Barclays financial adviser: bad idea???

notverymerrywidow

Hi everyone,

Since my husband's death and grant of probate, Barclays have been 'encouraging' me to see their FA (wonders: FA = spawn of the devil??)

I have already tied up most of money in fixed term a/cs, so not that much to go at now.

Should I go, to get an overview/future strategy, or not touch it with a bargepole? Scared off by Jesse's £40,000 commission thread, although hasten to add I don't have anywhere near his amount!!

Not keen on shares, can't get insurance due to poor health: should I just spend it on a toyboy?? Please form an orderly queue....;)

Late hubby would be horrified that I'm posting on here, but I'd be grateful for any advice.

Thanks in advance, nvmw

Uncertain

Keep in mind that Barclay's (or any other bank / insurance company's) so called FA is just a salesman for their products. I feel it is quite wrong that they are allowed to use the title of FA. It is like calling the bloke in a suit at the local Ford garage a Car Advisor!

If you want true independant advice you need to pay a fee for it from a company who is not selling anything. If you go on a comission basis you still have the worry that you may be "advised" to buy the products that pay the most commission.

Baldur

notverymerrywidow wrote: »

(wonders: FA = spawn of the devil??)

I suspect that even old Nick wouldn't acknowledge tied FAs as his spawn....

They are basically just salespeople with a limited range of products on offer.

notverymerrywidow

Thanks, Uncertain and Baldur: you have confirmed exactly what I was feeling, if you'll excuse the expression :-))

Will keep an eye on Jesse's thread, altho' it's a bit deep for me.....

cos69

Tied FA's as already said can only offer you what the company sells, but if your strong willed might be interesting as they are short of money so might have a good deal. Bet they only offer you some sort of bond that you can't cash in early because of the large upfront commission and management fees they take.

dunstonh

might be interesting as they are short of money so might have a good deal.

Virtually all the tied agent products are retailed at full cost (compared to IFA pricing) or even upto 150% of that. e.g. Scottish Widows pricing is more expensive at Lloyds than IFA. Same for L&G and NU.

Its not worth a look as it will be a waste of time.

notverymerrywidow

Gut instinct well and truly confirmed, thank you.

Apparently Barclays are to outsource dealing with accounts of deceased customers, so that's another reason not to let them get their sticky mitts on any of our savings!