Find an IFA
How to find and choose an independent financial adviser
If you are looking for financial advice but have not got an IFA, we can help you find one. All you have to do is visit www.nsandi.com and follow the instructions.
Of course, finding an IFA is only half the story. You next have to choose the IFA that’s right for you. All being well, you should enjoy a long and happy relationship with your IFA, indeed they could be the key person in helping you secure a measure of financial independence. So it makes sense to draw up a shortlist.
Though you may be nervous disclosing personal information at first, most people once they have found an IFA they can trust, would never think of going anywhere else.
Most IFAs will give you at least an hour of their time free of charge. The best of them will use it to find out all about you. You should do the same. It’s an ideal opportunity for you to interview them.
But what should you be looking for? First, a few practical questions:
Costs:
Find out how and how much the IFA firm charges for advice. While there are standard rates in the industry, fee levels can vary quite a bit across different services. And don’t forget that opting for a commission based IFA, where there are no fees as such, could prove a false economy.
Location:
Should they be near your home or office?
Expertise:
Must they have particular skills or areas of expertise? How will you measure them? Pensions, investments, inheritance tax, long term care?
Qualifications:
What should your adviser have? Most advisers have been through a fairly rigorous set of examinations. It’s the only way they can become registered IFAs. It’s generally agreed that the most highly qualified IFAs are either Certified or Chartered Financial Planners. You can check out what these qualifications mean at www.unbiased.co.uk
Gender:
What should your IFA be? Some women prefer a female IFA because they are likely to better understand the issues that specifically face women.
Recommendation:
Do you know anyone who uses an IFA? Their recommendation could provide much needed reassurance. Alternatively, ask your IFA to provide details of some of their customers who may be happy to talk to you about the service they have received.
Finally, once you have chosen an IFA, go and see them at their premises so that you get a good feel of how they run their business.
