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  • FIRST POST
    • MSE Archna
    • By MSE Archna 20th Oct 06, 11:54 AM
    • 1,872Posts
    • 5,996Thanks
    MSE Archna
    Do You Need Financial Advice? When To Get It, When Not To Get It Discussion Area
    • #1
    • 20th Oct 06, 11:54 AM
    Do You Need Financial Advice? When To Get It, When Not To Get It Discussion Area 20th Oct 06 at 11:54 AM

    This thread is specifically to discuss the content of the

    Do You Need Financial Advice? When To Get It, When Not To Get It Article

    To discuss or ask a question about the article: click reply
    Report inappropriate posts: forumteam@moneysavingexpert.com




Page 13
    • dunstonh
    • By dunstonh 18th Jul 14, 4:44 PM
    • 85,151 Posts
    • 50,164 Thanks
    dunstonh
    If you have time to post so many times and you are a qualified adviser I doubt you are truly focusing on your own clients best interests spending so much time on here giving free guidance/advice
    And yet you find time to register on a website and then make a post to criticise. Perhaps you should focus on your clients best interests rather than post during working hours.

    I am guessing that, as you have quoted that text, that your are not happy about my comments on that ridiculous charging method. Perhaps it is you that uses that daft method. Try and justify it to me and others if that is the case.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • gowgowuk
    • By gowgowuk 10th Nov 15, 8:32 AM
    • 377 Posts
    • 70 Thanks
    gowgowuk
    Hello,

    I am after general advice for retirement planning (financial health check, affordability of early retirement) but also tax advice. My situation got slightly complicated since I have inherited this year from my father back in Belgium and now have cash, investment funds and part of a house over there, and need advice about the best way this to deal with it and declare it the tax office here.
    Do you think any IFA would be able to help, or should I seek specifically someone specialized in tax planning and assets and investments abroad?
    The problem is when I use the IFA search facility on the above article, and look at the individual IFA expertise, I don't seem to see anything about tax, or international assets.

    Many thanks for any advice
    • saverjustice
    • By saverjustice 10th Nov 15, 1:26 PM
    • 179 Posts
    • 43 Thanks
    saverjustice
    Congratulations and the best of luck. I don't know any small IFA who would be fully au fait with your situation but they often refer part of the work to someone who is considered an expert in that particular field. I know hundreds if not thousands of IFAs in the UK so if you tell me where you are I can point you in the right direction.
    • candela
    • By candela 17th Feb 16, 5:05 PM
    • 1 Posts
    • 0 Thanks
    candela
    I am confused about how much I should be paying for financial advice. I have been a given a quote fro advice and recommendations on my investments of 3% of their value , plus implementation fee of 1% plus managemnt service fee of 1%. As i am a cautious investor (risk adverse) i am concened that the amount I pay will end up being less than what i will gain from the investments. I am not looking to make huge income, just want to rationalise my investments as they are scattered and I havent had much advice. just dont want to lose what I have in unstable financial market. what are your thoughts?
    • gowgowuk
    • By gowgowuk 17th Feb 16, 5:09 PM
    • 377 Posts
    • 70 Thanks
    gowgowuk
    Congratulations and the best of luck. I don't know any small IFA who would be fully au fait with your situation but they often refer part of the work to someone who is considered an expert in that particular field. I know hundreds if not thousands of IFAs in the UK so if you tell me where you are I can point you in the right direction.
    Originally posted by saverjustice
    Hello,
    For some reason never got a "reply alert" for this! Thanks for replying! I am in Edinburgh.
    • dunstonh
    • By dunstonh 17th Feb 16, 5:12 PM
    • 85,151 Posts
    • 50,164 Thanks
    dunstonh
    I am confused about how much I should be paying for financial advice. I have been a given a quote fro advice and recommendations on my investments of 3% of their value , plus implementation fee of 1% plus managemnt service fee of 1%. As i am a cautious investor (risk adverse) i am concened that the amount I pay will end up being less than what i will gain from the investments. I am not looking to make huge income, just want to rationalise my investments as they are scattered and I havent had much advice. just dont want to lose what I have in unstable financial market. what are your thoughts?
    Originally posted by candela
    Starting with the easiest, the ongoing tends to range from 0.5% to 1% depending on the amount invested (the more you have, the cheaper it gets).

    Initial when using % needs to be context. 3% on £10,000 is cheap. 3% on £100,000 is expensive. With initial, you look to pay around £500 to £1500 for mainstream. Complicated stuff could be more.

    Some firms may focus on high net worth and price smaller stuff high on purpose. City firms tend to be more expensive than rural. Some can be greedy. So, you do need to shop around a bit.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • mascotty
    • By mascotty 3rd Mar 16, 7:15 PM
    • 8 Posts
    • 4 Thanks
    mascotty
    need Help!!
    Hi guys,
    I am getting worried regarding my finances, or lack of, is there anyone I can go to apart from CAB, as I need someone to personally take over my life, financially as I thought I could get myself out of debt but getting more and more into debt, I know the amounts may not seem a lot but it is in my eyes, I took out a loan to cover all debts but couldn't get a full one, I did pay off a few of the debts with the money and due to the payments I am paying back am back to where I started, they wont give me a whole amount to cover everything so I can make one payment a month for the loan and am stuck...I know there was a tv series regarding debt and going round to the people and getting them out of debt with the advice and correspondence and feel I need one of those people, preferably not on tv, but you know what I mean, please can someone help and advise me, I hope this is the right forum
    Regards
    Mark
    • badger09
    • By badger09 4th Mar 16, 9:18 AM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Hi guys,
    I am getting worried regarding my finances, or lack of, is there anyone I can go to apart from CAB, as I need someone to personally take over my life, financially as I thought I could get myself out of debt but getting more and more into debt, I know the amounts may not seem a lot but it is in my eyes, I took out a loan to cover all debts but couldn't get a full one, I did pay off a few of the debts with the money and due to the payments I am paying back am back to where I started, they wont give me a whole amount to cover everything so I can make one payment a month for the loan and am stuck...I know there was a tv series regarding debt and going round to the people and getting them out of debt with the advice and correspondence and feel I need one of those people, preferably not on tv, but you know what I mean, please can someone help and advise me, I hope this is the right forum
    Regards
    Mark
    Originally posted by mascotty
    You'll get some help if you start a new thread here

    Good luck

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76
    • Savingsnovice
    • By Savingsnovice 22nd Mar 16, 6:33 PM
    • 1 Posts
    • 0 Thanks
    Savingsnovice
    Seeking IFA in Edinburgh
    Should be very grateful for any recommendations or advice in seeking an IFA in Edinburgh (or Glasgow). Also any tips on what questions to ask when having preliminary consultation. Seeking to have sum, c. £500000 invested in managed funds, also someone in family looking to set up personal pension (aged late 20s).
    • aajax42
    • By aajax42 30th Mar 16, 9:55 AM
    • 34 Posts
    • 4 Thanks
    aajax42
    Leap of Faith.
    Charges are of course a concern, but results are far more important surely. How do you find that out?
    • bowlhead99
    • By bowlhead99 30th Mar 16, 11:14 AM
    • 5,149 Posts
    • 9,084 Thanks
    bowlhead99
    Charges are of course a concern, but results are far more important surely. How do you find that out?
    Originally posted by aajax42
    By asking someone with the exact same financial circumstances as you, who used the adviser over the next twenty years, how they got on. Unfortunately it will take twenty years to get the answer.

    You could ask for references from previous clients who had the same goals as you. But how do you know that those clients, who you don't know, know how to distinguish a good adviser from a bad one and would know whether the results were good or bad given the circumstances, economic conditions and tax law of the time (which will likely differ from the ones you face over the next decade or two) and whether the result was luck or judgment? You may need to interview a thousand happy (and unhappy) customers before you get a statistically useful sample of "results".
    • BananaRepublic
    • By BananaRepublic 30th Mar 16, 12:13 PM
    • 678 Posts
    • 458 Thanks
    BananaRepublic
    By asking someone with the exact same financial circumstances as you, who used the adviser over the next twenty years, how they got on. Unfortunately it will take twenty years to get the answer.

    You could ask for references from previous clients who had the same goals as you. But how do you know that those clients, who you don't know, know how to distinguish a good adviser from a bad one and would know whether the results were good or bad given the circumstances, economic conditions and tax law of the time (which will likely differ from the ones you face over the next decade or two) and whether the result was luck or judgment? You may need to interview a thousand happy (and unhappy) customers before you get a statistically useful sample of "results".
    Originally posted by bowlhead99
    Whilst you make valid points, some assessment can be made. I dealt with an IFA a few years ago (he was employed to handle workplace pensions in the company I worked for) and he was clearly touting for more work. He released confidential information of many people, and would not listen to me when I described my attitude to risk, and my investment goals, and tried to impose his views which oddly enough involved a large role for him. I am sure you agree that I could reach an assessment of him, even though I have no idea if technically he was any good. Interpersonal skills, and client privacy, are surely worth rating? Yes, as you say, you cannot rate long term performance easily, but you can probably work out if he appeared to do a decent job, if he appeared to consider all options, and so on. That does require some knowledge of what an IFA should do of course.

    I once had a visit from a chap to assess the installation of a woodburner. He gave me the creeps from the word go. Again, interpersonal skills were important. I had a visit from another company. The chap was pleasant. I spoke to several staff many times in the shop, lovely people. Guess who I went with? And they did a good job, I do think you can - to some degree at least - sniff out conscientiousness and competence.

    And at the end of the day, if you like the chap/lass, then it makes it easier to pay the fees does it not? An honest sum for an honest job?
    • dvlouis
    • By dvlouis 10th Oct 16, 2:16 PM
    • 1 Posts
    • 0 Thanks
    dvlouis
    Financial Service Directory
    Visit Financial Service Directory to search for qualified local financial advisors. Simply google financial service directory.
    • dunstonh
    • By dunstonh 10th Oct 16, 3:26 PM
    • 85,151 Posts
    • 50,164 Thanks
    dunstonh
    Visit Financial Service Directory to search for qualified local financial advisors. Simply google financial service directory.
    Originally posted by dvlouis
    Absolutely useless. I suspect it it is spam.
    First of all, it wouldnt accept the spelling "adviser". It used "advisor".
    Secondly, it returned no results in my test searches.

    Stick to the main search engines. The PFS directory, MAS or unbiased (but turning off filter to show paying advisers only)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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