Do IFAs take their own advice?
Comments
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capital0ne wrote: »Why do IFA's work or even exist, surely if they took their own advice the could design a plan to provide all of their income, once of course they had created the capital they needed.
They can't be doing it as a service to us ill-informed masses because their fees are so high.
Just a thought for dismal Saturday afternoon
You answered your own question. Of course an IFA gets used to a champagne and caviar lifestyle, so it takes some time for them to build up a large enough retirement pot. :rotfl:
Anyway, studies have shown that relative wealth is an important aspect of happiness. If you are making a lot more money than others, you have more job satisfaction, as you see yourself as more successful. So I would not be surprised if they tend to carry on working even if they have the funds to retire.0 -
When I started work in the 90s IFAs were a nightmare. You couldn't do your job for them. On the phone every few minutes. Trying to sell FSAVCs and endowment mortgages. When my dad and a few of his colleagues retired one IFA got them all. He took quite a large proportion of their lump sums. He was going to be with them every step of the way through retirement. A few months later my dad got a letter to say his IFA had retired. A relative of mine was one. All the family had to buy products from her. She didn't like me because I used to read the documents. They always contained details of how much commission she was getting. We still have her FSAVCs which are rubbish. I was saying to my wife the other day how it is so much better to do your own research and know what you are buying than to have an adviser stick a sheet of paper under your nose and say 'sign this'. I'm afraid I could never use one again.0
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Do IFAs take their own advice?
The one I know most certainly does - lives in a 'very nice' house in Richmond and drives a smart car
I've seen a couple of IFAs in the past and learnt a lot from doing so. I let them 'show me the ropes' and having done so I felt able to go it alone. 0 -
We still have her FSAVCs which are rubbish. I was saying to my wife the other day how it is so much better to do your own research and know what you are buying than to have an adviser stick a sheet of paper under your nose and say 'sign this'. I'm afraid I could never use one again.
The fact you still have an FSAVC from that period suggests your DIY research is not up to much either.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I used an FA from HL (ok, not an IFA) and he took early retirement. So he can't have been doing too bad!0
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The fact you still have an FSAVC from that period suggests your DIY research is not up to much either.
There is nothing DIY about it. It was mis-sold to me by an IFA. I asked another IFA to sort it out and she told me she would charge so much there would be nothing left. I should really claim for mis-selling. It's a bit difficult because the IFA was a relative.0 -
I think the OP is based on the misunderstanding that they believe an IFA holds the keys to some kind of get rich quick formula, which surely they'd use themselves if they possessed it. I think it's obvious they don't make such claims - at least not any reputable IFA! The IFAs in the room can correct me of course, but I believe their line of work is more about financial planning, wealth management, recommending lifestyle-specific products, and so on.
Having said that, perhaps you should avoid an IFA who turns up in a rust bucket of a car and wears stained jogging bottoms and t-shirt...: )0 -
Flobberchops wrote: »I think the OP is based on the misunderstanding that they believe an IFA holds the keys to some kind of get rich quick formula, which surely they'd use themselves if they possessed it. I think it's obvious they don't make such claims - at least not any reputable IFA! The IFAs in the room can correct me of course, but I believe their line of work is more about financial planning, wealth management, recommending lifestyle-specific products, and so on.
Having said that, perhaps you should avoid an IFA who turns up in a rust bucket of a car and wears stained jogging bottoms and t-shirt...
I wouldn't worry too much about the car the IFA turns up in. Many IFAs dont see their car as a status symbol, and see new cars as a waste of money
I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
HappyHarry wrote: »I wouldn't worry too much about the car the IFA turns up in. Many IFAs dont see their car as a status symbol, and see new cars as a waste of money
I've always considered cars an excellent way to throw away money. Anyone with any financial prudence either buys used, or buys new and runs it into the ground.0 -
capital0ne wrote: »Only a small few can actually cut it - good old WB for one.
Not sure how you can compare WB to a private investor starting off with no capital base. Muddled thinking.0
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