financial adviser

Cobbler_tone

dunstonh said:

Pensionwise are very clear in their advice in getting financial advice from both.

Have you got a source for that, because it seems utterly bizarre to suggest such a thing.

A very clear one hour conversation I had with a Pension Wise advisor. I specifically asked "A FA or IFA?" and he said both. Being pragmatic, I guess they can't really poo poo a whole industry. A bit like that fella you probably ignore who says all IFA's are crooks.

Anyway, I'm not getting into any debates about it and won't need to use a FA or IFA. Here is the Government backed advice:

https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser

You can pick holes in that instead.   

dunstonh

A very clear one hour conversation I had with a Pension Wise advisor. I specifically asked "A FA or IFA?" and he said both. 

You realise that the Pensionwise people are not well-trained and lack experience in the areas to make such statements.     They are trained on the basics within their remit only.   

Cobbler_tone

dunstonh said:

A very clear one hour conversation I had with a Pension Wise advisor. I specifically asked "A FA or IFA?" and he said both. 

You realise that the Pensionwise people are not well-trained and lack experience in the areas to make such statements.     They are trained on the basics within their remit only.   

As opposed to trying to pick through some of the absolute wild BS posted on a forum? Which also gives some great advice.

I’m comfortable with my knowledge but millions will rely on the ‘official’ advice of PW. Anyway, the DC options were explained in very clear, plain English compared to anything I’ve seen here. It was a throwaway comment to steer clear of any attempt to provide financial advice and “speak to a couple” is never poor advice. Highly recommended as a starting point and most people won’t ultimately need an FA/IFA, which can clearly a minefield in itself. Remember the days when people wouldn’t get a mortgage without a FA/IFA? Or car insurance was bought in a shop. Pensions are probably going the same way with the tech and info available. 

The most fortunate may know a good one, or get a strong recommendation if needed.

Ibrahim5

They are all the same money grabbing "get rich quick" spivs who charge obscene amounts for very little effort. It's like buying a car. An IFA is a used car salesman. An FA is a used car salesman for a specific brand. If you go to the Audi dealer and ask for a nice small hatchback you will probably be happy. The independent car dealer might say you'd have been better off with a BMW but it wouldn't make much difference.

ali_bear

Ibrahim5 said:

They are all the same money grabbing "get rich quick" spivs who charge obscene amounts for very little effort. It's like buying a car. An IFA is a used car salesman. An FA is a used car salesman for a specific brand. If you go to the Audi dealer and ask for a nice small hatchback you will probably be happy. The independent car dealer might say you'd have been better off with a BMW but it wouldn't make much difference.

But they would both be wrong - for a small hatchback you are better off with something French or Italian, or Korean. 

Ibrahim5

The IFA could sell you something French, Italian or Korean. That proves you are better off going with the FA and getting the Audi. Although the IFA could recommend a Skoda which would be even better.

ali_bear

But Audi are known for making big estate cars. 

Only a cheapskate would buy a Skoda   

wjr4

Cobbler_tone said:

dunstonh said:

A very clear one hour conversation I had with a Pension Wise advisor. I specifically asked "A FA or IFA?" and he said both. 

You realise that the Pensionwise people are not well-trained and lack experience in the areas to make such statements.     They are trained on the basics within their remit only.   

As opposed to trying to pick through some of the absolute wild BS posted on a forum? Which also gives some great advice.

I’m comfortable with my knowledge but millions will rely on the ‘official’ advice of PW. Anyway, the DC options were explained in very clear, plain English compared to anything I’ve seen here. It was a throwaway comment to steer clear of any attempt to provide financial advice and “speak to a couple” is never poor advice. Highly recommended as a starting point and most people won’t ultimately need an FA/IFA, which can clearly a minefield in itself. Remember the days when people wouldn’t get a mortgage without a FA/IFA? Or car insurance was bought in a shop. Pensions are probably going the same way with the tech and info available. 

The most fortunate may know a good one, or get a strong recommendation if needed.

1) nobody should take advice on a forum 
2) pension wise do not give advice and they clearly say they to you 
3) speaking to a couple of IFAs can be sensible, to find someone you get along with. Speaking with a FA is not sensible as you’re basically going to a salesperson rather than an unbiased IFA. 

LHW99

wjr4 said:

3) speaking to a couple of IFAs can be sensible, to find someone you get along with. Speaking with a FA is not sensible as you’re basically going to a salesperson rather than an unbiased IFA. 

While I agree with that, even a (regulated) FA is not going to walk off with the money, or invest it into alaskan rubber plantations

dunstonh

I’m comfortable with my knowledge but millions will rely on the ‘official’ advice of PW. Anyway, 

Pensionwise do not give advice (official or otherwise).   The give some of the options available but not all.  They do not advise which is best.

Multiple times over the years I have had clients that came to use after pensionwise and had ideas in their head because of pensionwise but ended up doing something different as pensionwise hadn't covered the options available in full in relation to their circumstances.

It was a throwaway comment to steer clear of any attempt to provide financial advice and “speak to a couple” is never poor advice. 

Speaking to a couple of IFAs is fine.   Speaking to FAs who are effectively sales reps of the company they represent is pointless.