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  • mollycat
    mollycat Posts: 1,475 Forumite
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    Fatbritabroad wrote: »
    My names fatbritbroad and I am a moneysavingaholic

    *chorus * "Hi fatbritabroad

    :rotfl:

    We will need more information than that to help you!
  • Fatbritabroad
    Fatbritabroad Posts: 573 Forumite
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    mollycat wrote: »
    We will need more information than that to help you!

    Purely a facetious comment ignore me :A
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Fatbritabroad wrote: »
    My names fatbritbroad
    Does dropping that 'a' from your name change the gender or just the location? :)
  • mollycat
    mollycat Posts: 1,475 Forumite
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    Fatbritabroad wrote: »
    Purely a facetious comment ignore me :A

    Mmmm.....think my suspect sense of humour is wasted here :rotfl:
  • Smed
    Smed Posts: 40 Forumite
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    RG2015 wrote: »
    "If it doesn't sound like a forum in which you'd want to participate, there are others." (bowlhead99)

    As with most things in life you have to accept both the positive and negative elements. I am very happy with the wealth of information on this forum which does contribute to my financial decision making process.

    However, I have not been able to find any other personal finance forums. If there are indeed others out there I would be very keen to hear about them.

    The problem with such forums is that they are obviously frequented by anonymous persons who are living in a fantasy world where they are rich and know what there is to know about investing their riches and can therefore advise others. Why would anyone in those circumstances post anonymously on an internet forum and considering the times of their posts could be unemployed people with not even two pennies to rub together? From my point of view great for general discussion but for anything more than that go to an IFA.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Smed wrote: »
    The problem with such forums is that they are obviously frequented by anonymous persons who are living in a fantasy world where they are rich and know what there is to know about investing their riches and can therefore advise others. Why would anyone in those circumstances post anonymously on an internet forum and considering the times of their posts could be unemployed people with not even two pennies to rub together? From my point of view great for general discussion but for anything more than that go to an IFA.

    The whole point of a forum is to be anonymous.

    The rich and unemployed have a lot of time on their hands frequently, it's one of the threw things they have in common.

    In terms of using an ifa that's personal choice, however you need to look at the name of the site. So as well as potentially not reducing your investment returns by 10-20%, the problem with an ifa is that they will often only look at or be able to advise of part of your financial life. This forum is fairly averse to buy to let for example. But it's a valid a set class, one an ifa can't advise on and may or may not be able to build into the financial model for an individual.

    If you think an ifa will solve all your financial problems than you are probably a little misguided in my opinion.
  • Smed
    Smed Posts: 40 Forumite
    edited 1 April 2017 at 10:04AM
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    bigadaj wrote: »
    The whole point of a forum is to be anonymous.

    The rich and unemployed have a lot of time on their hands frequently, it's one of the threw things they have in common.

    In terms of using an ifa that's personal choice, however you need to look at the name of the site. So as well as potentially not reducing your investment returns by 10-20%, the problem with an ifa is that they will often only look at or be able to advise of part of your financial life. This forum is fairly averse to buy to let for example. But it's a valid a set class, one an ifa can't advise on and may or may not be able to build into the financial model for an individual.

    If you think an ifa will solve all your financial problems than you are probably a little misguided in my opinion.

    To me trusting financial affairs to anonymous forum posters is misguided.

    I would not say that you yourself are misguided just confused. Have a look at my reply in the "What can an I.F.A. do for me" discussion and see below.

    I have already posted that I have an I.F.A. and an Accountant which is grouped together under "Wealth Management" but I do not consider myself to be wealthy. It's because my financial affairs are more out of the ordinary. I could do it myself and also maybe fall into traps set for the less well informed but I don't have the time to do it so I pay someone else to do it.
  • Ray_Singh-Blue
    Ray_Singh-Blue Posts: 507 Forumite
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    I'm self employed and my accountant provides a valuable service. However personally I would not pay a financial advisor if I was not yet wealthy. It would be like paying a gardener to tend my window box.

    A lot of people think differently though.
  • OldMusicGuy
    OldMusicGuy Posts: 1,758 Forumite
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    edited 1 April 2017 at 1:30PM
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    Smed wrote: »
    The problem with such forums is that they are obviously frequented by anonymous persons who are living in a fantasy world where they are rich and know what there is to know about investing their riches and can therefore advise others. Why would anyone in those circumstances post anonymously on an internet forum and considering the times of their posts could be unemployed people with not even two pennies to rub together? From my point of view great for general discussion but for anything more than that go to an IFA.
    It depends what you mean by general discussion. I agree that I wouldn't get my fund allocation advice from an internet forum but I have got far more value from this forum in terms of different ways of managing investments and planning for retirement than I have from any FA/IFA I have paid for advice. If you know all this stuff then there may not be much value for you here. Personally, this forum has provided me with information that has allowed me to make more informed decisions and plan better for the future.

    Personally I don't like using IFAs because I pay enough fees to HL and my fund managers, I don't need someone else reducing my return. My experience in the past with FAs/IFAs has been mixed, so I am not a great fan of them, but perhaps I just haven't found the right IFA yet. However, I feel much more confident in making my own decisions after reading a lot of the resources on this forum.

    PS Welcome to the forum btw!
  • ChesterDog
    ChesterDog Posts: 1,112 Forumite
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    Smed wrote: »
    To me trusting financial affairs to anonymous forum posters is misguided.

    These forums and some very knowledgeable posters within them are an incredibly rich source of information.

    There's a world of difference between utilising that freely-given knowledge and your statement above.
    I am one of the Dogs of the Index.
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