Advice on IFA charging fee

supermonkey

grogdog wrote: »

What a nice friend you are not wanting your mate to make a living;)

What kind of friend would charge another friend hundreds of pounds for a favour!

I think you miss the point - i do want my friend to earn a living - however he earns commision from any products anyway and since he's a heck of a lot better off than me I don't see why a few hundred pounds of my hard earned cash should go to him for doing me a favour that I could get done for free elsewhere!

And the KFI must've shown this, but by the time I had this document I could not backout.

How could I turn round to a friend and say thanks, but we'll go elsewhere now... so I felt obliged to pay.

I simply do not wish to line someone elses pockets who is better off than me, espicailly since I was made redundant earlier in the year.

dunstonh

I simply do not wish to line someone elses pockets who is better off than me, espicailly since I was made redundant earlier in the year.

Thats a bit short sighted though isnt it? If that person can save you money or provide a service then it doesnt matter what their financial standing is.

It doesnt say a lot about your friendship with this person (from both directions based on what you have said).

What kind of friend would charge another friend hundreds of pounds for a favour!

From your earlier posts you suggested that no fees were paid and no fees have been asked for. Even if they were, the fees may have been discounted. The friend still incurs charges and the work and time involved in mortgages means they cant really do it free of charge. They have to at least cover their costs.

I try to avoid doing transactions with friends as they tend to expect too much for too little. Never mix business with pleasure.

supermonkey

the friend offered to help when i bought first home. was not up front about fees and i did notfeel i could back out on him. we paid a few hundred pounds. The service was good, but i'm sure i could've got just as good service else where for free. I'm not made of money.

treliac

supermonkey wrote: »

the friend offered to help when i bought first home. was not up front about fees and i did notfeel i could back out on him. we paid a few hundred pounds. The service was good, but i'm sure i could've got just as good service else where for free. I'm not made of money.

If you lack trust in your 'friend,' then don't sign his form. You can explain that you are not going to need a financial adviser in the forseeable future.

You still have the option of a business relationship with him later on, should you need it. From what you say, though, it seems unlikely that you will want one.

feisty1

supermonkey: Do all yr other friends offer their services free? or is it just this one who didn't disclose & charge.....I guess the lesson if any, is don't mix business with friendship

silvercar

Always difficult dealing with friends. Three options: no charge (or at cost for supplying goods), special "mates" rates and full price. Best all round if people are very clear from the start which catagory they are operating in.