Need advise, saw Barclays financial planner

SavySaver_2

I would say stick with barclays. There is not need to go to an IFA as they are sales people to and work on commision like every one else.

I think it is a good idea maybe to get a couple of options and go where u feel ur money will be safe and secured and get a decent return.

Barclays are good as a lot of the IFA's are actually using barclays products are there r some good market leaders in there. barclays don't solely give u advice on their on products. they use a wide range of providers to suit your needs.

regards

Aegis

nicko33 wrote: »

Do we know it doesn't make any difference to what we pay?

That 6000 has to come from somewhere.
It would be logical to expect that it comes from our premiums, one way or another.

It's logical, yes, but my point was that the premiums aren't reduced if you cut out the middle man by going direct, and the IFAs have access to a lot more products than the insurance companies do. As such, why make such a big deal out of it?

Aegis

SavySaver wrote: »

I would say stick with barclays. There is not need to go to an IFA as they are sales people to and work on commision like every one else.

I think it is a good idea maybe to get a couple of options and go where u feel ur money will be safe and secured and get a decent return.

Barclays are good as a lot of the IFA's are actually using barclays products are there r some good market leaders in there. barclays don't solely give u advice on their on products. they use a wide range of providers to suit your needs.

regards

That's not actually a very savy thing to suggest. Barclays advisers have fewer products than IFAs and will charge a lot more commission on the products they sell.

Why pay more for a smaller range?

whiteflag_3

[quote=SavySaver;

20203821]

I would say stick with barclays

.
not very savy!!

There is not need to go to an IFA as they are sales people to and work on commision like every one else. [/QUOTE

]

Wrong - IFAs have to offer a fee option

I think it is a good idea maybe to get a couple of options and go where u feel ur money will be safe and secured and get a decent return.

well your not going to get that with Barclays

barclays don't solely give u advice on their on products. they use a wide range of providers to suit your needs

.

Wrong - they only sell their own products


Should I change my name to SavyDIYer as I know b8gger all abouit DIY??

StAnToN_2

Aegis wrote: »

That's not actually a very savy thing to suggest. Barclays advisers have fewer products than IFAs and will charge a lot more commission on the products they sell.

Why pay more for a smaller range?

Actually Barclays offer what is called 'Select Choice' which means we offer a range of Products and Services from different financial institutions, we are one of the only High Street banks to currently offer this.

In regards to Barclays Financial Planning and commission, Barclays Financial Planning Mnaagers earn the same amount of commision regardless of what institution the money is to be invested in. So for example, if we offer a product within Barclays Wealth, Legal & General, Black Horse and Norwich Union (Aviva) and a customer chooses to invest £10,000 in Black Horse the advisor will receive the same amount of commision as if the customer chooses to invest in Norwich Union.

This proves that in actual fact, being advised by Barclays Financial Planning is less biased than seeing an IFA, as usually IFA's are targeted on receiving a far higher commision on a certain product/service from one financial institution over another.

Of course we are trying to show you the best products that we can offer from our vast portfolio, afterall we are a bank and wish to remain profitable so of course we are going to want you to invest through us. But I would say that our advisors are top class and we are genuinly proud of this at Barclays.

StAnToN_2

whiteflag wrote: »

[quote=SavySaver;

20203821].
not very savy!!

]

Wrong - IFAs have to offer a fee option



well your not going to get that with Barclays

.

Wrong - they only sell their own products


Should I change my name to SavyDIYer as I know b8gger all abouit DIY??

See post above.

nicko33

Aegis wrote: »

It's logical, yes, but my point was that the premiums aren't reduced if you cut out the middle man by going direct, and the IFAs have access to a lot more products than the insurance companies do. As such, why make such a big deal out of it?

If you're going to be overcharged for the product anyway, you might as well try to get in on the "cashback".
The IFA isn't going to get any of that money if you DON'T go through him, so why should he get all of it?

It's a big deal because the punter appears to be getting screwed both ways.

edit:
unless the commission is to be seen as a way of the insurance company to offload the responsibility of selling the right product.

Aegis

StAnToN wrote: »

Actually Barclays offer what is called 'Select Choice' which means we offer a range of Products and Services from different financial institutions, we are one of the only High Street banks to currently offer this.

Many banks and multi-tied brokers have this, but it doesn't let them come even close to the level of choice available to an IFA.

In regards to Barclays Financial Planning and commission, Barclays Financial Planning Mnaagers earn the same amount of commision regardless of what institution the money is to be invested in. So for example, if we offer a product within Barclays Wealth, Legal & General, Black Horse and Norwich Union (Aviva) and a customer chooses to invest £10,000 in Black Horse the advisor will receive the same amount of commision as if the customer chooses to invest in Norwich Union.

It's again a very common trait of bank financial advisers. A lot of the banks get commission of 3% for everything they invest (or at least that's the figure they give to their advisers for pay purposes).

This proves that in actual fact, being advised by Barclays Financial Planning is less biased than seeing an IFA, as usually IFA's are targeted on receiving a far higher commision on a certain product/service from one financial institution over another.

That most certainly is not true. Barclays financial planners are automatically biased towards Barclays Wealth, Legal & General, Black Horse and Norwich Union (Aviva) because you cannot pick any other providers. If there was a better product available from a provider outside this list, would you be able to recommend that as a Barclays financial planner? If not, then you're biased.

The claim that commission influences the recommendations of the IFA seems to be thrown around a lot here, but people rarely seem to be able to demonstrate it. As a contradictory evidence, IFAs are significant recommenders to National Savings & Investments, who provide no commission at all. If that's not enough to satisfy you, you have an option of a fee-paying route with an IFA. Does that option exist with the Barclays financial planners?

Of course we are trying to show you the best products that we can offer from our vast portfolio, afterall we are a bank and wish to remain profitable so of course we are going to want you to invest through us. But I would say that our advisors are top class and we are genuinly proud of this at Barclays.

I have no doubt that with the products you have available, you do a good job. But your "vast portfolio" doesn't even come close to the portfolio of products available to the whole-of-market providers, including IFAs.

Aegis

nicko33 wrote: »

If you're going to be overcharged for the product anyway, you might as well try to get in on the "cashback".

That's where negotiation comes in. If you negotiate the fees you can arrange for some of the commission to be paid to you in the form of reduced premiums. That's how IFAs can stay competitive compared to other providers.

My comments were really aimed at the person who said that they negotiated fees with their IFA then fired him. It just seemed a little unusual!

SavySaver_2

I work for the bank so I might be a bit biest to be honest but still believe they have one of the best offerings around compared to a lot of other financial institutions. IFA's are not always the choice for every one.

You mentioned they only sell their own products?! I think not.

A lot of IFA's often have their head stuck up their own a*** and it certianly sounds the case about some of the posters here!!

whiteflag wrote: »

[quote=SavySaver;

20203821].
not very savy!!

]

Wrong - IFAs have to offer a fee option



well your not going to get that with Barclays

.

Wrong - they only sell their own products


Should I change my name to SavyDIYer as I know b8gger all abouit DIY??