Confused & Disappointed - Pension Transfer

MrChips

claretmatt wrote:

First of all I am not an IFA (although I do work in Finance) but I do have to echo Whiteflags comments.

I came on here originally to try and provide information to people in respect to pensions, but it seems there is a constant theme that runs through the board in respect to commission / charges / fund performance and SIPPs. These are relevant discussion topics but do not form the basis for all topics.

I think that there will certainly be the time where IFA's who genuinely want to help (AND FOR FREE!!) will think that it is not worth the time and effort and will decide to leave it to those who are only amateur financiers. I think this will be ultimately to the detriment of everyone seeking information and advice.

It just amazes me as to why anyone could be shot down and slated for simply offering help.

Here here, I already steer clear of contributing to any threads that turn into an EdInvestor vs IFA argument about charges or ISA vs Pension (although they can make quite entertaining reading sometimes, like in this very thread).

And I find it very frustrating when the IFAs post factual flaws in the arguments of others, that instead of an apology, or an admission of a mistake what we get instead is a changing of the subject, or a new post that immediately focusses on another area. No wonder the OP is getting more confused rather than enlightened.

whiteflag_3

kittie wrote:

. Otherwise the business appears to be rather underhand

What business, Whos doing business?

Why?

I would of thought the important thing is the accuracy of the information being given. It is posting inaccurate hearsay that is the problem not what you have in your signature.

As Ive nothing to gain and are not representing my firm then why should I put im an IFA in my signature?

claretmatt

I don't understand.

Those who are in the financial "business" would not even begin to offer a solution to a problem that is posed. This being in terms of which product, provider, funds etc etc.

Its the others who are not in the financial "business" that seem to offer advice on products, providers and funds. Most of the time it is imposible to deem if these are suitable or not by the initial problem at outset.

Why is it underhand to offer information anyway and as I said before for FREE and out of the goodness of their heart. I think that you are a little paranoid about this.

EdInvestor

kittie wrote:

Offering help from an unbiased viewpoint is praiseworthy. Anyone offering help and speaking as though they are in the financial business, as a professional, really should be offering information in their signature. Otherwise the business appears to be rather underhand

The only professional I have seen to be doing this, on the mse board, is Dunstonh and he deserves my respect for being open about where he is coming from

It is the normal protocol on the Mortgages and Property boards, but for some unknown reason, not here.

There seems to be a view among some posters that industry professionals have some sort of "monopoly" on correctness in matters financial and that other views are by definition wrong.I think you need look no further than the massive misselling scandals over the years to know that can't possibly be the case.

I would also like to point out that the poster seeking help here is an Equitable Life victim who has also found himself marooned in zombieland with his endowments.

Having been set up (I use these words advisedly in the case of Equitable) by tied agent salesmen, he has visited an IFA but is confused and disappointed and now seeks advice here. It's a poor reflection on the industry isn't it?

But am I really to blame for suggesting that he could do better?

whiteflag_3

EdInvestor wrote:

I would also like to point out that the poster seeking help here is an Equitable Life victim who has also found himself marooned in zombieland with his endowments.
QUOTE]

Thanks claretmatt at least you seem to appreciate the dilema professionals have on this site. I find it difficult to stand by and watch views being posted as facts. There are amateurs on this site that seem to have a monopoly on posting their views as fact, but when asked to back it up move to a diffierent thread.

The quote above is from a recent post on this thread which clearly states the original poster "was marooned in zombieland with his endowments. "

I challenge anyone to find anywhere in this thread where JohnG has mentioned endowments.

Yet one poster at least has let the rest of us know that not only JohnG has endowments he is unfortunate to be marooned in Zoombieland with them. Talk about making 2+2=5.

EdInvestor

I challenge anyone to find anywhere in this thread where JohnG has mentioned endowments.

Dunstonh and I helped John sort out his endowments a week or two ago.The threads are in the Mortgages and Endowments forum, if you want to take a look.There are quite a lot of zombie victims on MSE, more's the pity.

claretmatt

I think i'm already getting drawn into "message board politics" which is definately wrong and not what i'm about. It seems like this whole "help people for free" is not worth the time or the effort.

whiteflag_3

Originally posted by Edinvestor to JohnG

That would be better. If you knew how much HBOS was making out of "administering" the Equitable WP fund under their secret agreement the members (owners) of Equitable (including you) aren't allowed to see, you'd be even more annoyed.

Time to get your money out of there and stop feeding these zombies and their greedy friends.

Now it all makes perfect sense.

JohnG im kicking myself that I didnt do as i usually do and read other posts before I replied.Otherwise I would have known you already had your own "advisor" on this site and I wouldnt have wasted my time in trying to help !

EdInvestor

Whiteflag

Perhaps there is an explanation for the recommendation of the box-ticking fund, related to John's Equitable background.I've seen this kind of thing before, for "back protection" reasons.

Given the FSA's draconian warnings to IFAs after the collapse of Equitable in 2000, it may be understandable.

I should point out that I did indeed encourage John to make a move to get his pension out of Equitable, because the MVA has gone down to 8%.

I didn't however make any recommendations about how he should do this.As we know, he consulted an IFA about the matter.

Paul_Herring

EdInvestor wrote:

I challenge anyone to find anywhere in this thread where JohnG has mentioned endowments.

Dunstonh and I helped John sort out his endowments a week or two ago.The threads are in the Mortgages and Endowments forum, if you want to take a look.There are quite a lot of zombie victims on MSE, more's the pity.

The original question posted was about posts *in this thread*.

Not everyone interested in "Pensions, Annuities & Retirement planning" will necessarily read the "Mortgages and Endowments" threads.

Since I don't have any mortgages or endowments, and thus don't read that board at all, I was certainly unaware that endowments were under consideration in this thread.