should I use Financial Advisor

AverageJoe_4

Yeh I tend to agree with the above comment too here - brokers are there as middlemen looking to scalp and cream off the top often wth a vested interest in the outcome. Oddly enough, its the bent brokers that are the best ones as they work for you and your under the counter bung... apparently..

AJ

AverageJoe_4

dunstonh wrote: »

If you are earning £100k-£300k a year then if you stopped, you would cease to earn that. So, you keep working.

So you are earning that kind of money?

Daylight robbery then it seems.

Robert_Sterling_3

AverageJoe wrote: »

Daylight robbery then it seems.

No he works in the evening as well.

He probably deserves that money but might not get it.

dunstonh

So you are earning that kind of money?

I'm earning in that range as most advisers I know are.

Daylight robbery then it seems.

On what grounds would that be?

No he works in the evening as well.

I stopped doing evening vists years ago but you will often find me (and other advisers) doing evening and late night paperwork.

Robert_Sterling_3

Me. I don't earn nuffin.

AverageJoe_4

Like I say, its repackagin of common information often given with a bias or a vested interest in the first place hence the massive salaries.

People with money, dont often ask for financial advice as their doing quite nicely in the first place.. people that want to improve their standing are paying over the odds to IFA's...

Just a thought, do they go on to make more money from your advice as you make from them for the information you're giving them.??? Probably not.

lilychip

Thankyou all for your really helpful replies. Dunstonh, sorry forget to mention my Financial advisor is tied to Legal and General, so that probably has something to do with it.
After all the great advice I've spoken to HSBC offering 3.99% and that one seems to be really good, an added bonus is that they are our bankers which might make things easier. Please could I ask for some more advice? As we are remortgaging for home improvements and want to get through ASAP, do you think if I ask my Financial Advisor, to use HSBC but keep all the other reccomendations unemployment cover, life cover etc, they would be likely to? Its just that it would be so much less stressful for us to do this. Really love to know what everyone thinks.
Thankyou all this is a great site and I wish I'd found earlier.
Lilychip

dunstonh

Like I say, its repackagin of common information often given with a bias or a vested interest in the first place hence the massive salaries.

Or its not.

People with money, dont often ask for financial advice as their doing quite nicely in the first place.. people that want to improve their standing are paying over the odds to IFA's...

Thats the complete opposite of reality. IFAs tend to deal with the higher net worth clients who appreciate that time is money.

Just a thought, do they go on to make more money from your advice as you make from them for the information you're giving them.??? Probably not.

Is that a chip on your shoulder I spot?

Dunstonh, sorry forget to mention my Financial advisor is tied to Legal and General, so that probably has something to do with it.

Avoid tied agents at all cost. L&G ones especially as they have clawbacks written into their terms of business.

Tiddler_2

AntiLochus wrote: »

Indeed! Every IFA I ever saw seemed to work out of a really low-rent office.........

Isn't it good business practice to keep your outgoings as low as possible? Also to me gives a better impression than the flash office & flash motor brigade who you think may be ripping you off!


As a mortgage broker I would love to be able to charge an advice/research fee and then send people direct to the lender, but our company do not allow us to do that, instead they want to stick their head in the sand as if these cheaper deals don't exist ----crazy in my opinion when you're trying to build up a reputation for good advice. I've ended up sending several people direct for no monetary gain - just a clear conscience!!



I'd be interested to know how your compliance people feel about the advice you give for customers you send direct and how you research the deals with the likes of HSBC. (serious question not having a dig here!)

And

How much people would be prepared to pay upfront for such "full market" market advice.

AntiLochus

lilychip wrote: »

Thankyou all for your really helpful replies. Dunstonh, sorry forget to mention my Financial advisor is tied to Legal and General, so that probably has something to do with it.
After all the great advice I've spoken to HSBC offering 3.99% and that one seems to be really good, an added bonus is that they are our bankers which might make things easier. Please could I ask for some more advice? As we are remortgaging for home improvements and want to get through ASAP, do you think if I ask my Financial Advisor, to use HSBC but keep all the other reccomendations unemployment cover, life cover etc, they would be likely to? Its just that it would be so much less stressful for us to do this. Really love to know what everyone thinks.
Thankyou all this is a great site and I wish I'd found earlier.
Lilychip

Lilychip - if your FA is tied to L&G then the recommendations he/she has given you regarding unemployment cover, life cover, etc MAY also be linked with L&G - so you may not be getting impartial advice.

You've already seen the benfits of doing your own research with the mortgage - why not go another step and research those insurance products to find the best one for you. In the long run the better informed you are, the more you will understand about the products you want (and indeed if they are necessary).