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Independent Financial Advice


LinkedIn is currently running a campaign to help people find an IFA. You insert your post code and then receive “rapid response” which encompasses a free no obligation consultation leading to “impartial, personally tailored advice” and a 100% satisfaction guarantee!

The ad poses the question “Do I need an IFA?” Such a person can offer insight and guidance on investing a lump sum, pension rates and charges comparisons and tax planning as well as running a business - though all that’s mentioned here is workplace pensions, finance and company insurance. I think there’s a little more to it...

I felt moved to comment as this “advice” is primarily concerned with products - off the shelf products which, apparently cater for everyone’s differing needs, objectives, and always remain the best thing regardless of our changing circumstances and plans. Nowhere in this ad are the real questions posed; how did you get to here? in which direction are you headed and crucially, how much money do you need to last the rest of your life? Surely, without knowing the answer to this, anything we buy product wise is based on guess work?

Lifestyle Planning focuses on you solely and not a Regulator and its array of products; it will calculate your "number" - the sum you need to see you through and whether you are short, just right or with too much. Strategies to resolve each scenario do not require the purchase of a complex financial product [or 3] we do not fully understand, and which is no longer suitable the second our circumstances change BUT which will always deliver a profit to the financial services industry.

The next time you receive advice from a product selling adviser consider consulting an alternate type of adviser, just for a second opinion, and discover whether those products and the investment risk you are about to buy into is truly your best course of action.


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