- As you would expect, one group comprised firms which did not look across the whole market. They remained tied or multi-tied to individual providers. And some did deals to get providers to pay to be on their list of favoured suppliers. Money that looked, smelt, and sounded very like sales driven commission.
- The other group was less expected. They were firms that specialised in just one or a few areas. For example, a firm that specialised in annuities, knew everything about annuities from the whole of the annuity market, but did not advise on investments or pensions could not call itself 'independent'. It was called ‘restricted’.
those two groups do not have separate names. They are officially all just 'restricted' - though that is a term hardly any of them uses.
So by quite reasonably filtering outthe restricteds who are tied or multi-tied you also lose the whole-of-market specialists as well. They may be good IFAs. But I still reject them. Don’t blame me. Tell the FCA to change its daft rules.
These three filters will take you a long way towards finding good, safe, but often expensive, financial advice. I apologise to the good, safe, and perhaps cheaper advisers it filters out. They can get themselves included by becoming independent or getting financial planning qualifications.
- www.unbiased.co.uk and filtering out the non-IFAs, and those who are not chartered or certified financial planners.
- www.vouchedfor.co.uk which only lists IFAs and you can then filter out the non-planners.