Financial advisers in Kent

With Kent being one of the most affluent counties in England and being the home of many large national and multi national companies, it is clear why there is a great need for good financial advisers.

Final salary pension advice for private and government workers is in great demand. The complexities in the rules and products out there can be very confusing. People need to find a good FSA approved financial adviser that will able to ask the right questions, decipher all the facts and most importantly search the pension market for the right deals.

Many pension providers do offer very competitive rates and most of the time the IFA will be able to achieve a better rate of return than your existing pension.

Many people will find that existing contributory pension plans workers have through their company will have uncompetitive rates. This is why pension transfers can in some cases be a good idea and most Kent IFAs will offer a free pension review.

A pension review will often consist of a detailed fact find about your circumstances including pension amount and year of retirement. Then after permission has been obtained communication between the IFA and existing pension provider will take place so that all information about the plan can be taken down and this will help the adviser with their fact find.

At this stage the adviser will begin searching the market for the right pension or SIPP provider taking into consideration everything from set up fees to rate of return. In many cases people will have a few different pensions from periods of self employment and various voluntary contributions (top up) and amalgamating them into a SIPP is both cost effective and will offer better rates.

There are two types of pensions, final salary pension schemes and money purchase pension schemes. The final salary scheme guarantees you a fixed percentage of your final salary and the money purchase is a little more complicated.

Contributions are grouped together and put into a fund then the total value of your contributions are used to buy an annuity which give you a guaranteed income year on year.

The main factors to consider when choosing an IFA is price, locality, suitability and quality. Many people like to meet with their adviser and a close relationship as with accountants and solicitors can be beneficial. Also it is worth discussing fees at the outset to avoid any issues further down the line. Lastly and most importantly check the reputation of the adviser and find out their track record and how long they have been operating- this will avoid any nasty surprises down the line.

Comments? Questions? Email Here

© HowtoAdvice.com

How to Advice .com