by rugby » Thu Dec 06, 2012 5:59 pm
Beware - the whole IFA industry changes completely on 1st Jan 2013.
Read up on the impact of the 'Retail Distribution Review'. They will have to
a) be qualified (ask what quals they have and look it up)
b) charge you fees ONLY, (not take any commission)
and
c) have no bias toward product outcome AT ALL
This is good for you, but means that everything that has gone before is a very poor indicator of the future. It is a very major change in the way the financial services market works - take care
I would choose someone who has been charging FEES ONLY for at least 12 months and preferably 2 years, it means they are well ahead of the market and very savvy.
They should also recommend putting any product you already have onto a NO FURTHER COMMISSION BASIS, this could save you a fortune and make performance of existing products you already have MUCH BETTER ...... everyone should get their IFAs to do this!!! but they won't want to.
Beware - the whole IFA industry changes completely on 1st Jan 2013.
Read up on the impact of the 'Retail Distribution Review'. They will have to
a) be qualified (ask what quals they have and look it up)
b) charge you fees ONLY, (not take any commission)
and
c) have no bias toward product outcome AT ALL
This is good for you, but means that everything that has gone before is a very poor indicator of the future. It is a very major change in the way the financial services market works - take care
I would choose someone who has been charging FEES ONLY for at least 12 months and preferably 2 years, it means they are well ahead of the market and very savvy.
They should also recommend putting any product you already have onto a NO FURTHER COMMISSION BASIS, this could save you a fortune and make performance of existing products you already have MUCH BETTER ...... everyone should get their IFAs to do this!!! but they won't want to.