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IFA to give me free advice - what to expect?
Merrion_Square
Posts: 19 Forumite
I've now left work after accepting a redundancy package and am drawing on my company pension. As part of the redundancy package, I get a free session with an IFA next month.
In arranging the session, I told her I'm mainly looking for a low risk investment for my cash (around £40k), and apart from that, I'm clueless about what I want to do. (I've since had vague plans about buying a holiday home abroad with my brother, but I haven't any other ideas.)
I've no idea what to expect from an IFA. Might she suggest various investments, or would I be expected to ask her questions?
In arranging the session, I told her I'm mainly looking for a low risk investment for my cash (around £40k), and apart from that, I'm clueless about what I want to do. (I've since had vague plans about buying a holiday home abroad with my brother, but I haven't any other ideas.)
I've no idea what to expect from an IFA. Might she suggest various investments, or would I be expected to ask her questions?
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You will want to find out how much her services are costing.
Do you want an execution only service or an ongoing service? (theres a posh term for ongoing service but cannot remember)
But if it's a free session you may as well go, see what they have to offer.
You can always come back here, say what she says and others will comment or slag them off (of course, no names being mentioned...
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The latter, Lokolo. The latter.
Why does the phrase 'lamb being led to slaughter' spring to mind right now?0 -
You will want to find out how much her services are costing.
First thing I asked her was to confirm that the session was free. She said yes, but that later sessions would be chargeable. I really doubt I would sign up for further sessions or anything that requires a fee.
Does "execution only service" mean I tell her what to gamble my money on? And does "ongoing service" mean she decides what to gamble my money on? Whichever, I suppose they're both chargeable.Do you want an execution only service or an ongoing service? (theres a posh term for ongoing service but cannot remember)You can always come back here, say what she says and others will comment or slag them off (of course, no names being mentioned...)
Yes, I'll report what she suggests, if it sounds interesting or dodgy or whatever. Should I bring popcorn?
Not totally sure what you're getting at, bendix. Do you mean that IFAs typically try to create dependencies in their clients?The latter, Lokolo. The latter.
Why does the phrase 'lamb being led to slaughter' spring to mind right now?0 -
Why does the phrase 'lamb being led to slaughter' spring to mind right now?
led the slaughter ? whose leading, you will obvioulsy know best bendix so can you confirm whether lambs arrange their own session at the slaughter house? Lambs dont get the option to walk away if they dont like what they see do they?0 -
led the slaughter ? whose leading, you will obvioulsy know best bendix so can you confirm whether lambs arrange their own session at the slaughter house? Lambs dont get the option to walk away if they dont like what they see do they?
awwwww come on whiteflag . . don't get all pedantic on me.
why let facts get in the way of a good one-liner?0 -
Merrion_Square wrote: »First thing I asked her was to confirm that the session was free. She said yes, but that later sessions would be chargeable. I really doubt I would sign up for further sessions or anything that requires a fee.
When she makes a report on you and what she suggests there will be a fee for her services. This one off free session will not continue. The first session will be a 'get to know you' session more than anything. I don't think you will be charged for future sessions, but rather an overall charge for creating a report about you.Merrion_Square wrote: »Does "execution only service" mean I tell her what to gamble my money on? And does "ongoing service" mean she decides what to gamble my money on? Whichever, I suppose they're both chargeable.
Execution only means that she will suggest what to put your money in, so make a portfolio, and leave it at that. Ongoing service means there will be a review every year (or other period) where there maybe changes to your portfolio depending on your happiness with everything so far and how the economy is going.Merrion_Square wrote: »Yes, I'll report what she suggests, if it sounds interesting or dodgy or whatever. Should I bring popcorn?
.... if you want
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Execution only means that she will suggest what to put your money in, so make a portfolio,
That's a transactional service you are trying to describe Lokolo.
Execution only is where you use the IFA to place the business but on a no-advice basis. So basically you have made all the decisions.0 -
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