Financial Advisors Near Me Reviews 

Reply from Financial Advisors Near Me

Updated Apr 6, 2022

Hi, we never telephone customers unless they have been in touch asking for assistance after submitting an enquiry. We have reached out to you via Trust Pilot asking for more information so we can investigate this further.
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Thanks for the further information. It appears that a consumer using our website made an error when entering their details & entered your phone number by mistake. The calls were from the Financial Advisor that we connected the consumer to.

Sincere apologies for any inconvenience, we can assure you these were definitely not spam calls but calls from an IFA trying to make contact with a consumer needing financial advice.

Reply from Financial Advisors Near Me

Updated Dec 7, 2021

Hi Theresa, sorry our service isnt what you wanted. You can find a list of advisers here: https://www.unbiased.co.uk/advisers?service=financial-adviser

Reply from Financial Advisors Near Me

Updated Oct 13, 2021

Hi Mr Mehed,

Sorry to hear about your experience, we will review your meeting with the partner in question. I note that you selected general pension & retirement as the type of advice on our form, but you need specialist advice with your Defined Benefit Scheme.

Had you chosen that option we would have directed your query to a qualified adviser in the area. Would you like us to pass this enquiry over to someone who can help (if its possible - this is complex and highly regulated). The fees are generally very high and only supported by large pension pots and your family circumstances need to be right for there to be a net benefit to you from the transfer in order for the regulator to approve it via the advisers compliance team.

Or do you feel you have this covered as its already in progress as you state?

Update: We have contacted the adviser in question and it seems there have been crossed wires here. You wish to transfer your DB pension to on online only provider who does not provide advice, when the regulator specifies you cannot move your pension without taking advice if its over £30,000 transfer value.

The adviser was giving you other options to achieve your goals, rather than being in a position to execute what you had in mind.

We dont know of anyone who will give the difficult and expensive part of the advice you need when it is not part of the transfer itself I'm afraid. Whilst we cannot give you advice, we feel you would do well to explore alternatives and talk to a DB transfer specialist to firstly check whether you qualify for a transfer.

Regards,
Neil

Update 2: Sorry again for the confusion Mr Mehed, as I said the adviser was surprised by your reaction and put this down to crossed wires. I think we all probably should. We'll review the list we present to consumers given your feedback - A Final Salary Pension is a Defined Benefit Pension, but obviously thats not as common knowledge as we might think.

Once again we wish you good luck with your transfer challenge! And if you cant achieve your objective you can always come back to us for an alternative.

Reply from Financial Advisors Near Me

Sep 17, 2021

Hi Ranjan,

I just wanted to respond to your point the the advice fees quoted by your adviser were to high. Financial Advice is regulated in the UK by the FCA so there are certain requirements advisers have to meet in able to be able to operate within the regulations.

Unfortunately this can make the formal advice (should you need regulated advice, 90% of our users get valuable information on their query for FREE) feel quite expensive. It also means it may not feel cost effective if the amount you are dealing with is relatively small - the minimum fees are a larger percentage of smaller amounts which is a major criticism of the industry and creates what is know as the 'advice gap' where the cost of regulated advice is too much for those with less.

I did want to point out that there is a cost benefit analysis for consumers to make, rather than just feel the costs are unjustified. You can find the most comprehensive piece of research on the benefits of financial advice here: https://ilcuk.org.uk/wp-content/uploads/2018/10/ILC-UK-The-Value-of-Financial-Advice.pdf

The headlines from this research are:

- 9 out of 10 people are satisfied with the recommendations offered.
- people taking advice are on average circa £800 a year better off during retirement.
- people taking financial advice increase the assets over non advised consumers by £50k over 5 years.

There are obviously no guarantees with any of this, but please be aware of the likely benefits as well as the costs before making your decision. Obviously the level of your assets will play a big part in the decision also.

Good luck with you planning whatever you decide to do and if we can help you get a second opinion on fees please get back in touch.

Regards,

Neil