Barclays Wealth

dunstonh

This was a high profile case last year and turned out a lot were affected by it.

http://www.citywire.co.uk/personal/-/comment/they-want-your-money/content.aspx?ID=310739&Page=1

They paid £18k for advice on sticking it in s aingle fund and £5k for putting it in trust even though a trust wasnt needed. Most IFAs on fee basis would cap at around £2500-£5000 and the adviser put £500k into one fund. ONE FUND. Crazy. It was Barclays fault because the adviser was not experienced or knowledgeable to know what they were putting the client in.

The banks are largely the training ground for new advisers nowadays. They suffer high turnover, make the most mistakes and have the most complaints. They are largely responsible for the bad image that you perceive. Not saying everything on the other side is perfect but banks are a big problem.

whiteflag_3

unclehenry wrote: »

Meant I could get at the income rather than leaving in Ltd. As it happens I have a colleague with a very similar background/situation who went the Ltd route 15 years ago. Our discussions indicate that neither route has proved more expensive than the other (give or take), but the issues involved are very different. Accountants advice may have been sensible from tax efficiency perspective, but the savings outlined seemed not worth it.

The fact you have a colleague that you can compare against obviously helps. As you no doubt know you could line up ten accountants and get ten different opinions so its interesting that you are able to give your experience straight from the horses mouth.

The only thing I would add is that you might have accrued more state pension by going ltd and paying a salary, that said cant imagine that you would be relying on that anyway!!!

unclehenry

whiteflag wrote: »

The fact you have a colleague that you can compare against obviously helps. As you no doubt know you could line up ten accountants and get ten different opinions so its interesting that you are able to give your experience straight from the horses mouth.

The only thing I would add is that you might have accrued more state pension by going ltd and paying a salary, that said cant imagine that you would be relying on that anyway!!!

you've got it, the differences are small enough not to lose sleep over, and probably wouldn't work for different situations where business needed to borrow or employ. I gave up on state pension many years ago, have paid my contributions but do not factor into forecasts

EdInvestor

More evidence of poor advice and losses caused by Barclays, there were many instances of this it seems.

http://www.thisismoney.co.uk/investing/article.html?in_article_id=491303&in_page_id=166