Points to consider when searching for your IFA
The 'Find an IFA' search now allows you to select an IFA based on a number of criteria, to ensure you are matched with the best IFA to suit your needs. There are a number of factors you should consider when selecting an IFA...
- Location: Is it important to have your IFA's office near your home or your place of work?
- Areas of Expertise: Some advisers focus on particular product areas so take care to choose the right one for your specific needs. If you know what sort of advice you require, then select an adviser who specialises in this area. If you want advice across a range of products then select one who has strengths across the board.
- Qualifications: You can select an IFA based on their advanced qualifications across a range of products or across a particular product area. Information on IFA qualifications is available for consumers on www.unbiased.co.uk/independent-financial-advice/ifa-qualifications which will help you with the selection process.
- Online presence: Consider if it is important for your IFA to have a website or is able to communicate via email.
- Philosophy: You may want to deal with an IFA who focuses on ethical investments.
- Type of IFA: Would you prefer a male or female IFA? Many men as well as women feel more comfortable seeking money advice from a woman or vice versa, and you can select an IFA on this basis.
- Recommendation: If a friend or relative has had a good experience with a particular adviser, that can often be a great route and be highly reassuring – but be aware that your financial circumstances and needs may be different to theirs. Alternatively, if an IFA catches your eye that you know nothing about, ask them to provide the details of customers who are happy to talk to you.
Just like any other product or service you buy, shopping around for advice is crucial. It is important for you to get on with your IFA, especially since you will need to share a certain amount of personal information with the adviser.
Tips for avoiding pitfalls.
When looking for advice on one category of product, be aware that an adviser may not be able to offer independent advice on every sector. An organisation can offer different types of advice, such as 'whole of market' advice on mortgages, but may only offer tied advice on investment products. Always visit the IFA's premises, so that you can get a good feel for how professional an organisation it is.
If you go back to an IFA you have used before, double check that he or she is still an IFA and has not changed their status. Some IFA groups may have given up their independent status and switched to multi-tied arrangements. They should spell this out to you, but it is better to be sure by asking. Also check that your IFA is authorised. IFA Promotion carries details of around 9,000 IFAs on its database, all of whom are continually verified.
If you need to find out additional information about an IFA's authorisation, you can look at the FSA Central Register at www.fsa.gov.uk/register or phone 0845 606 1234.
Find out what questions to ask an IFA.
For further information on IFAs in your area, go to the local IFA map
