A new financial advisor

whiteflag_3

If you have found a CFP that wil charge £50 a month you would be a fool not to go with them. Everything he said makes perfect sense.

jem16

smartpicture wrote: »

Does anyone else think it was unethical to tout for my business for his new firm whilst still being paid by his old employer, or was he just being entrepreneurial?

I would imagine many do exactly that by informing current clients that they are leaving one firm and going to another or starting up on their own.

If you like this IFA I wouldn't see it as a problem moving with him.

Lokolo

whiteflag wrote: »

If you have found a CFP that wil charge £50 a month you would be a fool not to go with them. Everything he said makes perfect sense.

Not if you are only investing £25 a month!

whiteflag_3

Lokolo wrote: »

As I recall (could be wrong), a Chartered Financial Planner is one of the highest qualifcations you can get

Correct -

hence why its more expensive.

In your opinion is £50 pm expensive? If you dont mind me giving my opinion its cheap - I know CFPS that charge £550 per month.

An IFA should be doing a risk assessment and giving you options (usually different funds) depending on your profile. That is there job. Unless they're not qualified to do so in the area (speciality, like mortgage advisor etc.

I believe that most IFAs dont have the skills to pick and manage funds what leads you to have a different opinion Lokolo?

whiteflag_3

Lokolo wrote: »

Not if you are only investing £25 a month!

Funny guy.......

jem16

whiteflag wrote: »

I believe that most IFAs dont have the skills to pick and manage funds what leads you to have a different opinion Lokolo?

Is it not the fund manager's job to manage the actual fund?

As to picking the funds, if not the IFA, who?

Lokolo

whiteflag wrote: »

In your opinion is £50 pm expensive? If you dont mind me giving my opinion its cheap - I know CFPS that charge £550 per month.

I would think it would depend on how much you are investing. If you are investing £100 a month say, £50 is expensive. Especially for the work involved. You say go for it, yet you don't know how much the OP is spending on investments (or pension in this case).

You give the sarcastic comment of me being funny, but my point is completely valid.

Not everyone needs a CFP.

whiteflag wrote: »

I believe that most IFAs dont have the skills to pick and manage funds what leads you to have a different opinion Lokolo?

I always thought they could. Surely if they have qualifications in investments, they don't just tell you to invest in UK equities or whatever, they give specifics of funds?

jem16 wrote: »

Is it not the fund manager's job to manage the actual fund?

As to picking the funds, if not the IFA, who?

My thoughts exactly.

whiteflag_3

jem16 wrote: »

As to picking the funds, if not the IFA, who?

A multi-manager.

whiteflag_3

Lokolo wrote: »

I would think it would depend on how much you are investing. If you are investing £100 a month say, £50 is expensive. Especially for the work involved. You say go for it, yet you don't know how much the OP is spending on investments (or pension in this case).

You give the sarcastic comment of me being funny, but my point is completely valid.

Not everyone needs a CFP.



I always thought they could. Surely if they have qualifications in investments, they don't just tell you to invest in UK equities or whatever, they give specifics of funds?



My thoughts exactly.

your reply was much nicer before you edited it.

So what was the point of your £25 pm post and the big grin?

Your question re qualifications & picking funds - would none surprise you?

Hopefully that will rid get rid of your big grin

jem16

whiteflag wrote: »

A multi-manager.

OK. So I pay the CFP a fee to plan for me and then pay the multi-manager another fee to pick the funds.?