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  • FIRST POST
    • Mark300zx
    • By Mark300zx 17th Apr 18, 1:50 PM
    • 153Posts
    • 32Thanks
    Mark300zx
    2 years away from retiring, could an IFA help?
    • #1
    • 17th Apr 18, 1:50 PM
    2 years away from retiring, could an IFA help? 17th Apr 18 at 1:50 PM
    As above, retiring early at 55, emergency service pension, and a couple of rental properties that should bring in an income.

    Would like to sit down with a financial expert to make sure my sums are correct and maybe gain another perspective/ideas on my options.

    Only trouble is not sure there is much money for an IFA to make out of me other than maybe a remortgage, or is just the chance of a remortgage enough to motivate them for a meeting?
Page 1
    • Anonymous101
    • By Anonymous101 17th Apr 18, 2:05 PM
    • 1,151 Posts
    • 554 Thanks
    Anonymous101
    • #2
    • 17th Apr 18, 2:05 PM
    • #2
    • 17th Apr 18, 2:05 PM
    Do all IFA's make money through selling products?
    I'm sure there's some that charge a fee for their time. I'd be much more inclined to trust someone that wasn't trying to sell me something. Seems more likely that they would be working in your interest then as they are getting paid no matter what.
    • dunstonh
    • By dunstonh 17th Apr 18, 2:22 PM
    • 94,556 Posts
    • 62,527 Thanks
    dunstonh
    • #3
    • 17th Apr 18, 2:22 PM
    • #3
    • 17th Apr 18, 2:22 PM
    IFAs charge for the advice. There is no money made on the actual product (RDR removed that link)

    Inevitably, IFAs are linked with products because most people who use IFAs rely on them to facilitate their product needs.

    In this case, there would be an advice charge and it would be VATable (as no product purchase means its subject to VAT).

    To be honest, not sure there is much to be gained. Secure pension and buy to lets is pretty easy to see what potential income you have. Unless there are other pensions and investments, I am not sure what you plan to achieve.

    or is just the chance of a remortgage enough to motivate them for a meeting?
    most IFAs do not do mortgages. They leave that to the mortgage advisers (many IFA firms have a mortgage adviser as part of their setup but not the actual IFA themselves). IFAs are financial planners and investment class advisers.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 17th Apr 18, 4:46 PM
    • 26,496 Posts
    • 15,736 Thanks
    xylophone
    • #4
    • 17th Apr 18, 4:46 PM
    • #4
    • 17th Apr 18, 4:46 PM
    Have you obtained a new state pension statement?

    https://www.gov.uk/check-state-pension
    • Mark300zx
    • By Mark300zx 17th Apr 18, 5:11 PM
    • 153 Posts
    • 32 Thanks
    Mark300zx
    • #5
    • 17th Apr 18, 5:11 PM
    • #5
    • 17th Apr 18, 5:11 PM
    Thanks I have and qualify for one and can raise it minimally, but tbh I think it will probably be means tested by the time I qualify!
    • Thrugelmir
    • By Thrugelmir 17th Apr 18, 5:38 PM
    • 59,849 Posts
    • 53,210 Thanks
    Thrugelmir
    • #6
    • 17th Apr 18, 5:38 PM
    • #6
    • 17th Apr 18, 5:38 PM
    and a couple of rental properties that should bring in an income.
    Originally posted by Mark300zx
    Do both still have mortgages on them?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Mark300zx
    • By Mark300zx 17th Apr 18, 5:40 PM
    • 153 Posts
    • 32 Thanks
    Mark300zx
    • #7
    • 17th Apr 18, 5:40 PM
    • #7
    • 17th Apr 18, 5:40 PM
    Do both still have mortgages on them?
    Originally posted by Thrugelmir
    Yes, have included the new mortgage tax rules and will try and pick an optimal time in the future to sell or carry on renting
    • Brynsam
    • By Brynsam 17th Apr 18, 6:04 PM
    • 1,607 Posts
    • 1,163 Thanks
    Brynsam
    • #8
    • 17th Apr 18, 6:04 PM
    • #8
    • 17th Apr 18, 6:04 PM
    Most decent IFAs will see you for an hour or so for a preliminary discussion, without charge, to see what scope there is for assisting. It's certainly worthwhile doing that in case there is something which you don't see as significant but they may point out is important (e.g. IHT planning, perhaps).
    • Dox
    • By Dox 17th Apr 18, 8:22 PM
    • 938 Posts
    • 719 Thanks
    Dox
    • #9
    • 17th Apr 18, 8:22 PM
    • #9
    • 17th Apr 18, 8:22 PM
    Most decent IFAs will see you for an hour or so for a preliminary discussion, without charge, to see what scope there is for assisting. It's certainly worthwhile doing that in case there is something which you don't see as significant but they may point out is important (e.g. IHT planning, perhaps).
    Originally posted by Brynsam
    I can second that suggestion - a good adviser will be able to give you an indication of areas for exploration based on an initial discussion, for which I wouldn't expect to see any charge. By the same token, don't expect advice as such - the adviser won't have enough information to start making informed choices about possible ways forward, but should be able to indicate whether or not it is worth pursuing particular areas.
    • bostonerimus
    • By bostonerimus 18th Apr 18, 2:38 AM
    • 2,281 Posts
    • 1,581 Thanks
    bostonerimus
    You should do a budget and work out the income you need. A pension reduces retirement income risk and worry and rental properties can be excellent income producers, but they can also be expensive, they lock up a lot of capital and having two you are not very diversified. You might consider selling one property to reduce your mortgage debt and allow you to diversify into some equities and bonds.
    Misanthrope in search of similar for mutual loathing
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