How to find a 'Good' IFA

[IaninSheffield]

directly in a low-cost mutual fund like Vantage LifeStrategy

'Vanguard' Lifestrategy?

 

[PaulSB]

Please can you give some ideas on how to discover a "Good IFA". What questions to ask, what to look for, what to avoid. That will be a big help as I'm embarking on finding myself an IFA.

Phew, a really hard question and I may not be the best person to ask. My FA's father sold us an endowment along with arranging a mortgage and my first pension starting around 40 years ago. Some years later my FA had joined the business and we developed a good relationship, my answer is based on my experience with a single individual and mirrors that person's approach. It has worked for me but I doubt I would ever have thought of these points initially.

So to attempt an answer for you:

1. Someone who shows a genuine interest in you and your family and takes time to understand your circumstances
2. Wishes to understand your long term goals, the stages in life at which you hope to achieve these aims
3. Appreciates your personal philosophy on savings, investments etc. and works with you on these without pressuring you to take unacceptable risk
4. Offers clear lifetime financial forecasting using a full range of "what ifs." My FA has software in which every financial aspect of my life can be changed singly or in combination to show the projected short and long term outcome of any choice we may make. This gives a very clear picture of the level of spending we can enjoy now retired, when I worked it was used to forecast and determine the actions, savings, investments we could make to achieve our goals
5. Is clear and open over advisor remuneration
6. Has access to a range of services beyond investment advice
7. Doesn't have a hard sell approach
8. Can demonstrate a track record and provide references

Ultimately you have to ask yourself one question. Do I, can I trust this person?

 

[CharlesF]

@PaulSB thanks very much, this is a concise list, and much better than what I had discovered on the web. I will definitely use these points to focus on what any prospective IFA says and offers.

 

[simongt]

Had another email from an investment 'adviser' today asking yet again for my authority to release info from my pension providers. I drew his attention to the email I sent him four days ago telling him that as a potential cutomer, I'm calling the shots on timing and will respond to his 'request' in my own good time - !

 

[Bonefish Blues]

^^^^ Try the question 'how can you guarantee that the funds you advise me to invest in will deliver a better return after deduction of your fees than if I invest directly in a low-cost mutual fund like Vantage LifeStrategy?'

EDIT - it's Vanguard LifeStrategy. Thanks to @IaninSheffield for pointing that out.

The ones I spoke to 3-4 years ago couldn't get past this test, so we parted before they touched a penny. Most people most of the time shouldn't need an IFA.

Now as it happens I want to do some work around minimising tax and creating a financial plan, so am looking for some advice, but they still won't get anywhere near my money, thanks!

 

[alicat]

Now as it happens I want to do some work around minimising tax and creating a financial plan, so am looking for some advice, but they still won't get anywhere near my money, thanks!

I need to do the same. I need to find a financial planner, I think,