddenly I got- 'Let me check my figures and get back to you'
Needless to say I didnt hear from him again and moved my pension back.