Finding a decent IFA

Associate
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18 Oct 2002
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Hey,

I'm just about to change jobs, which is going to have a significant salary increase and push my income tax to a point I think I should be making sure I'm making sure I'm doing everything I can to protect my earnings. Where do people find decent IFA's - the last one I had issued some very poor advice, and I actually reported him to the FSA at the time.

Thanks

Ross
 
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Would you like a few recommendations? I work intimately with a lot of IFA businesses in the South East, is there any specific areas of advice you're looking for? Tax planning, investments, protection, etc?
 
Associate
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Theophany, that'd be great. Tax Planning would be good - I want to minimise my burden within the limits of the law and make sure I'm utilising salary sacrifice where appropriate etc.
 
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True, but what's a fair and moral amount of tax to pay ;).

Fair and moral are subjective. What you can do within the letter of the law is a different matter entirely. Is it fair and moral I pay 40% before I've even spent a penny despite the fact I take three fifths of **** all from the state? Depends on which forum member you speak to. ;)

Just as a heads up Ross, most of the guys I deal with will be looking to charge circa 1% per annum for work done. I'll compile a list of people I think are worth speaking with and trust you it, if you're ok with that.
 
Soldato
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It would surprise you the number of 'independent financial advisor's' facing eviction whom I deal with. They have a tendency to bury their head in the sand when things go wrong. I'm sure there are decent ones out there mind.. just be careful.
 
Soldato
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Fair and moral are subjective. What you can do within the letter of the law is a different matter entirely. Is it fair and moral I pay 40% before I've even spent a penny despite the fact I take three fifths of **** all from the state? Depends on which forum member you speak to. ;)

Just as a heads up Ross, most of the guys I deal with will be looking to charge circa 1% per annum for work done. I'll compile a list of people I think are worth speaking with and trust you it, if you're ok with that.

I'd be very surprised to see an IFA take 1% for income tax planning or income protection work. More likely to be a fixed amount / charge per hour.
 
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I'd be very surprised to see an IFA take 1% for income tax planning or income protection work. More likely to be a fixed amount / charge per hour.

Any kind of holistic tax planning will likely involve an investment element, which is where the 1% comes into play. It's all about providing an ongoing, chargeable service. Transactional IFA businesses are dead, they just don't know it yet. :p
 
Soldato
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12,804
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Ipswich / Bodham
I agree transactional IFAs are dead, but then again, so are the ones that think that they can charge 1% and not offer any meaningful type of ongoing service in return.
 
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