Financial Advisor--Eek!

dunstonh

So an employed adviser says to a client " im sorry buit i have to take £5200 because I only get 30%" - what a load of rubbish -

Dh please tell me im getting the wrong end of the stick here and that you are not saying a fee of £5200 is "sensationally high" while a commission of £5200 is ok, as that is what it sounds like.

I have not said at any time that a commission of £5200 is acceptable. I have just said that it would be far more common to see a commission of that size than a fee.

So an employed adviser says to a client " im sorry buit i have to take £5200 because I only get 30%" - what a load of rubbish -

I guess you dont have much experience of advisers with those sort of business models.

whiteflag_3

dunstonh wrote: »

I guess you dont have much experience of advisers with those sort of business models.

of course i have, thats why im not surprised the financial advice industry has such a dire reputation

roll on 2012;)

Newly_retired

To what extent can one just "walk away" from an IFA with whom one has set up various products with trail commission? WHat happens to the commission?

dunstonh

To what extent can one just "walk away" from an IFA with whom one has set up various products with trail commission?

Easy. Tell them you dont want them to act on your behalf any more.

WHat happens to the commission?

They keep getting it until you appoint a new IFA or servicing agent.

Newly_retired

THanks for the info. I'm still waiting to speak with my IFA but, as reported by me in another thread, his secretary sent me a form to complete, "following your conversation with Mr X" to withdraw my investment! Now that may well be the outcome of our talks but it may not. We haven't had our conversation yet. So I am none too happy with him to put it mildly. Undecided about whether to continue with him or not. I'll ask him for an explanation first.

John898

Quote:
I was somewhat skeptical of the whole financial advisor field, and have remained so.

Very nice of you to make judgements on people you have never met.

Financial advisers pfff, what an overprotective bunch of..