Why do the British public have a jaundice view of financial planners?

mikey72

dunstonh wrote: »

And you met the 30,000 or so IFAs and god knows how many tied agents?

No offense, because you do post very good advice, but the question was asked.
It's not really suited to a yes/no post with other FSA's.

My point of view is that there can be good advice, worth paying for, but equally if it's rubbish advice there is no comeback at all.

I know lordhaldon has posted in other threads, saying IFA's have mortgages to pay, and it's just a job etc.
But so have we.
If the advice is good, we both win, and both can still pay the mortgage.
If the advice is bad, you win, you can still pay the mortgage, we're homeless.
if you really want to put your money were your mouth is, link it to profits, and pay us for losses. Maybe not realistic, but you are betting with our money at the end of the day.
But good FSA's are worth it, bad ones aren't.

mikey72

lordhaldon wrote: »

WOW! Thank you all for your openess. The KPMG report that I mentioned said that most people were prepared to pay £50 max. Clearly they do not understand the amount of work that a good IFA has to do - or the fact that their advice can carry a lifetime guarantee even if the IFA dies. Did you know that? As for tied advisers, you could do better. If you feel uncomfortable with your IFA, change him. A good IFA wants a life time relationship with you but be prepared to pay for it. As I have said on previous posts, try telling your accountant or solicitor he is charging too much. Also, how would you feel if someone told you that you were getting paid too much? In addition, how would you feel if the work you did today, you were still liable for well into retirement? No one is wrong with their comments but some are ill advised or only know the half.

..............and finally (QUOTE) "With the advent of t'internet it's much easier to get information for those savvy enough to understand the pros and cons. " Would you try to conduct brain surgery on the back of researching t'internet? And that comes from the owner of a price comparison website. ME!

You're touting for business too hard. It's business. If you're good, you're good. If you're bad,we still understand how much work you do, you're still just bad at it.

Mk14:37

Maybe most of us don't have the levels of income that would allow us to benefit from paying £500 for financial advice?

lordhaldon

mikey72 wrote: »

You're touting for business too hard. It's business. If you're good, you're good. If you're bad,we still understand how much work you do, you're still just bad at it.

I am not touting anything. I am not an IFA or an adviser of any kind. Just someone with a belief.

How do you know "we" are bad at it? Yet again, and I thank you, for demonstrating that the british public have a jaundice view or their adviser. By the way, I don't know you or how well you do your job so I would not even contemplate commenting on your competency. Feel free to continue to show your ignorance. Oh and by the way, if you were one of my clients, I would refuse to do business with you.

mikey72

lordhaldon wrote: »

I am not touting anything. I am not an IFA or an adviser of any kind. Just someone with a belief.

How do you know "we" are bad at it? Yet again, and I thank you, for demonstrating that the british public have a jaundice view or their adviser. By the way, I don't know you or how well you do your job so I would not even contemplate commenting on your competency. Feel free to continue to show your ignorance. Oh and by the way, if you were one of my clients, I would refuse to do business with you.

You're very rude.
If you're not an IFA, why would I be your client?
Don't ask if you don't like jaundiced answers.
But to be honest, I think you know were you stand with the rest of us.

edit- choice was good or bad, you chose bad, not me.

lordhaldon

Mk14:37 wrote: »

Maybe most of us don't have the levels of income that would allow us to benefit from paying £500 for financial advice?

Thank you. for this post. This point is extremely valid. The Financial Services Authority (FSA) have implemented a rule that by Dec 31st 2012 all fee based advisers (that means fee based IFA and you should not go anywhere else) must have an upgraded qualification. As a consequence, "ordinary" people may be unable to get qualified advice because they cannot pay the fee. I don' t know what someone like dunstonh would charge but friends of mine charge £200 per hour with a minimum of £600 per yearas IFA's. The KPMG report I mention states that will be a small amount of people that WILL pay £500 plus for the advice, there will be next to no middle ground and the rest will have to fend for themselves. Why should the rich get the best advice? The FSA are making it that way.

Rolandtheroadie

Any dealings I've ever had with financial advisors whether they be independent or through a bank have all been disappointing.
Say thats 4 or 5 over the last 10 years. How many should I be going to? Whats the hit rate for a good one?

lordhaldon

mikey72 wrote: »

You're very rude.
If you're not an IFA, why would I be your client?
Don't ask if you don't like jaundiced answers.
But to be honest, I think you know were you stand with the rest of us.

edit- choice was good or bad, you chose bad, not me.

Hey! You slandered IFA's in general first off. So who is rude? Your comment is based on little knowledge whereas mine is based on experience. I initially asked a question in a genuine interest to find out. What job do you do?

lordhaldon

mikey72 wrote: »

My point of view is that there can be good advice, worth paying for, but equally if it's rubbish advice there is no comeback at all.

But good FSA's are worth it, bad ones aren't.

Thank you. However ther is comeback, I am am sure that dunstonh will correct me , but my belief is that the advice you recieve from an IFA has virtually a "lifetime" guarantee.

mikey72

lordhaldon wrote: »

Hey! You slandered IFA's in general first off. So who is rude? Your comment is based on little knowledge whereas mine is based on experience. I initially asked a question in a genuine interest to find out. What job do you do?

Why do the British public have a jaundice view of financial planners?

I told you.
You called me names.
If you said

Why do the British public love financial planners?

I probably wouldn't have answered.

(dunstonh posts very good advice, I don't see eye to eye with him though)