Finding a good financial advisor

[jmorgan]

OK, we have used one in the past. We think we need a check up (or not??), check a private pension, savings etc. Trip to the one in the high street (only one I think outside a bank) and its £500 for a look through our details to check on what is doing what. Thing is, I have no idea how to tell I am getting good advice nor if I need it.

I have used the FSA web site but that just lists who is authorised (I think). It lists a few near me and the one we have used in the past has been through a few changes.

Any pointers much appreciated. Don't mind paying for advice if we need it and that advice is good.

edit edit out some info

Edited by jmorgan on Saturday 4th May 07:23

[spoofking]

Most ifa's will offer a free initial meeting (I do). You should ask friends/family/colleagues for a recommendation. All advisers now have to charge fees, commission has gone thankfully! As regards the good/bad advice - if you're savvy with your money I think you'll probably know. If it doesnt feel right/sound right it's probably wrong!! Go to another adviser if that's the case but make sure you only using the 'free' time

If you feel you can do it yourself then use one of the online providers but you don't get protected for making the wrong advise choices!!

HTH

Pete'

[jmorgan]

OK, thanks. Fish around some more then.

[Wacky Racer]

Warren Buffett:-


Rule 1...Never lose money

Rule 2...Never forget rule one.



He seems to have done OK.......

[fredbrad]

Is there such a thing as a financial adviser?

[jmorgan]

Right, piggy bank and the mattress then....

[s2t]

You will only know if the advice is good several/many years down the line by which time your advisor will have been paid their fees. If I were you try and do as much work or research yourself

[jmorgan]

Think we have the best of it nailed down, one or two things to sort that we think we are out of our depth with.

Rightyho, nail jelly to the ceiling time.

[Pobolycwm]

I share your frustration, I too have tried to find a good IFA, have had several free consultations through pension funds and accountants ( indirect payment ) and generally been underwhelmed by their input, in business I'd expect potential suppliers to put something new on the table, when selling I'd expect clients to be interested in the proposal, but with IFA's they generally repeat what I already know. I guess you have to pay for the " edge " but it's finding it that's difficult. Had I more to invest maybe they'd come to me, or would they all be chancers ?

Maybe ask for info / advice on PH, there's some sharp cookies on here and it's free.

[jmorgan]

Well, did not want to be cheeky (if indeed it is that) and appreciate paying for someone's time. In for a penny and all that, worth starting a new thread?

We have a private pension (taken out donkeys years ago for the mrs) that needs checking and an endowment about to pay off. Been on repayment for years and mortgage getting overpaid like the clappers so not long left on that.

[BoRED S2upid]

I have a good one but hes several hundred miles away from you so not much use. I wouldn't be paying £500 upfront a good one will be having a chat for free even reviewing your position for free they make their money from the enhanced products you take out.

[Tyre Tread]

I am in the same boat i.e. need to find one I can trust.

I desparately need to sort out my pension but find the whole world of pensions both complex and tedious.

Any advice on where to start to sort out the multiple small and mainly useless frozen pensions I have from various employers would be appreciated.

[dalenorth]

Hi guys,

I unfortunately don't advice on pensions or investments any more, but I do know a couple of good guys with a clean records, who wouldn't mind doing the initial appointments with you FOC.

I like you would not want to pay upfront for a meeting, as you really don't know if you will get on with the IFA or like what he/she has to say.

I will be happy to provide you with there details if you want to pm or call me?

Dale

[Maryben]

BoRED S2upid said:

I have a good one but hes several hundred miles away from you so not much use. I wouldn't be paying £500 upfront a good one will be having a chat for free even reviewing your position for free they make their money from the enhanced products you take out.

So, as there is no longer commission payable on investments and pension plans how will the adviser 'make their money from the enhanced products you take out'.

[BoRED S2upid]

Maryben said:

BoRED S2upid said:

I have a good one but hes several hundred miles away from you so not much use. I wouldn't be paying £500 upfront a good one will be having a chat for free even reviewing your position for free they make their money from the enhanced products you take out.

So, as there is no longer commission payable on investments and pension plans how will the adviser 'make their money from the enhanced products you take out'.

News to me that there isn't comission payable on investments.

[Sarnie]

BoRED S2upid said:

News to me that there isn't comission payable on investments.

http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/rdr_adviser.pdf

[jmorgan]

dalenorth said:

Hi guys,

I unfortunately don't advice on pensions or investments any more, but I do know a couple of good guys with a clean records, who wouldn't mind doing the initial appointments with you FOC.

I like you would not want to pay upfront for a meeting, as you really don't know if you will get on with the IFA or like what he/she has to say.

I will be happy to provide you with there details if you want to pm or call me?

Dale

Thanks for the offer. Mulling other stuff over at the moment, might contact a few that the fsa list close by just to hear what their opening spiel is.

Just realised (remembered) we have a critical illness as well and that is bugging me for some reason. Something to do with the endowment and mortgage. Need to get the a paperwork.

[Redler]

My fathers company has many many 5star reviews!

http://www.greenefs.co.uk/

http://www.reviewcentre.com/Financial-Advice-Websi...

[black1]

you will never find a good one !

[westberks]

BoRED S2upid said:

News to me that there isn't comission payable on investments.

it's just more transparent these days. No chance of advisers taking the 7% upfront from investments or big 'hidden' up front fees on pensions that get buried in the policy; not that I ever have. I'd hope that most would have moved over to clearer charges years ago but probably not the case. Unit trusts have always been fairly clear but some firms managed to hide more charges on those too.

i've been on a smaller initial fee and ongoing management charges for years now.

i always treat the first meeting a bit like a blind date; I've had some clients for 20 years and some didn't get past 20 minutes!! earlier suggestion to go for a recommendation is probably best but you'll only get a 'feel' for the adviser in the initial meet. it takes that time to establish the crazies and those looking to get free advice to then go and do stuff themselves directly. Some people forget it's a 2 way relationship.

stuff like consolidating old pensions is very time consuming so charges need to be appropriate for the time involved, the FCA set out a fairly lengthy process to establish the suitability whether the fund is £3,000 or £300,000.

don't do anything too hasty on the critical illness cover as the definitions of what's covered has changed and older policies generally cover more bits of you that might fall off!