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Finding an IFA for Pension Help – Pensionfinder

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    Finding an IFA for Pension Help

    Pensions, like other financial services, are currently regulated by the FSA (Financial Services Authority). To advice on financial products individuals must hold the relevant qualifications. Independent Financial Advisers must sit rigorous exams to become qualified. Financial Advisers do vary a great deal in their knowledge,experience and quality though. It is not always easy to find the right person for you. Below are some things to consider when getting pension help.

    Advisers fall into 3 legally distinct categories

    • Independent Financial Advisors (IFAs)- IFAs can advice upon products across the market and so offer a range of products. They are obliged to give you the best advice available.
    • Tied¬†Advisers. This type of adviser is the kind you will often find at bank and working in bigger financial¬†institutions. They can normally only provide products from their own product range and so are limited in what they have to offer. Advice is therefore often limited and they can be more like sales people than advisers.
    • Multi-tied Advisors. These types of adviser are relatively new and are increasingly found in the bigger branded financial institutions. They can offer products from a limited range of providers, their panel. They appear more independent than tied advisers but are far from independent and their advice should be treated accordingly.

    Do not think that because you are talking to a tied or multi adviser it will be cheaper. Often the advice fee is just as expensive and the products are not your best option. Make sure you are talking to an Independent Financial Adviser if you are serious about doing what is best for you and your family.

    Choosing an IFA by experience
    It is not just the ones that have been in the industry the longest that are best- they may not be as up to date as the young guns.

    Choosing an IFA by Qualifications
    When you are looking for advice on a specific area it is wise to get advice from someone who has specific qualifications in that area. There are a lot of very specific qualifications in pensions and financial advice and IFAs can even become Chartered in their profession. (a real stamp of quality)

    Choosing an IFA by Personality
    It is important that you trust and respect your financial adviser or you will be unlikely to take their advice seriously. Often the best advisory relationships are those where the client and adviser get on really well- and so are totally open and honest.

    Choosing by an IFA Personal Recommendation
    As with many things a good personal recommendation from a friend, family member or colleague that you trust can be the best way to find help from an IFA.

    Points to remember

    • You will probably want to be sitting down regularly with your IFA and so geography is important. Get a local IFA.
    • Fees will often be charged by an IFA on any advice whether you take it or not. They are professional people and you are essentially paying for their time and expertise as you would a solicitor or accountant.
    • The Complete Pension Guide 2017 can help put you in touch with IFAs to help you.