How do you find an IFA - who isnt out to sell you something?

[deepest]

We need some basic budgeting and future finacual planning advice but dont want to be sold to. Can we pay someone a fee?

[Hereward1332]

IFA are not allowed to take kickbacks from product providers any more so all advice should be fee-based. That said, although you may get a free initial meeting, you should budget on any advice costing a minimum of £500. It may not be worth it for really basic advice.

[deepest]

Thanks Hereward...do you just go with a personal recommendation of a one man band - or are there big companies with a good reputation that I could approach?

[Hereward1332]

I would always go with a personal recommendation if you have one. I wouldn't say the size of the firm is especially important - a lot of one man bands are under the regulatory umbrella of a wider network while a lot of branch offices of larger firms are essentially franchises. The important thing is that you feel comfortable talking to them. I find it amazing that we have clients come in wanting advice, but are reluctant to disclose all their financial affairs - how else can you receive proper advice. A recommendation is paramount, but if there is no-one to give one, I should go for the firm with the longest track record in your area.

Do be rigid in your instructions - they will all suggest investment solutions which they can implement for you, but of course you don't have to do anything. If you are clear about the parameters of any advice you are requesting, that should be fine.

[LancashireMan]

Firstly, every IFA exists to make money and that's their number one priority - like every commercial business.

I agree on personal recommendations. And also on the size comment. Size is not important at all. Your investments are not held in the name of the IFA - if you have £50,000 spread over 10 funds, the financial risk (of bankruptcy) is at each of those different funds - not the IFA. My IFA of 20 yrs is pretty much a one man show. I'm happy to pay him for his ideas, skills in investing and forward-thinking approach. Go to larger outfits, and you find you're paying for the CEO's wife's holiday.