Independant Financial Advisors

[EternalOptimist]

The missus is retiring next year and her employer sent her on a pre-retirement course. One of the speakers at the course is an IFA and now she is having a one hour 'free' consultation, next week. After that he charges by the hour, plus comission on products.
First off I dont like the idea of courses being used for touting for business, second I have never been convinced that IFA's are worthwhile.

What do you reckon ?

[threaded]

The missus is retiring next year and her employer sent her on a pre-retirement course. One of the speakers at the course is an IFA and now she is having a one hour 'free' consultation, next week. After that he charges by the hour, plus comission on products.
First off I dont like the idea of courses being used for touting for business, second I have never been convinced that IFA's are worthwhile.

What do you reckon ?

Essentially the more the IFA charges you up front the better they are. i.e. if they take it only on the hours that's best, if they take it only on commission that's worst.

IFAs are really highly qualified nowadays. The exams are a b1tch. Everything they do is scrutinised. That kinda thing quickly adds up to real money, which someone along the line has to pay.

Now paying it all up front is too big a chunk for many, hence many clients prefer to split the payment between consultation and the commission (even though they end up paying more, think of the extra as interest payments on the loan for the big chunk they should have paid).

Yet, when all is said and done: you pays your money, and you takes your choice.

[EternalOptimist]

merci

[PAH]

My cousin recently changed careers from bank manager to IFA because it pays a lot better money, so I suspect they are in the same league as solicitors when it comes to fleecing people with the minimum of effort.

[Peoplesoft bloke]

Independent - and, to be picky, Adviser, if you're British.

[Bagpuss]

The missus is retiring next year and her employer sent her on a pre-retirement course. One of the speakers at the course is an IFA and now she is having a one hour 'free' consultation, next week. After that he charges by the hour, plus comission on products.
First off I dont like the idea of courses being used for touting for business, second I have never been convinced that IFA's are worthwhile.

What do you reckon ?

Anyone can set themselves up as an IFA, I knew someone who was a double glazing salesman that became one with little or no training.

[PAH]

Anyone can set themselves up as an IFA, I knew someone who was a double glazing salesman that became one with little or no training.

Aren't they regulated by the FSA nowadays?

I know some old timer insurance brokers that sold up when they had to become FSA regulated due to all the restrictions, hassle, and endless red tape.

[threaded]

Anyone can set themselves up as an IFA, I knew someone who was a double glazing salesman that became one with little or no training.

No, they can't. Maybe years ago, before all the pensions miss-selling, but not now. Nowadays you need at least an FPC level 3 exam to be allowed out on your own to visit clients.

[Bagpuss]

Aren't they regulated by the FSA nowadays?

I know some old timer insurance brokers that sold up when they had to become FSA regulated due to all the restrictions, hassle, and endless red tape.

I don't think they have to be, but perhaps more and more, anyone can still call themselves an IFA or certainly they could until recently. There used to be many a cowboy schoolboy thicko IFA which has always put me off. Moreover, Is there anything they do that cannot be done by someone who is half financially literate apart from make commission?

[moorfield]

IMHO no need to pay an IFA in this day and age.

Use t'internet to find out what you need and save yourself bags of money.