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IFA info ??
ipri
Posts: 649 Forumite
Hi...new IFA has asked for us to sign " letters of authority" to allow access to various investments/ savings....my wife thinks he's going to run off with the dosh! Can someone reassure us this is normal procedure?
Ps...has also asked for copies of passports! ta ian
Ps...has also asked for copies of passports! ta ian
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asked for copies of passports
Maybe he's gonna run off with the wife and your dosh !!!!:eek:'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
new IFA has asked for us to sign " letters of authority" to allow access to various investments/ savings
Its normal. It allows your existing providers to note him as servicing adviser (instead of the original adviser). It also allows him to obtain information on your plans which can then be used to give you best advice.my wife thinks he's going to run off with the dosh!
Servicing rights dont go that far. Its access to information.Ps...has also asked for copies of passports! ta ian
Money laundering verification purposes. He is checking your ID. Again totally normal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you are signing a letter which says "Please cash all my investments and pass the money to Mr IFA" then i'd worry.
If it says "Take this as my authority to release information to Mr IFA" then that's fine.
Moral of the story is to read what you signI am a Chartered Financial Planner
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice as different people have different needs.0
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