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What Do You Need to Prepare for Your First Meeting?

Whilst an IFA will be able to assist you throughout the process  once engaged, there are a few things that you will need to think about and prepare in advance, including:

  • Work Out Exactly What You Need an IFAs Help With: Before engaging an IFA you will need to work out exactly what you need help with – whether it is a new mortgage, a consolidation of your pensions portfolio or inheritance planning advice, it is best to have an exact set of points to action.
  • Research Your IFA In Depth: Further information can be found below but ensure that you do your own due diligence and research of the firm before you request a meeting.
  • Book Your First Meeting: Simply logon and book your meeting – remember that the first meeting is a fact find only and you are under no obligation to commit!
  • Gather All Documentation Prior to the Meeting: Gather all your documents, policy numbers, supporting information and set down any pre-prepped questions that you might have for your IFA.
  • For some products and services it is also essential that you have your passport number and National Insurance (NI) number to hand as well to verify your identity.
  • Dual Nationality & Non Domiciled Residents: For many services it will be crucial to have an NI number and passport scan to hand, this is needed for verification of tax purposes as well as the application of products such as ISA’s.
  • Income & Expenditure: It doesn’t have to be to the penny but your IFA will require a good overview of your income and expenditures to accurately assist you. IFA’s are also under an obligation to ensure that the advice given is sustainable and affordable.

Here is a checklist of what you will need to gather together or think about in advance:

  • Mortgages: How much are you looking to borrow, over what time frame and under what terms? If you have an existing mortgage please also gather all information together and let your IFA know on the call. You will also need to have an idea as to your wider finances including income and outgoings as the mortgage product proposed will depend on your financial circumstances.
  • Pension: Policy documents, income and projected income statements, policy numbers and other supporting documents.
  • Inheritance Planning: Please let the IFA know as to your circumstances, how much you intend to leave, bequeath or use prior to the policy or funds becoming available.
  • Investments: You will need to know how much you wish to invest and what sorts of returns you wish to gain – be it an ISA, shares or Bonds, an IFA will need to have a complete idea as to what you intend to invest and what you expect to get back.
  • Insurances: The product(s) selected will depend on what you hope to gain in case of the worst case scenario – you will need to brief your IFA as to what sort of level of cover you will require and also what you can afford in terms of premiums.
  • Hold the Meeting & Ask Questions: An IFA should be more than happy to answer any queries that you might have. Here are some questions that you could ask during the meeting:
    • Is the IFA an independent or a restricted adviser?
    • Are you regulated by the IFA?
    • For those advisers who are restricted, what percentage of the market do you cover?
    • What are your professional qualifications and areas of expertise?
    • How do you charge for your services and on what basis?
  • Take Your Time and Decide Whether The IFA Is The Right Fit For You: There is no rush to commit – take your time and evaluate the initial fact find, costs and solutions that have been proposed. If in doubt go back and ask for further clarification.