Solicitor's financial qualification


J

Jake

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
 
J

Jon S Green

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?
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
 
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D

Daytona

Jon S Green said:
IFA. ;-)

Seriously: you probably need to talk to an IFA, rather than a solicitor
about this.
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
 
D

David Off

Jake said:
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.
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
 
J

Jon S Green

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

john boyle

Daytona said:
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=>
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.
 
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