I could do with some good, independent financial advice. I may pay a fee for better results / magic beans!
Recommendations appreciated
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How do you source a good, free IFA?
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Posted 5 months ago #
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No such thing as a "free IFA" - they are NOT independent if they are taking a commission on any product. Whatever area of advice, they are obviously monetarily motivated to sell you the products that they make commission on - and the product they will recommend highest is usually the one that they make the most commission on.
To get a truly "Independent" financial adviser you will have to pay fees.
If you want a product salesman, see an IFA.
Posted 5 months ago # -
To add to ^^^, think about it - some random person you never met before who doesn't have any formal qualifications telling you how to invest your money. And if it doesnt work, you have no comeback on them whatsoever.
Failing that, you can let them invest your money for you, and hope they dont turn out to be a mini-madoff.
If they are so fookin good at investing money why arent they millionaires? That's why superstar fund managers ARE millionaires because they are as good as it gets. However since the 'city' is basically institutionalised gambling - aka investment banking - instead maybe try 888Poker.com?
Posted 5 months ago # -
the above advice has probably already saved me a couple of k
Posted 5 months ago # -
As Digger says there is no such thing as a free IFA - we are not charities you know, although his interpretation of how products are sourced is somewhat off the mark!! I have yet to meet an IFA that doesn't show their research, and as such any commission that they may receive. Also, fee's/commission would "normally" be agreed before any work is undertaken so you enter eyes wide open.
Sugdenr - I'd love to see how you can say all the exams that I have completed (and the ones I am yet to complete) and 6 years of training that I had to do before being allowed to sit in front of a client and continuos professional development undertaken has led to "no formal qualification". My industry is one of the most heavily regulated and tested out there (unless you work in a bank)!!!
Pieface - have a look on http://www.unbiased.co.uk for an IFA local to you.
Words of warning - steer well clear of St James' Place - they are NOT independent, they can only give you products from a limited range of providers and are hellish expensive.
The way to tell if the adviser is truly independent is that they MUST give you the option to pay for their advice via a fee - all other advisers do not, and hence "could hide commissions" from you.
If you want a second opinion on an adviser email me (email in profile) and I'll let you know if they are ok.
Chris.
Posted 5 months ago # -
Sugdenr - I'd love to see how you can say all the exams that I have completed (and the ones I am yet to complete) and 6 years of training that I had to do before being allowed to sit in front of a client and continuos professional development undertaken has led to "no formal qualification". My industry is one of the most heavily regulated and tested out there (unless you work in a bank)!!!
Fair enough, my cynicism got a bit out of control there - must have been thinking about estate agent! My apologies
Posted 5 months ago # -
must have been thinking about estate agent
Posted 5 months ago # -
I used an IFA for about 15 years but became very disappointed with the service.I do believe i was pointed to investments that paid the highest commission and when i complained about the disappointing returns i was told "thats how the stock market goes".
Changed to a financial adviser from my bank,HSBC.Totally different and more professional approach.I was given a choice of investments,not just HSBC based ones,and the service i received was excellent.I know someone will probably post abouts HSBC's recent miselling case.Posted 5 months ago # -
Calm down there sonnies..
All IFA's are not the same. All IFA's are not independant but may claim to be.
Reputations are hard to come by, hard fought and hard won, but they do exist and there are some very very good IFS'a out there.Product placement sales is totally different and you should make your choices based on biased products. Thats not to say these services offer bad advice, far from it, but it is directional in approach, bare that in mind.
Heres the regularoty body that service this industry:
http://www.fsa.gov.uk/A souce of IFAs click here:
http://www.findanadviser.org/find-an-adviser.aspxYou will pay fees, make sure they are one off fees and if any referals come from other institutions then ask that that fee/commision be made clear.
RDR comes in in a couple of years where all fees will be made clear and up front, most IFA's are already doing this in preparation for that regulation so should be used to fielding questions.
It's upto you whether you take the advice or not.
Posted 5 months ago # -
I know a good one. He's been very nice to me. Where are you based? He's Southern but gets around.
Posted 5 months ago # -
A question - suppose a FA recommends an investment, and it turns out to be a scam (not by the FA, but by 3rd party who also dupes the FA) do you have any comeback? Are FA's insured against this?
Posted 5 months ago # -
Umm.. why would you go with some dodgy scheme you've never heard of? My FA always recommended companies I'd heard of.
Posted 5 months ago # -
I'm in the North.
Posted 5 months ago # -
And if it doesnt work, you have no comeback on them whatsoever.
Completely wrongs as well, you can sue your IFA for incorrect/misleading advice under professional negligence legalisation.
Posted 5 months ago # -
Umm.. why would you go with some dodgy scheme you've never heard of? My FA always recommended companies I'd heard of.
Just because you haven't heard of it doesn't mean it's dodgy. Surely finding (good) schemes that may not be obvious to the layman is exactly why you pay a FA ??
Posted 5 months ago # -
Completely wrongs as well, you can sue your IFA for incorrect/misleading advice under professional negligence legalisation.
And if they have no insurance against being sued, they can just declare bankruptcy and you are SOL
Posted 5 months ago # -
http://www.unbiased.com is a good place to start. A good indicator of a fully qualified IFA is that they have chartered status which is currently the highest level of qualification in the Industry.
As with most things, don't be afraid to shop around, find someone that you are comfortable with, who you feel that you can trust. IFA's are responsible for the advice that they give and should be covered by Professional Indemnity Insurance in case something goes wrong - so ask the question. My firm is covered for between £1.6 and £2.5 million depending on the nature of the advice you are receiving so make sure your IFA's cover has plenty of headroom.
I would echo the point about ST James Place. Slick marketing but not independent.
If you are in or around Cambridgeshire drop me a line and I will see if one of our guys can help (Fees or Commission, but mainly fees). Unless it is a mortgage - we don't do mortgages.
Posted 5 months ago # -
I would point out that most products sold by IFA's have some downside risks. If you can't cope with losing money if markets move against you then make this clear at the outset but in practice if this is your outlook you might as well just look up the best buy savings rates at Banks.
The point up there about IFA's requiring qualifications but Bank sales staff having none is spot on. Doing your own research is highly recomeded whichever way you go.
Posted 5 months ago # -
IFA's are responsible for the advice that they give and should be covered by Professional Indemnity Insurance in case something goes wrong - so ask the question.
Sound advice ...
Posted 5 months ago # -
there is no such thing as a free IFA - we are not charities you know
Maybe I should adopt that stance next time I hear, "so I was on the Internet, and now my computer's really slow..."
Posted 5 months ago #
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