Anyone use these advisors?

full-time-mum

Anyone heard of /know anything about AFH Independant Finacial Advisors based in Bromsgrove?

dunstonh

Couldnt find them on the FSA register to begin with but then noticed your spelling mistake on adviser . They are listed under AFH Independent Financial Services Limited

I know nothing of this company but they appear to be a mini salesforce with nearly 40 advisers. I will stick to my usual line in that you should avoid salesforces. It doesnt matter if they are tied or independent. The salesforce mentality doesnt fit well with proper financial advice. Sales targets or minimum retentions put pressure on the advisers. The advisers typically only get a very small proportion of the commission earned which means there is limited scope for discounting (i.e. if they only get 30% of the commission they cant really go and discount much for you). Many dont get the trail commission either which means there is no incentive for them to service you.

Plus, they tend to have a high turnover in staff which means you get no consistency. In this case, according to the FSA register, they started under their current name in 2002 and currently have 34 advisers (not including mortgage advisers) but have had 39 advisers leave. So, they appear to have an issue with adviser retention and turnover and for that reason, I would be on guard.

full-time-mum

Thanks for that.

Our 'old' advisor (who we're in dispute with over the endowment) has retired and "after lots of research" has decided this company is right for his clients. The new people are in Bromsgrove and the original one man business was in Kettering! I read this as "these people paid me well so I've handed over your files....")
They phoned and asked to come and see us so we thought we'd nothing to lose by talking. I think that we had already pretty much decided that we're not bothered and you have just more or less confirmed our gutt feeling.

We were very financially niave when we first sort advice and, in terms of the financial market related products, still are but not quite so. We are confident that we can get the right deal with mortgages on our own, we can handle credit cards ourselves, we are not likely to want a loan EVER and we aren't likely to touch endowments with a barge pole now, so the only things we may need advice on are pensions and selling our Standard Life shares and I think we'll go find someone local as and when.

If we don't want them to act for us, what happens to our notes and things? Are we entitled to ask for them? It is quite important to know what will happen as our mis-selling claim still isn't sorted yet - only been waiting 15 months since lodging our appeal....

dunstonh

If we don't want them to act for us, what happens to our notes and things?

The firm responsible for the original advice must keep them regardless of what you want.

However, you can tell them that you dont want to deal with them. If this firm has bought the old adviser's business then his liabilities goes with it to them. If they have just bought the client data and renewals then the old adviser keeps the liabilties.