Financial Advisor That Charges Monthly Fees?

earlgrey_3

MrMicawber wrote: »

Is Shipton representative of all Doctors.

Would you trust your doctor if he was paid commission by the drugs company for the drugs he prescribed? Or got paid a backhander by the surgeon every time he refers someone to him for an operation?

Commission based IFAs get paid by the investment companies they recommend you to invest in plus an annual kickback.

It isn't that IFAs are nasty to their mothers but that a system where they are paid commission by the product providers doesn't ensure unbiassed advice.

earlgrey_3

Lokolo wrote: »

Read my signature 'Save £15k by graduation'...

I have some investments but very little.....

What you are missing out is dunston is saying buy in dripfeeding, not a big lump sum.

Also last thing promise! You keep saying that dunston gets some service from this forum, could you link me? I have yet to find someone that has gone to see dunstonh in rl, am quite interest actually.

Ah so you have little or no experience of investing actual money. How many advisers of any kind have you ever discussed your finances with or had experience of? OK, so let me know when you've made your first million with the help of an adviser then I'll hang on every word you say.

And what you are missing is that the poster asked whether he should move his existing investment to a cash ISA and Dunston advised against that saying to do so would miss a "buying opportunity". (I won't bother going into the misplaced faith there is in "drip-feeding".) The FTSE was then around 5500.

Dunston said that the amount of business he picks up from this board is only a very small proportion of his total business. Maybe ask him nicely in private how much that is and he might tell you. :rolleyes:

jem16

earlgrey wrote: »

I'm currently around 20% invested in markets (though that's still a six figure sum).

In July it was several hundred thousand. Has that changed or still the same?

earlgrey wrote: »

I am fairly used to volatility. I've invested for over 30 years through some very bumpy times and although I moved substantially to cash some time ago, I still have several hundred thousand directly invested in the markets, mostly as shareholdings. Being a few thousand up or down wouldn't be a new experience.

Why haven't you moved all this to cash?

That also applies to the flyers and recommendations from companies like Hargreaves Lansdown. They will always try to persuade you to invest.

Presumably you are invested with H-L to get these fliers?

Lokolo

earlgrey wrote: »

Ah so you have little or no experience of investing actual money. How many advisers of any kind have you ever discussed your finances with or had experience of? OK, so let me know when you've made your first million with the help of an adviser then I'll hang on every word you say.

Dunston said that the amount of business he picks up from this board is only a very small proportion of his total business. Maybe ask him nicely in private how much that is and he might tell you. :rolleyes:

Nah he'll get annoyed by me PMing him all the time. You keep saying Dunston said that, but you haven't posted a link to it, and I've been a regular on here for some time and haven't seen it.

Well I haven't ever been to an advisor because I it would cost more than I have! I only invest £100 a month (for 5 months thus far) as thats all I can really afford with savings as well. Plus I like doing it for myself, you can imagine I quite like finance and take it as a hobby so generally I prefer to do it myself as its a learning thing as well. But for others who don't want to learn how to do it for themselves they would go and see someone about it (I know if I had plumbing problems... I'd go see a plumber!)

whiteflag_3

earlgrey wrote: »

Ah so you have little or no experience of investing actual money.

So we are talking about investing not financial advice/planning?

How many advisers of any kind have you ever discussed your finances with or had experience of?

So again are we talking about one in the same person here?

OK, so let me know when you've made your first million with the help of an adviser then I'll hang on every word you say.

And what sort of adviser are we talking about here? Do they exist?

I think youll find most "IFAs" spend most of their time ADVISING ( a chargeable service !) on how to protect ones family and lifestyle, have the most competitive mortgage arrangements, saving for a rainy day and future dreams while maximising tax breaks and minimising costs.

I think you will find the individuals that you are thinking of , that can promise the earth using their investment expertise are known as "stockbrokers"

MrMicawber_2

Earlgrey - I don't think you actually read my post regarding what I feel about commisson based v fee based IFA's. I very clearly come down in favour of fee based.

You seem though to tar all IFA's with the same brush regardless of how they get their income. I have no axe to grind about IFA's but you seem driven by a kind of hatred and vitriol which isn't really very logical. Plus you seem to be engaging in a personal war with dunstonh. I'm not going to pander to anyone here but his views seem common sense and well balanced to me and a lot of other people who from their own posts are fairly well informed.

Actually with regard to the medical profession, pharmaceutical rep's, are always trying to cut deals. Please don't try and twist and misquote my example. I'm sure you know exactly what I mean.

As regards your discussions with lokolo - well it does take two - but someone who purports to have the wisdom of years just might take a more tolerant view of someone so much younger. Would you talk to your own grandson or greatgrandson in the same manner even if you thought they were being more than unnecessarily belligerent.

earlgrey_3

jem16 wrote: »

In July it was several hundred thousand. Has that changed or still the same?

It's substantially less fortunately.

Why haven't you moved all this to cash?

Because I don't have a crystal ball and that is an investment decision based on the various possibilities. Do you think that it makes sense not to spread and adjust your risk?

Presumably you are invested with H-L to get these fliers?

No I am not invested with H-L but have bought investments through them among others - only UTs for which they are cost effective - both for me and my wife.

So now since you are very,very interested in my personal finances would you now like to tell us how much your adviser persuaded you to invest 12 months ago, whether at any time it was suggested that you moved to cash, and how much your investments are now worth today as a result of the advice you received?

Lokolo

:eek: I'm not being unnessarily belligerant! I just don't think theres any need to take down dunstonh just because he's an IFA :-/

jem16

earlgrey wrote: »

Because I don't have a crystal ball and that is an investment decision based on the various possibilities. Do you think that it makes sense not to spread and adjust your risk?

Of course it is.

However it is rather hypocritical of you to say that you don't have a crystal ball and have made investment decisions whilst criticicising all IFAs who have not moved their clients into cash.

No I am not invested with H-L but have bought investments through them among others - only UTs for which they are cost effective - both for me and my wife.

How pedantic.

You knew exactly what I meant when I said invested with H-L. As H-L are IFAs of course you cannot invest "with" them but "through" them.

So now since you are very,very interested in my personal finances

No just interested to see how much you follow this strategy that you say IFAs should follow.

would you now like to tell us how much your adviser persuaded you to invest 12 months ago, whether at any time it was suggested that you moved to cash, and how much your investments are now worth today as a result of the advice you received?

You obviously did not read my post where I answered all your questions last time. However to save time writing the answers all again perhaps you could read it.

http://forums.moneysavingexpert.com/showpost.html?p=16181831&postcount=33

MrMicawber_2

Ah well, now I'm upsetting both of you. While I sympathise with you, would you talk to you great grandfather in the way you speak to Earlgrey - actually I just might!

I hope though that through your red mist you can see that I am actually being supportive of [fee based] IFA's and of dunstonh whose reponses to many a question I have found well balanced. But I don't want to make this sound like the dunstonh fan club. There are many others whose views I have also found very helpful.

It so happens, lokolo, that in my humble opinion, you have a very sensible approach to money. Read my last sentence again, count to 10, and then read it again 'reading out' rather than 'reading in'.