Due to our daily work in helping people who believe that they are eligible to claim compensation for a mis-sold pension or pension transfer, we get to hear a lot of horror stories. Talking to our clients on a daily basis only further enforces the value of paying for expert pension advice when looking to make investments for your retirement fund.

You might have seen a great deal of news recently covering cases where un-regulated pension investments and mis-selling has been rife throughout the pensions market. We have covered these subjects in our blog but in this article we wanted to give some advice on how you can best prepare yourself to receive solid pension advice and not open yourself up to the risk of making a bad investment.

A recent study carried out by The Observer in conjunction with LV Insurance revealed some very scary facts about the lack of individuals taking proper financial advice when reviewing their pension.

The research showed that one in five of those who are within five years of starting retirement plan to take paid-for, regulated financial advice.

This is a growing concern for us here at Expert Pension Claims as we see on a daily basis how easy it is for people to be mis-lead following poor advice in regards to their pension transfer.

Picking a Pension Advisor

Financial advice is a qualified and skilled profession and since the implementation of RDR (Retail Distribution Review) the standards are on whole rising which benefits UK savers.

Unfortunately like any skilled profession there are varying levels of expertize among the industry, despite all advisers having to have the minimum bench mark qualification of dipFA allowing them to give financial advice.

We believe that picking a financial adviser should be like selecting any tradesman. It should be a carefully thought out process ensuring you find the most suited advisor to your circumstances.

Take Personal Recommendations

If you are looking for pension advice I am sure that someone amongst your friends or family has already done the same. We all know how much pensions are discussed as you begin to move closer to retirement age.

Try to talk to trusted friends and family to get an understanding of what they were looking for and the experience and their thoughts on their financial adviser.

Seek Out Online Reviews

It seems as though reviews are everywhere online but they can be a great source of additional information when choosing your pension adviser. There are a couple of big sites that I would recommend as they do a very good job of auditing reviews to make sure they are valid clients

Visit Check a Professional or Unbiased as they are both trusted sites with a fair approach to online reviews.

Check Them Personally

Once you believe that you have found the financial adviser you want to work with then arrange a meeting – many will do the initial client meeting free of charge so that you can get a better understanding if they are a good fit for you and your pension pot.

Once you have had your initial meeting you can check them out in a bit more detail by following this simple check list:

  • Have they got dipFa qualification? You can check this on the IFS website.
  • Are they authorised directly or under a company? This will be explained to you in your meeting if authorised by accompany make sure you check the company out.
  • What sort of funds do they recommend are they regulated by the Financial Conduct Authority.

This is in no way a fool-proof list but we hope it will help you secure a professional pension adviser that will help you make the right decision for your pension pot.

If you have already had bad and unprofessional advice, then please get in touch with us. We help UK residents in claiming for compensation on mis-sold personal pensions.