How to find a 'good' financial advisor?

[Stedman]

Right ladies and gents,

I suspect in the next 12 months i'm going to need a financial advisor as my monetary situation should change significantly (for the better!).

I don't quite know how I should go about finding 'the right one'. Surely it's not just as simple as a google search and a phone call? I'm guessing it's down to personal preference too.

How would I go about finding one I like? I'm relatively young (23) so don't want to to taken for a ride etc etc.

Thanks in advance,

One young man who is new to the financial advisor world

[Sarnie]

Nothing better than a personal recommendation!

Flashy websites, amazing business cards and a shiny suit are no match for an actual glowing reference from somebody who has used that person/company.

[Stedman]

Sarnie said:

Nothing better than a personal recommendation!

Flashy websites, amazing business cards and a shiny suit are no match for an actual glowing reference from somebody who has used that person/company.

Which is exactly what I wanted to avoid

[dalenorth]

I know a few good ones, what areas are you looking for advice in,pensions, investments, commercial etc?

[RoadToNowhere]

dalenorth said:

I know a few good ones, what areas are you looking for advice in,pensions, investments, commercial etc?

I'm after one too, mainly investment advice (10/15 year planning)

[sumo69]

I know a fantastic guy whom I recommend to all my clients.

Where are you guys that are looking based? He will certainly cover all of the south-east and maybe a little further afield for larger cases.

David

[Stedman]

sumo69 said:

I know a fantastic guy whom I recommend to all my clients.

Where are you guys that are looking based? He will certainly cover all of the south-east and maybe a little further afield for larger cases.

David

I'm based in Crawley, near Gatwick. (...is that the sigh I can hear? )

dalenorth said:

I know a few good ones, what areas are you looking for advice in,pensions, investments, commercial etc?

It would be in pensions and investments predominately.



How does the payment work? Do I pay a fixed amount every time I see the advisor, or a commission. Or can it vary between the both?

Thank you for the replies so far.

[dalenorth]

IFA's will be charging fees from now on due to new regulations coming in Dec 12. They will complete an initial review with you to identify your objectives, tax status etc, then work with you with bi-annual reviews to access the progress.

The way you can pay for fees can be deductions from your pensions or investments (ISA etc) or pay personally.

If you want to speak to any of my guys, then PM me your details.

[rogerthefish]

Always amazed at the term "financial adviser" having been one briefly in the past, if you're really good you would not need to hawk your wares to anyone else.

[RESSE]

Stedman said:

Right ladies and gents,

I suspect in the next 12 months i'm going to need a financial advisor as my monetary situation should change significantly (for the better!).

I don't quite know how I should go about finding 'the right one'. Surely it's not just as simple as a google search and a phone call? I'm guessing it's down to personal preference too.

How would I go about finding one I like? I'm relatively young (23) so don't want to to taken for a ride etc etc.

Thanks in advance,

One young man who is new to the financial advisor world

I have sent an email to you (also posting this reply - in case it does not arrive and I can re-send).

[Stedman]

RESSE said:

I have sent an email to you (also posting this reply - in case it does not arrive and I can re-send).

Got it! Thank you.

[sumo69]

Hi

I am sure he would be happy to have a phone discussion to see how the land lies and go from there - I use him for all my clients despite other FA's offering me commission to introduce business as he is 100% straight and isn't there to make a quick buck.

Let me have an e-mail address and a contact phone number and I will forward them to him.

For the record, his name is Mike Tattum of Professional Assured Financial Services Ltd.

Being selfish for a moment, will you need a good tax accountant for advice and compliance once your newly found wealth starts working for you?

Regards

David

[Stedman]

I will PM you now Sumo.

I shouldn't imagine I'll need one at the moment. However i've saved you in my 'mates' list incase I do need you!

Many thanks.

[ringram]

IMO the best place to find one who will always have your interests to heart is in the mirror.
Given that 80% of hedge fund managers who get paid way more than FA's fail to even match the market recently I doubt you will get sensible investment advise from "an advisor".
Plenty of books around to tell you how various asset classes work and risks/returns, tax wrappers etc again DYOR is best bet.
Also loads of websites and blogs.

http://investorplace.com/2012/07/hedge-funds-rippi...

http://monevator.com/weekend-reading-how-will-hedg...

Unless the advisor can demonstrate consistent year on year outperformance then you are clearly wasting your money. Take a low cost passive tracker in your favorite asset class(es) instead.

[sumo69]

I have passed on your details to my IFA - he will be in touch.

David

[Roo]

Just sent you an email.

[e8_pack]

"i'm 23yo, still wet behind the ears with loads of money to invest, how do I find a financial predator"

[Stedman]

e8_pack said:

"i'm 23yo, still wet behind the ears with loads of money to invest, how do I find a financial predator"

Constructive.

Go elsewhere.

[b19rak]

If your in the midlands/Warwickshire then I more then happy to help you. PM me if you want my contact details. I am an IFA by the way.

[e8_pack]

Stedman said:

e8_pack said:

"i'm 23yo, still wet behind the ears with loads of money to invest, how do I find a financial predator"

Constructive.

Go elsewhere.

Really?

the only way to find a decent FA (if they exist) is by recommendation from someone you know or trust. Certainly not from the internet. So far this thread is inundated with people selling their wares and all would propose to be a good FA.

I looked at three Mortgage Advisors and one told me i couldn't get an offset mortgage (i can) another asked me for money up front with no guarantees he could find me anything and another was clearly pedaling commission.

I use Johnston and Carmichael as my accountant and i only have to breath in their general direction before i get a bill for it.

Just be careful, make sure you know all the fees upfront and that they actually have a good track record.

What makes you think you need one anyway?

At 23yo all you need to be doing is saving for a house deposit or buy one cash - max all your ISA's use family members allowance and save at the highest interest rate for a deposit.