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Where Taxpayers and Advisers Meet

Ifa

Eli
Posts:4
Joined:Mon Apr 04, 2022 11:41 am
Ifa

Postby Eli » Wed Apr 06, 2022 4:58 pm

Hello, I am considering getting advice from an IFA. my income including basic salary and benefits etc is slightly above 100k. I am starting to have savings on one hand and stock options from my company. I hired a tax accountant for my tax return as I was confused and he ended up saving me money! So I'm thinking Is it reasonable that I would also hire a financial advisor? Do people in my situation normally get professional advice?I'm unsure about investments etc and I opened a SIPP and a ISA account. Most importantly what shall I expect to pay an IFA? ANY advice appreciated :)

SuperSpurs106
Posts:23
Joined:Wed Jun 15, 2022 3:25 pm

Re: Ifa

Postby SuperSpurs106 » Wed Jun 15, 2022 3:47 pm

Hi

I am an IFA (although I specialise in an area that doesn’t lend itself to your situation).

I would recommend that you engage an IFA if you are not well versed in pensions, investments etc. A good IFA will, like a good accountant, ensure that you were using all of your tax allowances correctly and save you money in the long run.

The issue you may have is that lots of firms charge by taking a % of the assets they manage for you and if you don’t have much saved up/invested (yet) you may not be able to access a large part of the market.

However, if there’s an adviser on your local high street it might be worth calling in to have a chat.

Charging-wise, this tends to be two or three-pronged. There’ll a an adviser charge, charges on any funds that you invest in and platform/product charges for where your investments are held. Anything over 2% all in I would say is expensive. Between 1.5% and 2% feels reasonable.

Hope this helps.


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