Choosing an IFA.
Discussion
I’ve got money invested in a number of places, and it’s time to review and rearrange if appropriate. I’ve not used an IFA before, so I’ve a couple of questions.
How do I select one, how does charging work, flat fee or percentage?
I’ve done some googling, which probably contains good advice among the dross, but which is which?
Anyon some first hand advice?
How do I select one, how does charging work, flat fee or percentage?
I’ve done some googling, which probably contains good advice among the dross, but which is which?
Anyon some first hand advice?
Personally, I'd ask away on here as much as you can first. You will then be able to draw your own conclusions as to whether you really do need one, or not.
eta - the sticky at the top of this forum 'Intelligent Money - your investment questions answered' - I've learnt more from this since it started than in the past 15yrs from my IFA
eta - the sticky at the top of this forum 'Intelligent Money - your investment questions answered' - I've learnt more from this since it started than in the past 15yrs from my IFA
Edited by Phooey on Monday 10th June 14:22
There are a number of IFA's who post regularly on here and some of them appear eminently sensible. I'm sure that if you make contact with them by PM they will answer your questions. Personally I would avoid any who won't give you a clear and concise response. My own preference would be to pay a one off fee as and when necessary. Its important to identify the "scope" of advice you are looking for because its a world where everything lives in a context.
For people who take an interest in the subject there's a huge amount of general guidance on this forum.
For people who take an interest in the subject there's a huge amount of general guidance on this forum.
As a starting point, I would look for a Chartered adviser/firm if your needs are more complex.
Draft up an e-mail, introducing yourself and what you are looking for to send on to an initial selection of firms. Do ask for how you will be charged, and the likely costs involved for what you need. Ask as well how these fees are paid and when.
Next, go and have a chat with those who bother to respond, and whom seem keen to work with you, while being transparent on costs.
With luck, you will find a good source of trusted advice that will endure for many years.
Draft up an e-mail, introducing yourself and what you are looking for to send on to an initial selection of firms. Do ask for how you will be charged, and the likely costs involved for what you need. Ask as well how these fees are paid and when.
Next, go and have a chat with those who bother to respond, and whom seem keen to work with you, while being transparent on costs.
With luck, you will find a good source of trusted advice that will endure for many years.
eldar said:
I’ve got money invested in a number of places, and it’s time to review and rearrange if appropriate. I’ve not used an IFA before, so I’ve a couple of questions.
How do I select one, how does charging work, flat fee or percentage?
I’ve done some googling, which probably contains good advice among the dross, but which is which?
Anyon some first hand advice?
What advice are you seeking? Tax planning? Goal setting and planning? Investment planning?How do I select one, how does charging work, flat fee or percentage?
I’ve done some googling, which probably contains good advice among the dross, but which is which?
Anyon some first hand advice?
Phooey said:
Personally, I'd ask away on here as much as you can first. You will then be able to draw your own conclusions as to whether you really do need one, or not.
eta - the sticky at the top of this forum 'Intelligent Money - your investment questions answered' - I've learnt more from this since it started than in the past 15yrs from my IFA
eta - the sticky at the top of this forum 'Intelligent Money - your investment questions answered' - I've learnt more from this since it started than in the past 15yrs from my IFA
Edited by Phooey on Monday 10th June 14:22
dingg said:
See intelligent money thread
Thanks for the heads up guys. OP - Feel free to get in touch on the Intelligent Money thread or PM me if you like.
Cheers
Not the one my missus had!
Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
Edited by C0ffin D0dger on Tuesday 11th June 16:31
Phooey said:
Helicopter123 said:
With luck, you will find a good source of trusted advice that will endure for many years.
"with luck". That bit worries me a little 
MisterJD said:
What advice are you seeking? Tax planning? Goal setting and planning? Investment planning?
& think about this.....I reckon a big % of folk who take time to ask these kind of questions on this forum or similar are probably already the type of person who could manage many things themselves & potentially (not always!) save themselves a fortune!!mikeiow said:
& think about this.....I reckon a big % of folk who take time to ask these kind of questions on this forum or similar are probably already the type of person who could manage many things themselves & potentially (not always!) save themselves a fortune!!
Very good point, certainly valid, i think. I’ve some thinking to do, some things I’d not really considered. A day or two should help
C0ffin D0dger said:
Not the one my missus had!
Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
This is pretty much experience with them too; have yet to meet one I’m happy to pay to manage my money. The few I’ve met I’ve asked some fairly straightforward questions of (which pretty much anyone who reads the money sections of the weekend papers would be able to answer) and they have all failed to answer them correctly, so I take the view there is no value paying them to do what I can do myself better.Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
Edited by C0ffin D0dger on Tuesday 11th June 16:31
85Carrera said:
C0ffin D0dger said:
Not the one my missus had!
Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
This is pretty much experience with them too; have yet to meet one I’m happy to pay to manage my money. The few I’ve met I’ve asked some fairly straightforward questions of (which pretty much anyone who reads the money sections of the weekend papers would be able to answer) and they have all failed to answer them correctly, so I take the view there is no value paying them to do what I can do myself better.Because I didn't know any better at the time we used him when we got our first place together, fine for sorting out the mortgage and charged a flat fee for that but I pretty much told him the product I wanted and from which provider so although his "advice" backed up my own I kind of felt we could have done it without him.
And then the effort to sell us a load of life assurance etc. that we really didn't need at the time, no dependants, both in fairly secure jobs that we'd had for quite a while, etc.
He kept wanting to see us annually to "review" things and when number one son came along the whole life assurance thing reared it's head again as well as trying to flog us some sort of endowment policy as a tax efficient investment for our boy. At that point I had decided we probably should have some additional life cover so mentioned it but I also had a look myself. His quotes for the same policies I could find on Cavendish Online would have cost us several hundred quid a year more, so I suggested that whilst we valued his advice if he could match the Cavendish premiums I'd happily pay him a flat fee for that. Stormed out in a huff at that point never to be seen again
Did our next remortgage myself.
Edited by C0ffin D0dger on Tuesday 11th June 16:31
Gassing Station | Finance | Top of Page | What's New | My Stuff