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Do You Need Financial Advice? When To Get It, When Not To Get It Discussion Area

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  • dunstonh
    dunstonh Posts: 119,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    gadgetmind wrote: »
    There's no requirement to remember a girl's name and call her as promised, but only a cad would do otherwise.

    So, put yourself in the adviser shoes, you would write to someone who employed you to give advice say 15 years ago on transactional basis and you have never dealt with since?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh
    dunstonh Posts: 119,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The FSA has made it clear that businesses should tell their clients about the RDR and the effect, if any it will have on their services and costs going forward. Well the FSA that regulates me did.

    Just because you say it, does not make it real. Please point to the FSA rule that said such a thing.

    The FSA as we know it said "Advisers will need to establish a charging structure that is suitable for their clients and their business model, and develop clear information on charges for consumers."

    "You must disclose your charging structure to a client upfront and in writing (so the client has the information in good time before the advice process starts). You must also agree and disclose the total charges the client will incur as soon as this is known."
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    gadgetmind wrote: »
    There's no requirement to remember a girl's name and call her as promised, but only a cad would do otherwise.


    Lot of those about these days Gadget :D
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    dunstonh wrote: »
    So, put yourself in the adviser shoes, you would write to someone who employed you to give advice say 15 years ago on transactional basis and you have never dealt with since?

    Who mentioned 15 years? (And what IFA did transactional 15 years ago!)

    If someone is your current IFA, and is soaking up all those 5% up front fees and 0.5% trails, you would certainly expect communication.

    In fact, I've even had said communication from the IFA who I gave the boot to several years ago for being, 1) greedy, 2) work shy, 3) trying to show off by telling me about ETFs and getting even the fundamentals very wrong, 4) not having a clue about PIPs and creating a right mess that I had to sort out.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • webmasterpolo
    webmasterpolo Posts: 672 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 24 January 2013 at 7:48PM
    tbh, when i hear stuff like that it puts me off going to any type of financial adviser.

    It's out of context though. The investment could of been large (£1m+) and the percentage small (0.5%). The investment gain over those 3 years could of been much larger than 17K. On

    If the IFA and client agreed the fees in advance, as they would have, there is no problem.

    The problem only comes if the client didn't know what they were paying or the IFA didn't provide the agreed service.

    Personally I'm happy to pay for professional advice and service in all sorts of walks of life. From my window cleaner to the car garage to my private dentist, vet, accountant and yes my IFA. If I don't have the time/expertise I expect to pay someone else to help me. As I said, if it's agreed in advance everyone is happy, if it's not then that's a problem.



    -Web
    Sense is not common.
  • Dunstonh in "defend IFAs at all costs" posts shocker. :eek:
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • jem16
    jem16 Posts: 19,583 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I wasn't out of context as I said the client didn't know about it, therefore could no have agreed to it.

    Provided the client actually told you the truth of course.
  • jem16
    jem16 Posts: 19,583 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Seriously? Why would a client lie ?

    Seriously?

    Would you admit to not knowing how much you had paid for something?
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    edited 25 January 2013 at 11:17AM
    As for double dipping, both my SIPP and my wife's use mainly Vanguard trackers on platforms that levy a fixed annual platform fee (at least they do for what we choose to hold). Is it these fees plus the low TER of the trackers that you refer to as "double dipping"?

    Anyway, as our annual fees work out to well sub 0.5% pa (0.42% for my last time I did the weighted calculation) I'm happy that our investments are fairly efficient.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    That's one of the things that RDR should (hopefully) prevent.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
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