Need advise, saw Barclays financial planner

hhh316

Hi Guys

I saw a financial planner from Barclays. he did sound very pitchy like trying to convince me to buy something. Showing me graphs on the stock market etc.

Basically he wants to to put my 15k savings into different funds, stock, bonds etc for 5 - 10 years. I had to take a quiz to see what type of risk taker I was and came out as a balanced invester.

Is this worth it or should I be carefull? He never mentioned anything about cost etc. I see him again next week.

Thanks

dunstonh

he did sound very pitchy like trying to convince me to buy something.

Thats because hes a sales rep.

Is this worth it or should I be carefull?

Do you like buying products at maximum cost from a limited range or generally low quality products?

I see him again next week.

Cancel and see a real adviser.

hhh316

Wouldn't your money (investment) be safer if it is done by your bank? In my case Barclays. I'm new so I don't know much. Don't want to be taken advantage of.

Inactive

hhh316 wrote: »

Wouldn't your money (investment) be safer if it is done by your bank? In my case Barclays. I'm new so I don't know much. Don't want to be taken advantage of.

Why should it be safer with Barclays?

Take note of the good advice given by dunstonh, go to an independant, not a sales pitch from Barclays that will sell you what is best for them.

hhh316

Inactive wrote: »

Why should it be safer with Barclays?

Take note of the good advice given by dunstonh, go to an independant, not a sales pitch from Barclays that will sell you what is best for them.

Thanks but I don't know about independants. All I know is banks. Could you point out a few for me perhaps?

Inactive

hhh316 wrote: »

Thanks but I don't know about independants. All I know is banks. Could you point out a few for me perhaps?

You would need one that is local to you, try putting IFA and your town/city in to Google.

Reaper

Recomendations are best but failing that you can locate IFAs in your area here:

http://www.unbiased.co.uk/find-an-independent-financial-adviser/

jennyj

hhh316 wrote: »

Hi Guys

I saw a financial planner from Barclays. he did sound very pitchy like trying to convince me to buy something. Showing me graphs on the stock market etc.

Basically he wants to to put my 15k savings into different funds, stock, bonds etc for 5 - 10 years. I had to take a quiz to see what type of risk taker I was and came out as a balanced invester.

Is this worth it or should I be carefull? He never mentioned anything about cost etc. I see him again next week.

Thanks

Have also seen a financial planner from Barclays as they are my Bank. Did not have to take any tests but the product was a Minimum Return Plan. The initial index level is determined on 27/5/09. The lowest index level is determined as the lowest level of the FTSE 100 index between 27/5/09 and 27/5/15 (both dates inclusive) The minimum return would be 15% if the FTSE falls below 60% or greater or equal to 60% an additional return of 18% with a possible gross return of 33%. However, now having looked at this closer the return would only be 2.36% per annum if only the lower interest were achieved - now it does not look so attractive. Not sure if this is the same product you were offered.

J

Stavros_3

Do not IMHO go with him. Get an independant Financial advisor, you have been given the link above (unbiaised) and enough advice to stay away from tied advisors,

Tibbledom

Yes go for an IFA rather than a tied advisor. Tied advisors like Barclays are just sales people. The products a tied advisor will sell you will generally be more expensive and only relate to the tied company involved and the quality of advice is likely to be very poor indeed.

Information on finding an IFA can be found on the Financial Services Authority (the regulators of the financial services industry) website at

http://www.moneymadeclear.fsa.gov.uk/products/advice/financial_advice.html

The links on the RHS of this page provide ways of locating an adviser in your area but be careful it is an INDEPENDENT financial adviser that you want. The "IFA Promotion" link takes you to the unbiased link that has been mentioned above in any case and is the most relevant to finding an IFA in your area.

Myrmidon_J

All the major banks are trying to flog whatever they can in a vain attempt to squeeze savers for more profits (or: some profits)... Structured products are deliberately opaque, generally expensive, restrictive - and utterly pants.

The vast, vast majority of investors are far better advised to consult a professional who has access to the 'Whole of Market' - i.e. an Independent Financial Adviser - or indeed, to follow the DIY route.

It is utterly illogical to buy anything from a "tied" agent: front-end costs are obscene and there will almost always be a better investment solution available in the market.

hhh316 wrote:

Wouldn't your money (investment) be safer if it is done by your bank?

No.

dunstonh wrote:

Cancel and see a real adviser.

The best advice on this thread.