How to find an IFA?

(16 Posts)
Parietal Tue 07-Jun-11 09:39:55

Can anyone advise on how to find a trustworthy IFA who will manage a big chunk of money invested in the stock market without charging enormous fees?

I'd much rather pay a flat annual fee plus fees for trades than pay a % of the portfolio. But I don't really know what fees are reasonable. And what questions should I ask before I sign up?

I'm in the midland but would go to London if needed.

Thanks.

Parietal Tue 07-Jun-11 20:46:42

Bump - please?

STIDW Wed 08-Jun-11 14:36:16

If you find out please let me know, I've been looking for a reliable truly independent IFA for years and have yet to find one.

LadyWellian Thu 09-Jun-11 14:27:09

You can find IFAs at www.unbiased.co.uk. However, if you're looking for someone to manage money invested directly in the stockmarket, you might be better off with a private client stockbroker. There is an association of them called APCIMS. Find them at www.apcims.co.uk. IFAs are (or should be) really more about working out what you need to put where in order to meet your life goals.

LadyWellian Thu 09-Jun-11 14:29:37

Oh, and on a personal level, a magazine I was working for a couple of years ago gave an award to a London firm called Investment Quorum, who I thought would be the kind of firm I would have manage my money if I had any. grin

www.investmentquorum.com

Mumwithason Tue 05-Jul-11 09:42:30

You could try this new website that I read about recently - www.vouchedfor.co.uk.

It's a directory of IFAs, but only fee-based IFAs - so they're paid by you and not by commission, so no hidden incentives. You can also read feedback on the IFA from past customers (though it's new so doesn't look like there's too many reviews yet)

strawberry17 Sun 17-Jul-11 17:31:39

My husband is a truly reliable independent financial adviser. He is based in Ipswich if that's any good. Web site www.essentialifa.com/.
Testimonials on Best of Ipswich www.thebestof.co.uk/local/ipswich/business-guide/feature/essential-ifa-ltd/73947/review

HonestlyBanking Tue 13-Sep-11 16:44:11

This is a difficult one. It depends on what you want to invest in. IFAs are good at packaged products (often with big commissions sadly), but are not good at managing a proper portfolio. This is a full time job and if they are busy giving financial planning advice they can't be managing a portfolio of stocks and shares. You might be better off with an old fashioned stockbroker. Try www.apcims.co.uk for names near you. Don't forget the basics: Get the asset allocation right, diversify and do it as cheaply as possible + don't turnover your portfolio too much.

I'm a firm believer in the value of both IFAS and stock brokers, but they shouldn't try and do each others jobs - if they do - run.

Hope this helps - good luck.

Lydiathom Sat 18-Feb-12 17:08:12

I recently had the same dilemma trying to find a good financial adviser - it's a nightmare so many IFA's are just trying to flog a product which generates a good commission for them.
There is a good website called ratedadvisor.com to help you find an adviser and also verify if that IFA meets your needs. I would recommend them, they help me out.

ragged Sat 18-Feb-12 17:10:41

Ideally you would want to visit 4 or 5 IFAs, all with very good reputations, and consider their respective advice packages carefully, before deciding what to do? And even then they could easily all get it wrong.

This is why my money sits liquid in the bank losing value against inflation (sigh).

yeahyeahitsallmyfault Sun 19-Feb-12 10:02:21

Honestlybanking is right, IFA's and stockbrokers do different things (or a discretionary manager with the CFA qualification). I would suggest though that packaged products are less risky until the amount of funds available for diversification warrant a broker (often debated but £200k up is a more agreed upon amount)

An IFA that is a Chartered Financial Planner, or a Fellow of the chartered insurance institute have reached the top of the profession and I would suggest that this is the level of qualification one should look for to prove they 'really' know what they are talking about (some frankly do not)
Fee is best, plus refund of any commission attached to any products.

www.unbiased.co.uk is a good place to look for a name or 3, call and speak to them for a mini phone interview. You need a relationship with this person so a name off a page is not enough.

maryjanell79 Tue 29-May-12 11:02:22

I am looking for the same thing. Although I am half tempted to scrap the IFA completely and have a go at investing myself and doing a bit of research.

But both those websites are really good I will have a look through before making my decision. smile

Thank you

ChrissieLC Thu 07-Jun-12 13:19:09

I am an IFA. Fee based is better, and whole of market is key even though some Advisers make out they are whole of market they are not always.

I agree about the charges, there is no excuse for high charges of 3% for everything you put in in this day and age.

I would be happy to have a chat with you however I do think you should look for a local IFA as ones in London etc will be less interested in servicing you long term due to location. ( I am based London/Herts so I am just saying that for your own sake!). I can have a chat with you by phone or email if you want to know what to look out for in an IFA and am happy for you to run any you find past me as I do know what to look for, depending on what is important to you.

essentialifa Tue 17-Jul-12 19:03:07

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essentialifa Tue 17-Jul-12 19:19:14

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muswell435 Fri 20-Jul-12 15:39:00

Nice to see Investment Quorum mentioned here. I would second that recommendation - knowledgable, clever, honest and will recommend options that are right for the client, rather than ones that are convenient for themselves...and they are nice people too!

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