IFA - worthwhile or not?

[babybel]

I'm pretty sure I'm inefficient money & tax wise due to ignorance & think it's probably about time to sort my tulip out wrt pensions, mortgages, wills & investments.

I'm with SJD and they do what they are paid for (ie. my co. expenses) but I'm considering paying for expert advice about the rest.

a) is this a worthwhile exercise?
b) if yes, I've seen recommendations on here but I generally get more out of face to face meetings. Should I go for a recommendation (on here) or a local?
c) if local, does anyone have any experience of a good IFA in the East Mids or Herefordshire?

Appreciate your thoughts.

[filthy1980]

had an IFA a couple years ago

if you're looking for investment or saving schemes or insurances, they're pretty good and doing all the leg work for you and presenting you with a few options to pick from

mine sold a number of health and life insurances wills etc

he was always pushing me towards a pension but i wasn't interested, after about the 10th rejection he's stopped coming around now

i'm west mids based wouldn't necessarily recommend anyone but there are a load of them around

[Project Monkey]

I'm pretty sure I'm inefficient money & tax wise due to ignorance & think it's probably about time to sort my tulip out wrt pensions, mortgages, wills & investments.

I'm with SJD and they do what they are paid for (ie. my co. expenses) but I'm considering paying for expert advice about the rest.

a) is this a worthwhile exercise?
b) if yes, I've seen recommendations on here but I generally get more out of face to face meetings. Should I go for a recommendation (on here) or a local?
c) if local, does anyone have any experience of a good IFA in the East Mids or Herefordshire?

Appreciate your thoughts.

Bit of a wide question. What sort of advise are you looking for:

• pay less tax
• how to invest spair cash
• pensions/retirement
• mortgage/savings
• money laundering?

Also, remember that post RDR there's very little 'free' advice available. If you really want independant advice, you have to pay up front regardless of whether or not you act on it.

[lukemg]

No, definitely not for me.
2 q's to ask -
1 - Where do they have their cash invested ?
2 - If they aren't recommending ultra low cost index funds for any share investments, why not ? (No, paid fund advisors can't do better than the market after their costs eat up half any gain and they still get paid if the market goes down !!)
Ok, 20% of funds generally do better than the index......But you have no idea in advance which 20%, BTW, it will almost certainly NOT be the 20% that did it last time (past performance blah blah)
Instead of a fixed fee, say you will pay them 10% of any return the funds get above the all-share index total return.....
This is the most important knowledge you will gain, suggest you do some research and make at the very least better informed decisions. Trusting some mug to do what's best for you and not for him is madness.

At least it has gone to fixed rate upfront costs, previous system was nothing short of robbery with a smile.

[SueEllen]

No.

Do your own research and if possible talk to people who work in the industry. These people will give you advice to aid your research.