What you need to find out about charges when selecting an IFA
In “Advisers face questions over who pulls the strings” (FT Money, 5th May), Elaine Moore reports that it is now very difficult for consumers to select an IFA based on how they charge. Correct. ‘Fee-only’ superficially holds out the best hope of avoiding bias, but it wastes an adviser’s ability to game the commission system for the benefit if their client. It is also often a sign that the firm is predominantly a financial planner and cannot or should not be managing investment portfolios.
read more Commentary by Stuart Fowler