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What would a IFA recommend?

123578

Comments

  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    dunstonh wrote: »
    Average commission on collective investments (UT/OEICs) is 1.8% of the initial invested plus 0.5% fund based trail.

    My investment through my IFA is commission based and is 3%, is that about the norm?, ta
    Liquidity is when you look at your investment portfolio and **** your pants
  • whiteflag_3
    whiteflag_3 Posts: 1,395 Forumite
    did wrote: »
    IFAs will still be able to charge based on the amount invested

    And punters will have the option to walk away and find one that doesnt.

    (unless ive missed the introduction of a law that says the public must use the first fee charging adviser they come across?:rolleyes: )
  • ten.sbih
    ten.sbih Posts: 5 Forumite
    whiteflag wrote: »
    Yep , like the UKs biggest fee only adviser , Towry Law.

    Ironic then that Towry Law's business plan is to get as much money as possible into their own funds. They have to be the proof that fees dont mean the advice is going to be any better.

    Towry Law are not Chartered Financial Planners. Like I said, seek a Chartered (or Certified) Financial Planner who is fee based.
  • a7man
    a7man Posts: 365 Forumite
    Stavros wrote: »
    My investment through my IFA is commission based and is 3%, is that about the norm?, ta

    Yes 3% initial + no trail/ 0.5% is pretty standard, you arent being ripped off.
    Living the good life spending all my money but loving it!!
  • whiteflag_3
    whiteflag_3 Posts: 1,395 Forumite
    ten.sbih wrote: »
    Towry Law are not Chartered Financial Planners. Like I said, seek a Chartered (or Certified) Financial Planner who is fee based.

    Get your facts right!

    http://www.towrylaw.com/_pdf/pr080930-01.pdf
  • whiteflag_3
    whiteflag_3 Posts: 1,395 Forumite
    a7man wrote: »
    Yes 3% initial + no trail/ 0.5% is pretty standard, you arent being ripped off.

    Is that good value if your investing £1m - ?
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    Ok, say 'hypothetically' it was 250k,
    Liquidity is when you look at your investment portfolio and **** your pants
  • dunstonh
    dunstonh Posts: 120,175 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Stavros wrote: »
    My investment through my IFA is commission based and is 3%, is that about the norm?, ta

    Thats the typical maximum on. If your portfolio is of a decent value, then you should be able to negotiate that down.

    The 1.8% average of course means that some take more, some take less. The more money you have, the better the terms will be able to get. Although of course, some may not choose to discount. Like any business, prices vary.

    edit: at £250k you would be cheaper on fee basis. You ought to be looking to the 1% or lower mark on commission basis.

    Towry Law are a bit of a joke though. They say one thing but do another. I have never seen so many advisers so negative about another IFA firm. If they actually presented their business model correctly and charged as they do, then I dont think there would be any problem at all.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • GeorgeHowell
    GeorgeHowell Posts: 2,739 Forumite
    dunstonh wrote: »
    So, in other words you dont know.


    This highlights exactly what has been mentioned higher up. Markets go down, blame the IFA. Your friend clearly isnt as bright and knowledgeable as you suggest.


    I know enough to know not to waste my time and money on IFAs -- no doubt that is what is rankling.

    My acquaintance is indeed bright and knowledgable, but sadly not quite enough so to have known not to waste his time and money on IFAs. No doubt be has now learned that lesson.
    No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.

    The problem with socialism is that eventually you run out of other people's money.

    Margaret Thatcher
  • GeorgeHowell
    GeorgeHowell Posts: 2,739 Forumite
    whiteflag wrote: »
    GeorgeHowell wrote: »
    whiteflag wrote: »


    Heres a tip for you Dod, stop reading the Mail .

    Oh dear, oh dear -- the last refuge of the lost argument -- accuse the other party of being a Daily Mail reader !!
    No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.

    The problem with socialism is that eventually you run out of other people's money.

    Margaret Thatcher
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