Independent Financial Advice - Retirement Planning for Contractors

[Submariner]

Dear All,

I'm a newbie people so please be gentle!!

I am a UK LTD Company Contractor and wish to speak to an IFA for advice on setting up some retirement planning. I have no real knowledge or understanding of the options open to me.

My Accountancy SJD have given me the contact details of an IFA they recommend and who I understand is abreast of the requirements for the LTD Contractor. I have also previously been in contact with a Company called 'Contractor Financials'. Both seem to require a fee to assess my needs / view to risk and setting up a product(s). I believe I then have an option going forward to have my planning 'managed'.

I obviously want sound Independent Financial Advice specific to my needs but would appreciate it if forum members feel that specialists in the IFA for Contractors (such as those above) offer real expertise / insight into the needs of the contractor and offer value for money and expertise above a 'normal IFA'?

If at all possible, I would also appreciate thoughts on the performance / reputation of Contractor Financials.

Many Thanks




Sub

[cojak]

I'm aware of Contractor Financials from this thread.

http://forums.contractoruk.com/showt...00#post1794600

[Martin at NixonWilliams]

Many of our clients use St. James's place.

They have advisors based all over the UK so it is fairly easy to arrange a free consultation from wherever you are based.

I hope this helps.

Martin

[TheFaQQer]

Many of our clients use St. James's place.

They have advisors based all over the UK so it is fairly easy to arrange a free consultation from wherever you are based.

I hope this helps.

Martin

Not one of your clients, but that's who I use as well. My came recommended by other family members, and I like the guy that we deal with.

[malvolio]

One point to consider though - advice (including this advice) is usually worth what you pay for it.

If the IFA is charging you they aren't getting a rake-off from the supplier so are rather more likely to be offering an unbiased view of the whole market. And St James Place are a little different in that in effect they have their own market.

[northernladuk]

Not one of your clients, but that's who I use as well. My came recommended by other family members, and I like the guy that we deal with.

Same.

[Maslins]

There's been a big move from commissions (ie you don't pay them anything directly, they get paid based on the products they encourage you to take) to fees for IFAs.

IMHO this is a good thing, removes the temptation to be biased towards larger commission products. It does however mean that for the punter the advice that used to be "free" you now have to pay for.

When it comes to things like what pension is suitable, I don't really see why a contractor would be any different to anyone else. Appreciate the contributions might be a bit more erratic...but beyond that?

Make sure you find someone you trust, and that you understand how much you're paying and what it's for.

[Fred Bloggs]

I would encourage you to be your own IFA. There is tons of literature out there. I suggest you start out by looking at Hargeaves Lansdown who I find have second to none customer service (I have my SIPP with HL). They also have IFA's should you really feel you need one.

[TheFaQQer]

I would encourage you to be your own IFA. There is tons of literature out there. I suggest you start out by looking at Hargeaves Lansdown who I find have second to none customer service (I have my SIPP with HL). They also have IFA's should you really feel you need one.

In the same way that I haven't got time to be my own accountant, so I bring in someone who can do a better job in less time for less money than it would cost me, I have neither the time nor the inclination to do it myself.

[Submariner]

guys, many thanks for your assistance and responses to date.

In response to a few comments - Firstly by 'St James Place' - I assume you mean:- Wealth management and financial planning - St. James's Place Wealth Management

Secondly, I don't have the time, energy or skill to be my own IFA but I am thankful for the suggestion!

I would appreciate more thoughts on the 'value for money' question I originally asked