Cash flow analysis for pension planning

Skyzthelimit

We are asking a financial advisor to do a cash flow analysis for pension planning, this a one off job, about £400.

We are filling in a fact finding form all quite standard.

What I’d like to know is if they will do any credit checks, I am expecting AML, but is it likely they will check our credit report?

Any FA out there or anyone with experience of this

thanks

westv

What makes you think they would do a credit check?

dunstonh

What I’d like to know is if they will do any credit checks, I am expecting AML, but is it likely they will check our credit report?

No. The financial advisor isn't lending you any money or providing services that will require a credit check.

Electronic ID checks use the databases of the credit reference agencies but are not credit checks.

Skyzthelimit

I am just unsure as we haven’t done this before.

Just because it’s to do with finances, I always assume that’s what will happen for some reason.

Would rather not have the hard search on my credit score.

So maybe just the ID check then ?

Anybody with direct experience?

hoping is worthwhile, never sure the best way forward.

Thanks

DRS1

Anybody with direct experience?

@dunstonh is an IFA so you couldn't get anyone with better direct experience of what an IFA would do.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82165640#Comment_82165640

Why not ask the advisor to confirm exactly what they will do and enquire specifically about credit checks? Just because one advisor doesn't do something doesn't automatically mean no advisor ever does it. Asking direct sounds as if it's the only way to set your mind at rest - and looking at your previous post I suspect your concern is about your wife finding out about your 'secret' account?

DRS1

Would this account even show up on a credit check? Is it a current account with an overdraft facility?

Skyzthelimit

I have just realised that a financial advisor replied, that’s helpful and reassuring, thanks for the replies.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82165729#Comment_82165729

I saw it as a possible concern - nothing more and nothing less - and suggested what I thought was likely to be a pragmatic resolution to your concern.

wjr4

that’s a very cheap price for a cashflow analysis!

QrizB

If you've got a "fun money" bank account, surely that's part of your cashflow? As is any other accounts that fund / are funded by that account?

If you don't disclose it, the (I)FA can't do their job properly and the cashflow analysis will inevitably be wrong?