Find out what are the best questions to ask an IFA
It’s a good idea to contact at least 3 advisers before selecting one. Compare the services they offer and how much you are likely to be charged for the work. Most IFA firms will have a ‘menu’ they can show you which compares their services and costs to an ‘average’ firm
- Ask whether the adviser is independent, multi-tied or tied (all firms listed on www.unbiased.co.uk have declared to us that they are independent for all product areas listed)
- Ask what qualifications they hold (you can search for particular incremental qualifications by product area on the Find an IFA search)
- Ask why the particular product or company they are recommending is suitable, and check whether you have other choices
- Ask the adviser to explain to you how they are paid and how much the advice will cost you
- Ask whether your IFA will negotiate on cost of advice particularly for a large amount of business
- Make sure the adviser quantifies your attitude to risk for the short, medium and long term
And finally understand what you’re being told. Never be frightened to ask your adviser to clarify something if you’re unsure. It is your responsibility to understand the choices presented to you by an adviser and to understand the terms under which you are agreeing to do business.
Find out more about IFA qualifications on the unbiased.co.uk “Find an IFA” search
