Should I complain about my IFA

Wutang_2

I think this might be a wind up!

samsuka

fudgey wrote: »

Hi,

I bought a flat at the end of October, I was recommended to take out a fixed rate deal by an IFA as he said interest rates look likely to rise.

If he quoted that to you, then he must have been the only person at the time who throught rates would be rising. Seriously bad advice. Sometimes i do wonder if these financial advisers have a clue what they are on about.

I had one the other day trying to convince me that interest rates would be 10% in a few years, when everyone else is worried about persistent deflation and after the biggest commodity bull market of all time couldn't get inflation or rates above 6%!!

Wutang_2

samsuka wrote: »

If he quoted that to you, then he must have been the only person at the time who throught rates would be rising. Seriously bad advice. Sometimes i do wonder if these financial advisers have a clue what they are on about.

I had one the other day trying to convince me that interest rates would be 10% in a few years, when everyone else is worried about persistent deflation and after the biggest commodity bull market of all time couldn't get inflation or rates above 6%!!

Or - this merely translated as "recommended to take out a fixed rate" and actually a fixed rate was a safe way to proceed...

"Sometimes i do wonder if these financial advisers have a clue what they are on about." - based on this thread??? I think you might be on a wind up too!!

koexelek

Robert_Sterling wrote: »

If you were not paying them a fee then whatever they recommended that would get commission I think.

Either way, it's not on.
Brokers should not charge fees and should not take any commission from the lender either.
They should work for nothing.

That's the way I do it.

Not only that, if I recommend a fixed to a client and the rate subsequently goes down, I reimburse them the difference every month out of my own pocket.:cool:

Robert_Sterling_3

koexelek wrote: »

Either way, it's not on.
Brokers should not charge fees and should not take any commission from the lender either.
They should work for nothing..:cool:

I had not thought of that.......

....... But what would I know ... see below.

Dan_1976

koexelek wrote: »

Either way, it's not on.
Brokers should not charge fees and should not take any commission from the lender either.
They should work for nothing.

That's the way I do it.

Not only that, if I recommend a fixed to a client and the rate subsequently goes down, I reimburse them the difference every month out of my own pocket.:cool:

Thats the best post I have seen for a while! I did not notice your siggy at first and fell for it!

:rotfl:
:money:

koexelek

Dan_1976 wrote: »

Thats the best post I have seen for a while! I did not notice your siggy at first and fell for it!

:rotfl:
:money:

Always happy to raise a laugh

Mr_E_Man_2

Robert_Sterling wrote: »

I had not thought of that.......

....... But what would I know ... see below.

So long as you know your place you self opinionated idiot.

Gorgeous_George

IFAs should say "I know nowt - but I want to earn commission on anything you will buy."

Follow this up with "Based on your answers my computer says "No"". [insert "Yes" if applicable]. I earn my living from telling people what they already know. If the advice is right you will come back to me because of the value I add. If my advice is pants, it is not my fault, read the small print."

GG

Mr_E_Man_2

For what it's worth koexelek I think brokers have a tough job to do just now and people need advice from people who know their stuff. I'm wanting a fixed rate and a couple of mates have told me I'm mad because their payments have dropped like a lead balloon. I told them they'll go back up and I don't want to get caught out and they just laughed. We'll see who gets the last laugh.:rotfl: