Independent Financial Advisors

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 Solsbury 03 May 2019

Hi, normally get some clarity here when other avenues have failed.

Can anyone explain what is to stop an IFA walking off with your cash? 

Does anyone know of a good financial advisor in the Bristol/Bath area?

An IFA, who has worked extremely well with a relative l for over twenty years has ben recommended but I have been thrown into a 'moral maze' scenario about them due to something I have come to know about them. Something that was quite simple has become quite perplexing.

Cheers,

Rich

 neilh 03 May 2019
In reply to Solsbury:

The only cash that should be going to an ifa is payment of a fee. Everything else should be going to the pension company or financial institution. 

It is a golden rule that your pension or investment should not be going to the ifa.

there is a list of ifa’s on the FCA website. It should also list your ifa and what advice they can give.

 Phil79 03 May 2019
In reply to Solsbury:

> Can anyone explain what is to stop an IFA walking off with your cash? 

Criminal proceedings and the threat of going to jail?

Also, IFAs are regulated by the Financial Conduct Authority. I've no idea how that works in practice or if the regulations are any good (or have teeth), but its not an unregulated industry...

Post edited at 09:51
 Mike Highbury 03 May 2019
In reply to Solsbury:

> Can anyone explain what is to stop an IFA walking off with your cash? 

You don't give money, make an investment, to the IFA directly.

The arrangements for fees should be transparent.

They tell (advise) you where to invest, only.

Any other arrangement would be risky, I do agree.

 Rick Graham 03 May 2019
In reply to Solsbury:

You are allowed and recommended to have one free interview and advice session with a Pensionwise advisor, part of the CAB.

Also look at their websites.

 Flinticus 03 May 2019
In reply to Phil79:

It has teeth but there's only so much oversight they can conduct - too many practitioners. They tend to focus on high risk areas (final salary advice for example) or the big players (more resource effective).

There's always the FOS if you have any complaints. They do have teeth and do impose penalties etc.

 Martin W 03 May 2019
In reply to Rick Graham:

> You are allowed and recommended to have one free interview and advice session with a Pensionwise advisor, part of the CAB.

Hmm, I'd never heard of this before now.  Thanks for pointing it out.  Self and spouse will likely give it a try.

(Anyone else suspect that they'd be unable to cope with the volume of requests if this service was actually well publicised?)

OP Solsbury 03 May 2019
In reply to Solsbury: Thanks for your replies.


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