Seriously. I've met/interviewed a fair number and had personal dealings with one firm. I wish I hadn't. Never found a good one.
But one thing you should do is check the FCA register to make sure they are actually authorised. https://register.fca.org.uk/
The register should also tell you whether any regulatory action has been taken against the firm/individual.
Edited to add: the action bit comes under "disciplinary history". The register will also tell you whether or not the firm is a tied agent. And whether or not there are any cloned firms using similar names.
Seriously. I've met/interviewed a fair number and had personal dealings with one firm. I wish I hadn't. Never found a good one.
But one thing you should do is check the FCA register to make sure they are actually authorised. https://register.fca.org.uk/
The register should also tell you whether any regulatory action has been taken against the firm/individual.
Would I be better going for one that my bank recommends? (Barclays)
I'm guessing here. But they might be a tied agent only able to offer a limited number of products. You may be better with a true independent. Fortunately the nasties, like trail commission have now been taken out so there should not be any bias in a recommendation. These days you pay a fee instead of the firm getting commisssion from the product provider. I've not used this site so cannot give any recommendations but it might be helpful? https://vouchedfor.co.uk/
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
This.
What is it you think you need an IFA for ? You might get more informed feedback on who to go to if you say what you want to do - pension, mortgage, savings, investments...
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
Under the FCA's "treating customers fairly" regime, firms are required to behave properly. If they don't, you'd have a case against them that can be taken to the Financial Ombudsman Service. Here's a list of stuff they should be doing:
Consumer outcomes There are six consumer outcomes that firms should strive to achieve to ensure fair treatment of customers. These remain core to what we expect of firms.
Outcome 1: Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture. Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly. Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale. Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances. Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect. Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
As @letthegoodtimesroll says, it is important to get the right advice from the right specialist. For example, anyone advising on pensions needs (from memory) something like the PMI Level 6 Diploma in Regulated Retirement Advice. Pension advice is, IMO, the most complex area.
I had an IFA who was recommended by friends. He did a good job in setting up my SIPP, and in selecting how the funds would be allocated. They are likely to know more than most of us about fund performance etc because that's what they have to do for a living. However just a few weeks ago I ditched him because the SIPP set up at AJ Bell did not allow me to make my own buy and sell decisions. So I have moved it to Hargreaves Lansdowne. But not everyone is as ready as I am to try and monitor the markets and make their own decisions. A good IFA
If this is the kind of work you need @Arsenetatters then I would recommend him. And my friends who use him are all Scottish. That's a recommendation !!! However he is based in somewhere like Horsham so I am not sure how handy that would be.
I had an IFA who was recommended by friends. He did a good job in setting up my SIPP, and in selecting how the funds would be allocated. They are likely to know more than most of us about fund performance etc because that's what they have to do for a living. However just a few weeks ago I ditched him because the SIPP set up at AJ Bell did not allow me to make my own buy and sell decisions. So I have moved it to Hargreaves Lansdowne. But not everyone is as ready as I am to try and monitor the markets and make their own decisions.
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
This could be said for most trades,,,,,,,,,plumbers, car mechanics, electricians etc etc.
As an IFA I will obviously blow mu own trumpet, but you are much better off seeking Independent advice instead of trying to either do it yourself or go half cocked & speak to a restricted advisor (which, in my view, is even worse..........)
I have spent 25 years in the industry, 16 of them as an IFA. Would you rather rick that amount of knowledge & experience for a few ££££. Yes, you can read stuff up in the internet, but you want personalised advice & need to ask question after question - and I don't know of any talking computers yet.
An IFA can do all sorts - pensions, investments, insurance, mortgages. The only things I don't give advice on are General Insurance (car & house insurance) and Long Term Care
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
This.
What is it you think you need an IFA for ? You might get more informed feedback on who to go to if you say what you want to do - pension, mortgage, savings, investments...
It's for savings - Dad died and I've got some money now. Have v small pension which wont kick in for some time.
An IFA can do all sorts - pensions, investments, insurance, mortgages. The only things I don't give advice on are General Insurance (car & house insurance) and Long Term Care
I have no idea how complex your stuff is, but a days research will like as not be better than being potentially ripped off by an advisor, what they are enthusiastic about may not suit you personally. I also think at the end of the day they will leave decisions to you after laying out what they think are the options, it may be you want guidance about your best option. An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start. It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
This.
What is it you think you need an IFA for ? You might get more informed feedback on who to go to if you say what you want to do - pension, mortgage, savings, investments...
It's for savings - Dad died and I've got some money now. Have v small pension which wont kick in for some time.
Give all the money to CARD and you won't have to worry about an IFA.
Comments
Seriously. I've met/interviewed a fair number and had personal dealings with one firm. I wish I hadn't. Never found a good one.
But one thing you should do is check the FCA register to make sure they are actually authorised. https://register.fca.org.uk/
The register should also tell you whether any regulatory action has been taken against the firm/individual.
Edited to add: the action bit comes under "disciplinary history". The register will also tell you whether or not the firm is a tied agent. And whether or not there are any cloned firms using similar names.
I've not used this site so cannot give any recommendations but it might be helpful? https://vouchedfor.co.uk/
An advisor might know about allowances and complexities which might justify using one, but I reckon a bit of research and a nice few bits of A4 and a pencil would be a good start.
It is a bit of a drag if you don't keep good records, but gather together all your money related paperwork.
What is it you think you need an IFA for ? You might get more informed feedback on who to go to if you say what you want to do - pension, mortgage, savings, investments...
Under the FCA's "treating customers fairly" regime, firms are required to behave properly. If they don't, you'd have a case against them that can be taken to the Financial Ombudsman Service. Here's a list of stuff they should be doing:
Consumer outcomes
There are six consumer outcomes that firms should strive to achieve to ensure fair treatment of customers. These remain core to what we expect of firms.
Outcome 1: Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
As @letthegoodtimesroll says, it is important to get the right advice from the right specialist. For example, anyone advising on pensions needs (from memory) something like the PMI Level 6 Diploma in Regulated Retirement Advice. Pension advice is, IMO, the most complex area.
If this is the kind of work you need @Arsenetatters then I would recommend him. And my friends who use him are all Scottish. That's a recommendation !!! However he is based in somewhere like Horsham so I am not sure how handy that would be.
As an IFA I will obviously blow mu own trumpet, but you are much better off seeking Independent advice instead of trying to either do it yourself or go half cocked & speak to a restricted advisor (which, in my view, is even worse..........)
I have spent 25 years in the industry, 16 of them as an IFA. Would you rather rick that amount of knowledge & experience for a few ££££. Yes, you can read stuff up in the internet, but you want personalised advice & need to ask question after question - and I don't know of any talking computers yet.
Or are you a jack of all trades?
;-)