how to find an ifa

How to Find an IFA?



Posted on: 8th February 2021

If there is one thing that we all may have discovered from 2020 it’s that we possibly found more money saved from not being able to spend in the usual luxuries. When you know how to find an IFA, you’re on the right track towards a better financial future.

This may have had a more positive effect on the way we have learned to save money. We may have not had to travel to work which has saved exponentially, and all those business meetings and family get-togethers have been on Zoom which has cut down on travel also.

Now you have more money and want to secure some for the future, whatever it may hold. This may be the first time you have sought the advice of an Independent Financial Advisors in Manchester, or an IFA as known. You may have friends who would recommend one, but how would you know if this person suits your own requirements and needs?

The Search for the Right IFA

In today’s world, you don’t have to stick to a local IFA for ease as everybody converses through zoom meetings, so you can branch out and find the right IFA who may not even be in your district.

Of course, broadening your search can make the hunt for the right IFA a lot harder with an increase in potentials, so it is always recommended to narrow things down with an online search and reviews. The more you research, the more the options begin to narrow to the right person for you.

Be sure to engage in some phone conversations or emails to find the right balance, as some IFAs will provide stronger specialist areas such as pension advice in Manchester when you may be wanting something more in insurance or mortgage guidance.

Cost Factors

Just because you’ve saved money doesn’t mean you are eager to start paying it all out, especially if whatever you splurge on is not providing a good return.

The big hesitant point when looking to engage an IFA is not knowing what the cost is going to be. No one wants hidden fees to jump out of nowhere, which is why IFAs are bound to regulations over what they charge clients which have to be made clear to the client from the onset.

Naturally, you will want to know exactly where you stand, and you should be sure if the advisor is free to recommend products that span the entire marketplace or if they are tied to limited providers or a particular provider. If they do tie themselves to a particular provider, it doesn’t necessarily make them ‘independent.’

First Meet

Ideally, your first session will be an overview of your finances and why you would require an IFA. This would include you doing a bit of homework prior to the first meeting in assembling your mortgage statements, Isa, pensions and other items. It also requires you to prepare for the questions which you will no doubt be asked; What are you on retirement planning in Manchester, what level of comfort are you aiming for, where on the comfort scale are you towards risk?

Your first meeting will not answer every question you have. In fact, it will make you come away asking more which is good. It means that you are being challenged to really think about your finances moving ahead.

If you think you know how to find an IFA, make sure they’re going to go above and beyond to make sure your financial future is secure.

Download our Haven’s ‘What to Look for in a IFA’ guide here: IFA Guide (177 downloads )