Independent Financial advisors vs the bank

[tugglesf239]

I'm looking at sorting my life out financially and was curious which way to proceed.

Basically want to restructure my bank accounts to be easier to manage (bills, spend, saves and longer term saves).

Also I have 2 private pensions (ex forces and also current employer, which I was looking to merge (if possible)

Also I have lots of options around shares etc through work that I have never taken advantage of.

I also have more cash coming in each month than I ever had, however I really do not feel I am using it to best advantage.

Just curious really as to the best starting point.

 

[Lord Tyrion]

The bank will only sell their products whereas a FA will, hopefully, offer you a wider spread. Definitely worth asking around locally to use someone already known and trusted if possible.

 

[Old Skier]

Also I have 2 private pensions (ex forces and also current employer, which I was looking to merge (if possible)

Be very very careful. The merging of a forces pension was and would think still is a big no no as the loses could be large (I am not a financial advisor, just listened to advice during resettlement from those in the know and qualified). This was only worth when merging with the Police Force but may have changed.

 

[drewster]

Go down the IFA route, a good chartered practice will have specialist individuals with specific pensions qualifications and experience. It can be a minefield and a decent practitioner will be able to give you whole of market advice and recommend what's best for you. There will be a fee involved for their services but you'll be safe in the knowledge that these guys are qualified and have to undergo regular compliance and audit checks making sure that ethically they're doing the right thing for you under the Treating Customers Fairly ethos.

 

[Mastercracker]

Don't just look at IFA's. St. James's Place aren't independent but they do win awards year in year out. Worth a google.

 

[tugglesf239]

Be very very careful. The merging of a forces pension was and would think still is a big no no as the loses could be large (I am not a financial advisor, just listened to advice during resettlement from those in the know and qualified). This was only worth when merging with the Police Force but may have changed.

That is the type of info i am hoping to gleam. ie 1. is it technically possible and 2. is it a good idea.

To answer a few other points

i dont mind paying for the service. When using an independent mortgage adviser is probably cost me 600 quid once complete, however the savings over the lifespan of the mortgage were in the 10's of thousands. Really good value and agnostic from any providers.

Anyone used this as a reference point?
http://www.independent-financial-advisor-uk.com

 

[jim8flog]

Personally I would go the IFA route.

I used to be in finance (tied agent) but I am no longer licensed so cannot give you other advice.

 

[Mark1751]

Your bank can discuss and suggest options for your everyday banking such as interest bearing current accounts and regular savings accounts.

Most will offer some form of financial advice around investments and pension but they tend to have a qualifying like income over a certain amount (£100k per annum) or current investable assets (£250) they have to be a minimum level 4 diploma qualified but most will be chartered. They also tend to have limited whole of market products available. They won't charge an upfront fee but will be charged if you go ahead with anything.

 

[Tashyboy]

The problem with an "independant" financial advisor is how independant are they. Might seem an odd question or statement. But me and missis T got royally shafted by one. He worked for DB Woods in Notts. He was a grade one tosser who was sacked 18 months later and described by them " as a finacial maverick". Would i use them again. Not a cat in hells chance.
Now i Am retired, how would i invest my money? I would of deffo paid more into AVCs. Added voluntary contributions. Which is my or your pension. It is something i have seen you mention and certainly something i would put near the top of my list.

 

[Rooter]

Don't just look at IFA's. St. James's Place aren't independent but they do win awards year in year out. Worth a google.

I use St James's place. helps that the guy i deal with I also play golf with...