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  • FIRST POST
    • Twointhebush
    • By Twointhebush 25th Sep 19, 7:35 PM
    • 92Posts
    • 8Thanks
    Twointhebush
    What If My IFA Sells Up?
    • #1
    • 25th Sep 19, 7:35 PM
    What If My IFA Sells Up? 25th Sep 19 at 7:35 PM
    It's occurred to me that it's possible that my chosen IFA could sell his business? Then I have no control of who my IFA is, especially if there are exit fees? Or is my 'contract' strictly with my existing IFA?

    Thanks,
Page 1
    • dmelife
    • By dmelife 25th Sep 19, 7:52 PM
    • 109 Posts
    • 96 Thanks
    dmelife
    • #2
    • 25th Sep 19, 7:52 PM
    • #2
    • 25th Sep 19, 7:52 PM
    Then find another one. Like you would with any other profession.
    There is no ‘contract’. Both parties are free to call it a day at any point.
    • SonOf
    • By SonOf 25th Sep 19, 8:06 PM
    • 1,792 Posts
    • 2,050 Thanks
    SonOf
    • #3
    • 25th Sep 19, 8:06 PM
    • #3
    • 25th Sep 19, 8:06 PM
    Then I have no control of who my IFA is, especially if there are exit fees?
    IFAs are not allowed exit fees.

    And you have full control. You appoint a new IFA of your choice.
    • Twointhebush
    • By Twointhebush 26th Sep 19, 8:04 AM
    • 92 Posts
    • 8 Thanks
    Twointhebush
    • #4
    • 26th Sep 19, 8:04 AM
    • #4
    • 26th Sep 19, 8:04 AM
    Ok thanks. But my IFA gets an annual % from the investments we've already made. If he sells, then I have to deal with somebody completely different. Can the new 'owner' increase the %? What if I find them objectionable? Are there any other changes they can make?
    • Keep pedalling
    • By Keep pedalling 26th Sep 19, 8:25 AM
    • 7,128 Posts
    • 8,361 Thanks
    Keep pedalling
    • #5
    • 26th Sep 19, 8:25 AM
    • #5
    • 26th Sep 19, 8:25 AM
    Ok thanks. But my IFA gets an annual % from the investments we've already made. If he sells, then I have to deal with somebody completely different. Can the new 'owner' increase the %? What if I find them objectionable? Are there any other changes they can make?
    Originally posted by Twointhebush
    Just read the answers you have already been given.
    • SonOf
    • By SonOf 26th Sep 19, 8:30 AM
    • 1,792 Posts
    • 2,050 Thanks
    SonOf
    • #6
    • 26th Sep 19, 8:30 AM
    • #6
    • 26th Sep 19, 8:30 AM
    Can the new 'owner' increase the %?
    Yes. However, a new agreement would have to be completed with you.

    What if I find them objectionable?
    Then you change the IFA.

    Are there any other changes they can make?
    Not without your permission.

    We have taken on about 6 new clients without existing platform business in the last few weeks. One was with HL. IFAs cannot use HL. So, that is being moved from HL. Plus where it is being moved to is cheaper. Another is with Fidelity. It could stay at Fidelity but we get lower platform charges elsewhere. So, that will be moving. Another is with Novia platform. As a general practitioner IFA, we do not have the ability (or wish) to use Novia (as the adviser must commit to placing £Xm on that platform and be their primary platform. That effectively restricts the adviser). So, that will be moved off (plus Novia are expensive). And another was with Aviva. We are keeping that one on Aviva but just getting the charges lowered to match our terms. And another was with Elevate and that is staying put.

    So, you can see that just from a sample in a few weeks, that all of which could be serviced by the new IFA. In some cases it was being left on the existing platform. On some cases it was being moved but with justifiable reasons. None of them created any problems for the "new" IFA. It was all routine.

    The only time a new adviser will have problems is if the investor chose a company like SJP and/or where an offshore bond has been used with a restricted provider.
    • capital0ne
    • By capital0ne 26th Sep 19, 11:52 PM
    • 806 Posts
    • 399 Thanks
    capital0ne
    • #7
    • 26th Sep 19, 11:52 PM
    • #7
    • 26th Sep 19, 11:52 PM
    where's old Dunsty boy when he's needed?
    • AnotherJoe
    • By AnotherJoe 9th Oct 19, 10:45 AM
    • 16,282 Posts
    • 19,536 Thanks
    AnotherJoe
    • #8
    • 9th Oct 19, 10:45 AM
    • #8
    • 9th Oct 19, 10:45 AM
    where's old Dunsty boy when he's needed?
    Originally posted by capital0ne




    extra text
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • bostonerimus
    • By bostonerimus 9th Oct 19, 12:56 PM
    • 3,449 Posts
    • 2,759 Thanks
    bostonerimus
    • #9
    • 9th Oct 19, 12:56 PM
    • #9
    • 9th Oct 19, 12:56 PM
    The OP should realise that they are in charge. The IFA relationship can be severed and they can find a new one at any time. They are also allowed to negotiate the fee and should do so aggressively. They also have the option to DIY and not use an IFA.

    To often pension companies, IFAs and especially the client seem to have the power structure upside down, It's the client that should be in control.
    Last edited by bostonerimus; 09-10-2019 at 12:58 PM.
    Misanthrope in search of similar for mutual loathing
    • Marcon
    • By Marcon 9th Oct 19, 4:06 PM
    • 1,363 Posts
    • 1,081 Thanks
    Marcon
    where's old Dunsty boy when he's needed?
    Originally posted by capital0ne
    Past use of one name is no guide to future use of other names...
    • cfw1994
    • By cfw1994 9th Oct 19, 8:52 PM
    • 497 Posts
    • 440 Thanks
    cfw1994
    Past use of one name is no guide to future use of other names...
    Originally posted by Marcon
    The value of your names may go down, as well as up!
    • JustAnotherSaver
    • By JustAnotherSaver 9th Oct 19, 9:34 PM
    • 4,138 Posts
    • 733 Thanks
    JustAnotherSaver
    where's old Dunsty boy when he's needed?
    Originally posted by capital0ne
    Answering questions cryptically elsewhere perhaps.

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