IFAs ignorant about annuities

EdInvestor

MiloH wrote: »

Let's be honest EdInvestor, your comment above and your posting of the equity release survey in the wrong forum was designed to illicit a response from IFAs.

Wrong forum? Equity release issues arise both here (because they are
a retirement investment/income product) and on the Mortgages and Endowments forum (because some of them are in the form of lifetime mortgages).
IMHO this is the most appropriate forum especially from the IFA point of view, as it is those IFAs who specialise in retirement products like annnuities who are usually also qualified for equity release, not ordinary mortgage brokers.The product is also not available to those below retirement age.

In fact the two surveys I posted may have many of the same respondents, as they both focussed on specialist IFAs.So the similar result is hardly a surprise.

PS.I would suggest the spellchecker, but it wouldn't work in your case.Actual knowledge of the language is required.

DiggerUK

Ed,
The power of the spellchecker isn't important.
The facts behind the argument are what's all important.

Punters will still see IFA's, what is important from my perspective is to make sure they go in with both eyes open, not with a blind faith that all will be well.

MiloH

EdInvestor wrote: »

Wrong forum? Equity release issues arise both here (because they are
a retirement investment/income product) and on the Mortgages and Endowments forum (because some of them are in the form of lifetime mortgages).
IMHO this is the most appropriate forum especially from the IFA point of view, as it is those IFAs who specialise in retirement products like annnuities who are usually also qualified for equity release, not ordinary mortgage brokers.The product is also not available to those below retirement age.

In fact the two surveys I posted may have many of the same respondents, as they both focussed on specialist IFAs.So the similar result is hardly a surprise.

I would have thought the logical place to put a story about mortages would have been the mortgage forum. If I was looking to learn up on equity release on this forum, that's where I would look. Your reply confirms the point I was making; that you posted here to get a reaction from IFAs.

EdInvestor wrote: »

PS.I would suggest the spellchecker, but it wouldn't work in your case.Actual knowledge of the language is required.

You're right I was wrong. I meant elicit rather than illicit. Sorry about that, I'll learn from the mistake.

jem16

EdInvestor wrote: »

PS.I would suggest the spellchecker, but it wouldn't work in your case.Actual knowledge of the language is required.

Ed - if your only answer is to resort to nitpicking over the correct spelling/use of elicit as opposed to illicit then you have clearly lost the argument.

As MiloH says most of your posts regarding IFAs are just to do your usual IFA bashing.

EdInvestor

MiloH wrote: »

I would have thought the logical place to put a story about mortages would have been the mortgage forum. If I was looking to learn up on equity release on this forum, that's where I would look.

Not all equity release involves mortgages.

This forum is entitled 'Pensions, Annuities and Retirement Planning'.I'm sure you're not suggesting equity release is not part of retirement planning?

I do find it amusing that IFAs are sooo defensive about even the slightest criticism that they always resort to bashing the messenger.Says it all really.

jem16

EdInvestor wrote: »

This forum is entitled 'Pensions, Annuities and Retirement Planning'.I'm sure you're not suggesting equity release is not part of retirement planning?

I would suggest it's not part of retirement planning. Instead I would suggest that it's often used when you don't plan for retirement and need to find extra income from somewhere.

I do find it amusing that IFAs are sooo defensive about even the slightest criticism

All of the answers from the IFAs on this thread have been well thought out and certainly do not try to hide the fact that everything is not perfect. However they have pointed out the flaws in the surveys.

As the saying goes;

"There are three kinds of lies, lies, damned lies and statistics."

that they always resort to bashing the messenger.Says it all really.

This coming from the person who started picking on someone's spelling/use of langauge.

Yes it does say it all actually. :rolleyes:

EdInvestor

jem16 wrote: »

I would suggest it's not part of retirement planning. Instead I would suggest that it's often used when you don't plan for retirement and need to find extra income from somewhere.

Coming from someone who is set to receive a gold-plated taxpayer-funded public sector pension, I'd say this remark is just a tad insensitive.


This thread has now gone completely O/T so I suggest we leave it at that.

jem16

EdInvestor wrote: »

Coming from someone who is set to receive a gold-plated taxpayer-funded public sector pension, I'd say this remark is just a tad insensitive.

I didn't have to pay into it - I chose to do so just like many others whether it be defined benefit or defined contribution. You chose to make pension provision, both final salary and SIPP.

Others will choose to not pay and spend the money now.

Paul_Herring

EdInvestor wrote: »

Coming from someone who is set to receive a gold-plated taxpayer-funded public sector pension, I'd say this remark is just a tad insensitive.

I do believe this is called a 'straw man'

This thread has now gone completely O/T so I suggest we leave it at that.

:rotfl:

whiteflag_3

MiloH wrote: »

You're right I was wrong. I meant elicit rather than illicit. Sorry about that, I'll learn from the mistake.

Miloh, I hope you wont be too discouraged by what you have had to put up with on this thread- keep posting- you seem to be able to answer much more eloquently than some of us (me included)

If you ever think of moving to the other end of the country I would give you a job without hesitation!