Choosing an IFA

gm0

This market is very consumer hostile

Lots of jargon
High fees
Actual wealth managers will spin you a complex story about magic beans products (that are anything but)
Which you don't know the price of (unless you come here or similar)
IFAs (actually independent) may well offer a more keenly priced alternative for those who want help and not to learn to DIY.
Small pots may find advice difficult to source - at all.  On the FCA todo list with little traction as most candidate solutions are hateful in one way or another.

Obfuscation about investment strategies and true costs by people selling you something is rampant.  It strongly resembles a shell game at the sales stage to not actually lie - but misdirect on total costs. And allow the consumer to misinterpret what the comparator is. 

The FCA have been lead footed in trying to standardise communications and rules
They have got rid of products with hidden commissions for the most part.  And clamped down on the DB transfer scandal. It's not all bad.  Just mostly depressing

If you find an indie. Many of them have proved to have a retirement plan based on - selling out their book and customer list into a wealth management network.  Because it has a value.  And they see no issue with doing that unannounced.  At which point, service change, product switch recommendations (all for your own good but mysteriously onto the house product etc. Fee structure shell game. Starts to drive the need to do it all over again.  Find a new one.  Very annoying.  

So the age of your specific adviser and if they are a business owner operator or a salaried employee in someone else's shop - are highly relevant facts.  And how many there are in the shop (continuity).

Groover24

jinkster said:

OP. How did you get on? I'm thinking about moving to SJP. 

Run! Fast and far.

Apart from the obvious comments from many about the cost and performance ...

I do not know how the new charging scheme is implemented, but on reading my suitability report I found that the initial charge to take over my pot was 4.5% - compare this to most IFA at around 2~3%. I had OAC of 0.5% but that may have been due to where I came from. 

I found that my SJP FA was a little vague when asked about fees and the suitability report was full of mistakes. I got the impression that I was not being told the whole truth and in the end I could not trust what I was being told. It probably was OK, but when the trust has gone it makes for a difficult life.

I also fould the FA to be a little too pushy with other aspects such as putting assets into trust (their scheme). Possibly a good ide for some but I got the impression it was all to do with his commissions