Independent financial advisers for doctors (IFA) – how do I find a good IFA?
Choosing an Independent Financial Adviser that specialises in advising NHS doctors and surgeons on NHS pension, life insurance and protection for doctors and investment advice for doctors and surgeons can be difficult.
Here are 6 important things to consider.
Choose an Independent not a Restricted Financial Adviser.
Broadly there are 2 types of advisor. Restricted advisers can only offer certain products or providers to you. They may be restricted by the range of products they advise on (not always a bad thing) or by providers they recommend (usually bad as you may not get the best deal).
In contrast, Independent Financial Advisers have access to, and sell products from any provider right across the market. Therefore you should get the very best advice and products tailored just for you. As a result Medics’ Money ONLY recommends Independent Financial Advisers who are specialists in advising doctors.
For NHS pension advice, choose a specialist medical Independent Financial Adviser
The nature of the NHS pension scheme and other complexities around doctors finances means you need an IFA that specialises in the medical profession. Unfortunately many advisors claim to be specialists but are not. Medics’ Money only matches you to Independent Specialist Financial advisers that fulfill your requirements. We can match you and book your free initial consultation with a Medics’ Money IFA here.
What qualifications and registrations should a financial adviser have?
Financial advisors are regulated by the Financial Conduct Authority (FCA). You should ensure you only use a FCA regulated advisor. ALL the IFAs on Medics Money have undergone our rigorous checks so you don’t have to worry. But you can visit the FCA website to confirm the adviser and their firm are regulated. For investments, you should also ensure they only recommend regulated products. The minimum qualification for an advisor is a Diploma in Financial Planning but many are Chartered Financial Planners, which is the most qualified.
ALL the IFAs on Medics Money have undergone our rigorous checks so you don’t have to worry.
Check feedback from previous clients.
How satisfied were other doctors with your chosen IFA and are any online reviews genuine? At Medics’ Money all the advisors have reviews from other doctors and our reviews are verified by GMC number so you know they are genuine reviews from doctors like yourself.
Does my advisor need to be local?
No. In the age of the internet almost everything can be done remotely and is often more efficient this way. When you use Medics’ Money we will only match you to advisors that can help you, taking into account all your requirements including location. Find your nearest suitable specialist medical IFA here.
The initial meeting with an IFA from Medics’ Money is at the advisers cost, which means you dont pay anything to find out if they can help you. Advisors charge fees in a variety of ways depending on the products on offer.
No fee – for some products, for example life insurance, protection and mortgages (although some may charge a broker fee for mortgages) the advisor may be paid by the company providing the policy so you don’t pay anything.
Percentage fee – you pay a % of for example the amount invested.
One off fee or hourly rate – typically used for pensions advice and one off advice.
You should ask your adviser how they will charge you fees at the initial consultation.
Medics’ Money is run by doctors to empower doctors to make better financial decisions. We can match you to a specialist medical accountant or Independent Financial Advisor and our blog continues lots of information to empower you.