Picking an IFA

lynzpower

the time has come when I have simply realised Im never going to get my head round all I need to to self invest and I need the experience of one trained and wise. so I must now get myself aquianted with an IFA . Within the next month or so.

I have dithered around and looked about and I have played with the IFA website ( unbiased) etc

Can anyone tell me:

A) how much I will be expecting to see them
b) how often I see them ( monthly, annually, etc)
c) how much it tends to cost per hour
d) are they all much of a muchness or are there differences, but if so what are they and how do I choose.


im a bog standard 25K PAYE with v low overheads, and about 35k in various poorly performing pots.

jem16

lynzpower wrote: »

the time has come when I have simply realised Im never going to get my head round all I need to to self invest and I need the experience of one trained and wise. so I must now get myself aquianted with an IFA . Within the next month or so.

I have dithered around and looked about and I have played with the IFA website ( unbiased) etc

Can anyone tell me:

A) how much I will be expecting to see them

Once a year if you want face-to-face. Never if you want to deal by phone,post,email. If you are going to add to your investments perhaps more often.

b) how often I see them ( monthly, annually, etc)

As above

c) how much it tends to cost per hour

I don't know. I paid through commission which is perhaps the most popular way. You can agree an amount to begin with which can either be paid through commission or as a fee ( now known as CAR - Customer Agreed Renumeration ). The IFA you choose should ideally be working as a NMA ( New Model Adviser) or using CAR. This way you know exactly how much you are paying and it takes away any commission bias for certain products. Average commission taken by IFAs is 1.8% with 0.5% trail(ongoing) so you know what to aim for.

d) are they all much of a muchness or are there differences, but if so what are they and how do I choose.

Choose an investment specialist IFA and not a jack-of-all-trades who perhaps mostly deals with mortgages. Their charges will vary too. Try to see a smaller firm where you can deal with the owner/partner as they have a vested interest in the performance of your investment. Avoid the larger salesforces - often have 0845/0870 numbers.

purch

I need the experience of one trained and wise

I wouldn't bother with an IFA then :rotfl:


P.S. A little IFA humour...........don't get the hump !!!!