How do you find a GOOD financial adviser.

[The Singing Stalker]

So in all walks of life there are good mechanics and crap mechanics and across the board there are various people who have gained their papers, but, as we know passing an exam doesn't mean you are any good.
So how do you find a GOOD adviser? How much would I need to pay? Why is it so flipping complicated?

l am just trying to find out if the missus and I will be able to retire some day so any pointers that can help. PM me if you don't want to do it in public.
cheers.

 

[Cut+Squirt]

If the present Government remain in power you would be as well wiping any thoughts of retirement out your mind

 

[Hereford]

All financial advisers are the spawn of Satan and are not to be trusted - put it under the mattress and buy a smoke alarm

 

[L1A1]

Ask as many friends as possible and business people as possible.
See what they say.

 

[Pedro]

Unless it's by personal recommendation, it's a lottery.

Depends what you want to do with your money really. If you want to save or you want to invest some cash, it depends how risk averse or otherwise you might be will be the first question. Obviously the more interest you want to earn, the more risk there is involved as a general rule. If you want totally safe and sound, then perhaps paying an adviser is a waste of money. Look at the usual internet sites and find a good interest rate. If you can call anything that's on offer at the moment good. Don't forget to use your ISA allocation.

 

[Vipa]

All financial advisers are the spawn of Satan and are not to be trusted - put it under the mattress and buy a smoke alarm

Thanks mate... love you too!

 

[Hereford]

Thanks mate... love you too!

 

[Mungo]

I wouldn't say they were the spawn of satan, but most detailed analyses show that, averaged over the long term, almost none of them perform better than chance, and many perform substantially worse.

You'd be better off throwing darts at a spread-sheet pinned to the wall, or getting an octopus to put ping pong balls in cups...

But if you insist on going with a human, then try to find one that has a basic understanding of statistics! Ask them what 'regression to the mean' is, and if they can't answer, politely end the conversation and move on.

 

[howa243]

I wouldn't say they were the spawn of satan, but most detailed analyses show that, averaged over the long term, almost none of them perform better than chance, and many perform substantially worse.

You'd be better off throwing darts at a spread-sheet pinned to the wall, or getting an octopus to put ping pong balls in cups...

But if you insist on going with a human, then try to find one that has a basic understanding of statistics! Ask them what 'regression to the mean' is, and if they can't answer, politely end the conversation and move on.

If you are talking about investing money then keep it simple, don't imagine that anyone has a system that works and buy index funds. I would go for ETF's as they can be cheap and are simple to buy and sell. I have been in the business for 25 years and completely understand your concerns. I have them as well.

 

[NigelM]

Not the spawn of Satan, but in my experience many make pretty big claims about what they can do to grow your money and then come up with a list of reasons outside their control a few years later when your money hasn't grown by the 10% a year that they suggested it would.

They are very useful for advice on how to manage your cash for best tax efficiency, planning what you can expect to earn a year from your pension so you can manage your own expectations, mortgages etc., but be careful of the guy who confidently tells you he can grow your cash for you, he has not got the control over the markets to be able to make those claims.

Finding a good one has to be on personal recommendation. Wouldn't have a clue how to do it otherwise.

Try Vipa. Has guns, shoots deer, must be trustworthy!

 

[JTO]

I try never to recommend anybody for anything. So many different variables among customers and suppliers. The general impression I sense from every 'professional' is "What's in it for them?"

 

[The Colonel]

Jones Hill in Sleepy Wiltshire. They were award winning and help you look at your current situation and future needs before even trying to offer something. My family are using them now as the advice provided is not a sales pitch. JONES HILL - The Old Brewery, 53 Wine Street, Bradford-on-Avon BA15 1NS
01225 775923 - Brian Hill is they gent to speak with
If they find you have everything in order they leave it at that - something unheard of with IFAs

 

[Chasey]

Finding a good FA is like trying to fine a virgin in a whore house

I have had MUCH better financial advice from my accountant

I wish I hadent wasted so much cash over the years on pensions and insurances. They were all lies and ended up providing miniscule returns

Just invest in bricks and mortar. Keep it small (one bed flats provide the best return) invest in poor areas, dont be afraid of DHSS and try and be ready for a cash purchase to get the best deels


ATB

Chasey

 

[Cumbrian 1]

Finding a good FA is like trying to fine a virgin in a whore house

I have had MUCH better financial advice from my accountant

I wish I hadent wasted so much cash over the years on pensions and insurances. They were all lies and ended up providing miniscule returns

Just invest in bricks and mortar. Keep it small (one bed flats provide the best return) invest in poor areas, dont be afraid of DHSS and try and be ready for a cash purchase to get the best deels


ATB

Chasey

Precisely, the problem with Financial Advisors is that they have little or no business exposure and no business acumen, put it this way if they were such experts they wouldn't be advising people on a relatively crap wage for a living they would be out in the real world making their fortune.

As per the post above your accountant is a good starting point, providing that he works in a relatively large practice so that he has enough exposure.

 

[bewsher500]

I have had MUCH better financial advice from my accountant

^ this

my current accountant has saved me a fortune
He referred me to the mortgage broker who got me a Base +0.13% mortgage product (that was only on the market for about 48 hours!) when the Bases rate dropped from 5.5 to 0.5%

My mortgage went so low I was paying more for electricity!

 

[JTO]

put it this way if they were such experts they wouldn't be advising people on a relatively crap wage for a living they would be out in the real world making their fortune.

+1

 

[Vipa]

Not the spawn of Satan, but in my experience many make pretty big claims about what they can do to grow your money and then come up with a list of reasons outside their control a few years later when your money hasn't grown by the 10% a year that they suggested it would.

They are very useful for advice on how to manage your cash for best tax efficiency, planning what you can expect to earn a year from your pension so you can manage your own expectations, mortgages etc., but be careful of the guy who confidently tells you he can grow your cash for you, he has not got the control over the markets to be able to make those claims.

Finding a good one has to be on personal recommendation. Wouldn't have a clue how to do it otherwise.

Try Vipa. Has guns, shoots deer, must be trustworthy!

Haha... thanks for the support Howa... more than I can say for Hereford.... (and I thought he loved me! )

Sadly I'm mortgages and protection only... whilst partially qualified to talk investments, I'm not licenced and certainly not up to date with that side of the business and it is a minefield!

If you want professional advice look for a Chartered Financial Planner, not just an IFA. Investing money looks simple on the surface, it really isn't, and if you are serious about it you need help and advice... I guarantee more people who have tried DIY investment have come a cropper than not!

I do know one very honest, brilliant and very successful CFP based in Durham who I would be happy to recommend every day of the week. I trained him when he joined Black Horse Agencies 20 years ago, he then went to Co-Op Bank IFAs and became their most successful IFA nationally. When Co-op ceased their IFA operation he set up his own business and spent 4 years gaining Chartered status.. Haven't spoken to him for a few years but if anyone is interested I can send you contact details etc... Nothing in this for me BTW but If I had money to invest or wanted advice, he is the only person I would speak to!

 

[Vipa]

Precisely, the problem with Financial Advisors is that they have little or no business exposure and no business acumen, put it this way if they were such experts they wouldn't be advising people on a relatively crap wage for a living they would be out in the real world making their fortune.

As per the post above your accountant is a good starting point, providing that he works in a relatively large practice so that he has enough exposure.

A relatively crap wage????????? an average IFA will be earning £150-£200k PA... A good one a million plus!!! all depends on your client base and how wealthy they are! Blimey, I have colleagues who are mortgage brokers who will make £1m this year!

 

[JTO]

A relatively crap wage????????? an average IFA will be earning £150-£200k PA... A good one a million plus!!! all depends on your client base and how wealthy they are! Blimey, I have colleagues who are mortgage brokers who will make £1m this year!

Hook, line and sinker!

 

[Hereford]

Those fancy rifles and layered clothing systems don't pay for themselves , you know?