Hello,
I'm going to see a few Independent Financial Advisors in the UK - in respect to Inheritance Tax Planning and Investment.
Can someone tell me;
What qualifications / or training the Independent Financial Advisors should have?
Is there a good question I can ask to ascertain if they know their products?
Can anyone give me some real advice - on what to expect and what to prepare for. I've never done this before!
Thank you,
Lara
In message , Lara writes
If you are looking for advice on IHT & Investment then this restricts the number of IFAs whop can help you.
Many IHT problems can be solved just be giving you advice on how to instruct your solicitor to draw up your will (IME most solicitors aren't able to do this properly) and most IFAs cant do this either.
Firstly, check that the IFA has a G10 qualification and preferably G20 and G70, This should show their proficiency on IHT, Trusts, Taxes and Investment.
Ask them if they are prepared to give advice for a fee without selling a product. If they say yes, then that is the right answer.
Ask them what is the best way to avoid IHT. If they dont say 'spend as much as you can before you die', then go elswhere.
Ask them what would be the best way to invest £20k, (a small sum) If they say, £7k in an ISA and the rest in a Bond, then go elsewhere.
Only of the excess above the IHT threshold ...
It rather depends what they mean by a Bond, it's a word which covers many different things! Also of course they should not give any answer at all without exploring what you mean by "best".
In message , Stephen Burke writes
Thats exactly my point!
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