IFA recommendation

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Saturday 21 June 2008 8.15am
Hi, does anyone know of a local independent financial advisor?
Saturday 21 June 2008 11.36am
Unfortunately they're never independent...they're always "affiliated" to some company or another....
Saturday 21 June 2008 11.45am
That's not quite true - some of them are fee based and search 'whole of market' for the right products.

Why, if you don't mind saying on the board, do you need to see an IFA?
Saturday 21 June 2008 2.37pm
I agree - be careful with IFAs, they are very, very rarely independent. Most take their fees from the products that they sell, and therefore they will recommend ones that give them the most fees. Very rarely are these producs that are best for you, as you want ones with the lowest fees.

It's not he IFAs fault, it's just the way they are funded - it makes them impossible to be independent.

Chris is right, you can get fee based ones but you're looking at 100-200 per hour in fees for a decent one.

If you are internet aware then you don't need an IFA really - there is so much good info on line, and the price comparison sites are useful too.

PM me if you want any specific advice and I will try and help you, I'm not an IFA but I am a banker and I do know about most financial products in some detail.
Saturday 21 June 2008 3.06pm
(I'm not an IFA either, but) I think it's unfair to say they can't be independent.

As has been said, they'll get comission for selling products to you. However, there's nothing to stop you asking and verifying what commission they do get, and agreeing a deal whereby you pay them for their time and nothing more than their time, and any commissions go to offset paying them for their time (or come back to you as refunds). In this sort of setup, they get the same amount of cash whatever they sell you (or indeed, if they don't sell you anything at all), which gives them no incentive to sell Product A over Product B.

I agree that there's plenty of info on the net, but I'd probably tend towards the view that once I've done my research, and assuming I'm talking about something pretty significant (mortgage, pension, life savings, etc) then I'd be a bit daft not to take some professional advice.

...if you press it, they will come.
Saturday 21 June 2008 3.07pm
Try this site

http://www.aifa.net/consumer-area/ifap.php

they give you the chance to choose to pay fees, although this is often rebated commission.

personal recommendation is best, but the best are expensive, most are just insurance salesmen
Sunday 22 June 2008 8.41am
Many thanks for the advice. I am changing jobs and would like to get my finances in order e.g. pension.
Sunday 22 June 2008 1.34pm
I used an IFA last year when I remortgaged my flat. I also searched online. The IFA got me a much better deal than I found online. If you want his details, juanita, ask Birdie, or PM me.
Sunday 22 June 2008 7.18pm
Ivanhoe wrote:
<snip> they'll get commission for selling products to you. However, there's nothing to stop you asking and verifying what commission they do get, <snip>

I think they are required by law to give you written details of all the charges which apply to the products, including how much commission they get personally.

I have an IFA who I have known for 14 years, but unfortunately he lives in Cambridgeshire!
Monday 23 June 2008 10.21am
Hi Juanita - I know an IFA based in the City and is good and independant. If you would like his detials, please free to to send me an email.

But a word of warning, he is not very friendly and quite brutal with his opinions about a persons financail state...which suited me, but may not others.
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