Need advise, saw Barclays financial planner

Aegis

SavySaver wrote: »

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.

If you want my general opinion, I think that IFAs are right for anyone who doesn't want to self select. The self selectors would get a better deal going to either stockbrokers or discount fund supermarkets for investments and to IFAs for protection needs. In-branch financial advisers tend to sell expensive investment products which aren't as good as the decent fund providers, except in a few rare cases where you see good providers like Invesco Perpetual on the panel list.

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

Their own and a few more bolted on.

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!!

Your opinion on the personality of your competitors really isn't relevant here. There will be idiots and asshats in all roles, it has no bearing whatsoever on whether their proposition is better. I'd also recommend being nice to other posters here. Insulting those around you won't make you many friends, nor will it support your claims about your employer being better!

GeorgeHowell

It is difficult to see how it can be sensibly recommended to seek financial advice from Barclays or any commercial bank :-

. They are public limited companies and therefore have a statutory duty to prioritise the interests of their shareholders, not their customers

. They have proved to be horrendously incapable of making the right investment decisions themselves, so on what basis can they advise others ?

. They are mostly administratively incompetent and their so-called customer service departments are a sick joke (see the financial problem pages of any reputable newspaper).

. The only 'protection' that the customer has against bad or inappropriate advice or selling is that formulated and administered by the FSA. Given their track record does anyone really want to rely on that ?

I am sceptical about IFAs, but nothing like as sceptical as I am about the banks.

whiteflag_3

First of all you should add a signature to let evryone know that you work for Barclays. Its an absolute disgrace that you post "advice" on here without making it clear you have a vested interest.

BiasedBanker is probably better than Savysaver.

SavySaver wrote: »

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.

Why is offering 4 products better than IFA who can recommend whole of market?

I would also suggest that you find out from your employers how they came to choose Aviva and L & G? \( other than commission deals of course)

And dont get all naive and say they all pay the same!!!!!!

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

My mistake, they only sell products they have a vested interest in, ones that will pay them them the best remuneration.

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!!

Rich coming from anyone who works for a bank in the current climate.

Aegis

whiteflag wrote: »

Rich coming from anyone who works for a bank in the current climate.

Be nice, I work for a bank too! Difference is that I appreciate that the in-branch proposition is nothing more than a convenient way to invest a tiny amount of money that most IFAs wouldn't really want to touch. I would wholeheartedly agree that for larger investments, pensions or any protection product at all, IFAs are generally the better option.

whiteflag_3

Aegis wrote: »

Be nice, I work for a bank too!

HAving worked in a bank and having many friends that still do I have every sympathy for you. Its the people at the coal face that continue to suffer .

Aegis

whiteflag wrote: »

HAving worked in a bank and having many friends that still do I have every sympathy for you. Its the people at the coal face that continue to suffer .

It's all a means to an end for me, not my ultra-long term career plan.

dunstonh

I did time working for a bank as well. You tend to find bank agents go one of two ways; 1) get fed up with sales process, sales managers and a limited range of products and services and move on to better things or 2) become brainwashed into believing they are best.

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.

ROFL. I think brainwashed fits this poster. So, its better to see Barclays who take maximum commission every time and offer a limited product range compared to seeing an IFA that allows fees or commission and even if they take full commission, will be no worse off than Barclays? BTW, the best priced investment bond available at this very moment assuming maximum commission (as to match what would be taken by Barclays) is from Clerical Medical. I don't see CM on the Barclays list. Didnt see a selection of fund supermarkets listed either.

jennyj

Thanks for all the replies - still a minefield. We have now decided against the Barclays product as it was suggested to me by a professional - if we could not explain it then avoid it! Have seen an IFA who is now looking into my pension options. However, hearing all the negative responses regarding IFA's am now concerned in this regard as he suggested that most of his clients preferred the commission route, therefore what the ultimate implications to any suggested product are likely to be. jpj

Inactive

dunstonh wrote: »

I did time working for a bank as well. You tend to find bank agents go one of two ways; 1) get fed up with sales process, sales managers and a limited range of products and services and move on to better things or 2) become brainwashed into believing they are best.

.

I have been saying that for ages, but I just get rebuked by those that have been " brain washed ".;)

Aegis

jennyj wrote: »

Thanks for all the replies - still a minefield. We have now decided against the Barclays product as it was suggested to me by a professional - if we could not explain it then avoid it! Have seen an IFA who is now looking into my pension options. However, hearing all the negative responses regarding IFA's am now concerned in this regard as he suggested that most of his clients preferred the commission route, therefore what the ultimate implications to any suggested product are likely to be. jpj

Most clients do prefer commission route from what I've seen because it essentially means that they don't physically part with any cash. Very much a psychological thing. However, if you would personally prefer the fee-based route you can ask your IFA how much that would set you back, and then you can compare the charges. The recommendations shouldn't change.

If you're even more concerned, talk to another local IFA from a different firm and see how closely their initial interviews match up. Then go with the one you like better.