Definition clarification please.

dgbshifnal

I see references on the board to "internet IFAs" and IFAs with teams of salespeople.
I'm not sure how to identify exactly which theses are.

Would these definitions loosely cover such firms as : "William Burrows" "Annuity Bureau" and "Annuity Direct"?

Or I am misunderstanding here?

It would seem logical that, if these firms specialise in annuities, then they offer the best expertise in that area, unlike a local IFA who may specialise in other financial areas, eg mortgages, but do pensions/annuites if asked.

dunstonh

It would seem logical that, if these firms specialise in annuities, then they offer the best expertise in that area, unlike a local IFA who may specialise in other financial areas, eg mortgages, but do pensions/annuites if asked.

Logically you would expect a specialist to be better in that field. However, some of the IFAs with websites you see mentioned on the board also have other websites focusing on other subjects.

William Burrows are well known for retirement provision and are highly regarded. Although typically they deal with high net worth clients and you may well find their fees reflect that. Also, WB are part of MPL.

Annuity Bureau is part of Alexander Forbes are more well known for being pension scheme administrators.

Annuity Direct is a trading name of Enhanced Financial Solutions Ltd and they do a bit of everything.

Any IFA can set up a website focusing on a certain area. Indeed, they can set up several websites focusing on different themes with a different trading name for each area.

The problem with internet provision is that a number of them do not provide advice. You input the details and they output the figures and you pick which one. Unless you know what options are available you are not going to be told unless you seek advice.

Plus, whilst these companies may be more common names than your local IFA, your local IFA may belong to a network that has far greater buying power. That can allow that smaller IFA to have better terms than many that you see mentioned here.

At the end of the day, there is unlikely to be massive differences in any of the IFAs you use whether its internet or local. It really depends on the service you want and the service you are given. My comments on other threads are generally that where there is no gain made by using an internet provider, you are probably better off being served by a local company. Not only are you supporting small firms that provide local services, you are not paying any more for it and you could actually get slightly better terms. Plus, paperwork can be a bit rough with some open market options. Especially if you cant use open market option but have to use transfer with immediate commencement instead. Having someone visit you at home to pull the papers apart and show what is or isnt needed and have them complete and send the lot off can make things so much easier.

dgbshifnal

Dunstonh,

Thank you for the quick and (as always) helpful response.

I've been using the board over the last few months to do my research and I think I now have made my decision that I've little to lose by going to a local firm of IFAs, whom I can "look in the eye" and establish a relationship with.