Solicitor's financial qualification

Discussion in 'UK Finance' started by Jake, Nov 7, 2004.

  1. Jake

    Jake Guest

    Hello,
    Can anyone tell me the name (or abbreviation) of the appropriate
    qualification that I should want a solicitor to have if I am going to
    ask him for advice on liquidating a house and investing the proceeds?
    The house is part of a trust, left by my father, to be split up
    between his sons and grandchildren upon my mother's death. We're
    thinking of selling the house to provide an income for my mother if we
    move her her to a nursing home. We're looking for someone who will
    provide good investment advice, and who is well-versed in the
    ins-and-outs of inheritance tax etc.

    Many thanks

    Jake
     
    Jake, Nov 7, 2004
    #1
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  2. Jake

    Jon S Green Guest

    IFA. ;-)

    Seriously: you probably need to talk to an IFA, rather than a solicitor
    about this. Solicitors do law, and can advise on how to set up trusts
    (you may well need a new one), and how to word wills, and so forth, to
    minimise your liabilities. But a good IFA should be able to advise on
    how to invest the money afterwards.

    A fee-paid IFA would be a better choice than a commission-paid one: even
    though it'll cost you more at the outset, you'll know the advice is
    (relatively) unbiased; (some) commission-based IFAs are notorious for
    bad recommendations that maximise their incomes.

    And if you lose badly from an IFA's reccos, you stand a chance of making
    a claim against them for malpractice: I don't know if that's true of you
    got the reccos from a solicitor, since investment advice isn't their
    core skill.


    Jon
     
    Jon S Green, Nov 7, 2004
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  3. Jake

    Daytona Guest

    Can the non solicitor IFA give authorised advice on whether the trust
    allows such an action, in what circumstances and under what conditions
    ?

    No.

    Why is a solicitor from the Society of Trust and Estate Practitioners
    (STEP) <URL:http://www.step.org/> or Solicitor IFAs
    <URL:http://www.sifa.co.uk/> less suitable ?

    Solicitors are covered for financial advice where they have the
    specific financial qualifications.

    If Jake selects an IFA, ask if they have the G10 qualification.
    <URL:http://www.google.co.uk/search?hl=en&ie=ISO-8859-1&q=AFPC+G10&meta=>


    Daytona
     
    Daytona, Nov 7, 2004
    #3
  4. Jake

    David Off Guest

    Just asked my missus - who is a judge but probably knows something about
    law, you need a trust equity solictor who is quite a rare bird.
    Apparently all solictors do an accountancy exam as part of their course.

    hope this helps a bit
     
    David Off, Nov 7, 2004
    #4
  5. Jake

    Jon S Green Guest

    What do you mean by "authorised advice"? Perhaps you mean "qualified
    advice". I'll assume so.
    Depends upon whether the IFA in question has a trusts specialism, of
    course. Certainly, though, a solicitor ought to be involved, to settle
    the trusts, contracts, etc. side of thing, but yer average one isn't the
    right person to ask for investment advice, which was part of the
    question.
    The STEP solicitor would be ideal to ask about the trusts elements.
    Mind you, if the trust's straightforward, most decent solicitors could
    handle it.

    Hadn't heard of SIFAs before; thanks for the info. Probably a tad
    expensive, though. Also, if a SIFA isn't performing as you'd like, you
    can't sack the "solicitor" or the "IFA" half that's not pulling its
    weight.

    I'd be more inclined to have one of each, personally. I'm not convinced
    that, once the trusts legalities are settled, there's any need for a
    solicitor's role in handling the strictly investment issues, and I'd
    want a continuing relationship with the IFA without having a solicitor
    as their conjoined twin...


    Jon
     
    Jon S Green, Nov 7, 2004
    #5
  6. Jake

    john boyle Guest

    They best way is to ask a G10 qualified and experienced IFA to work
    together with a STEP qualified and suitable experienced solicitor.
    Neither knows it all, but each will know a lot about their own
    respective bit.
     
    john boyle, Nov 7, 2004
    #6
  7. Jake

    Jake Guest

    OK. Many thanks - to everyone.

    Jake
     
    Jake, Nov 10, 2004
    #7
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