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

lordhaldon

scotsman4th wrote: »

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?

I am sorry that you have had to have several advisers over such a short period of time. An IFA, a good IFA wants a lifetime relationship with you so if after 9 months an adviser has not contacted you, change. One of the questions that you should ask your IFA at the outset is how many times a year "you" can expect to be contacted. If they break the agreement, ask for your money back.

..................... and finally, just to answer a previous post. I am not touting for business. I am not an adviser of anykind and I have absolutely nothing to gain from my posts - quite the opposite. I am just someone who is fed up with people that want make unsupported comments about the adviser population and want financial planning on the cheap.

lordhaldon

mikey72 wrote: »

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)

Grow up, get real.

mikey72

lordhaldon wrote: »

Grow up, get real.

Think you've answered your own question now, don't you?
It's your thread, did you really post for a slanging match?

lordhaldon

Well, that warmed it up a bit. Serioulsy, the FSA are about to make major changes to the way that you can get advice. It will utlimately mean that you WILL pay more! Why is a money saving website not doing more to save their viewers money?

lordhaldon

mikey72 wrote: »

Think you've answered your own question now, don't you?
It's your thread, did you really post for a slanging match?

My apologies. I have a genuine interest to know. I just did not expect silly, venomous,puerile, ill founded replies such as yours.
You still have not said what job you do. As I have said, I am not an adviser of any kind. I just used the forum to elicit debate and I will get NO, zero, nada business from it. Yet again I re-itterate, if you were a client of mine, in whatever industry I was involved in, I would point you in another direction.

vikingaero

To balance things out a bit I did have a very good FA until he moved company and then I got stuck with a drosser. The good FA did expect a long term relationship with me and he explained that of his working week he spends at least one day on product training, revision, external training, reading etc and that as he put so much time and effort into his clients he would appreciate an honest client and one that would recommend him to others if we felt his services were worthwhile.

Your point about a solicitor or accountant is different. A solicitor or accountant performs a specific service. For instance my solicitor advises me where I let out a property on a commercial lease. His advice is advice to help me make decisions and warn me of perils and pitfalls. He has no product to sell and no commission to gain as he bills me hourly for his time. If I take up a lot of his time I pay more. With a FA it's different and less transparent. I never know if the £100k I'm bunging into a scheme is the best scheme financially for me, or a mediocre scheme where the FA gets the best rate of commission.

mikey72

lordhaldon wrote: »

Well, that warmed it up a bit. Serioulsy, the FSA are about to make major changes to the way that you can get advice. It will utlimately mean that you WILL pay more! Why is a money saving website not doing more to save their viewers money?

Life's full of risks.

Trust the FSA?
Trust a single IFA.

I'll take a risk on this, and trust the FSA thanks.

Never heard of the major change, but still.........

mikey72

lordhaldon wrote: »

My apologies. I have a genuine interest to know. I just did not expect silly, venomous,puerile, ill founded replies such as yours.
You still have not said what job you do. As I have said, I am not an adviser of any kind. I just used the forum to elicit debate and I will get NO, zero, nada business from it. Yet again I re-itterate, if you were a client of mine, in whatever industry I was involved in, I would point you in another direction.

Then again, your arguement is so convincing............

jem16

lordhaldon wrote: »

Well, that warmed it up a bit. Serioulsy, the FSA are about to make major changes to the way that you can get advice.

True.

It will utlimately mean that you WILL pay more!

Some will pay more, some will pay the same and some will pay less.

What it may well do is drive those who stand to pay more into the hands of bank's advisors.

Why is a money saving website not doing more to save their viewers money?

In what way?

Alpine_Star

lordhaldon wrote: »

Why is a money saving website not doing more to save their viewers money?

MSE does more to save their 'viewers' money than any other single source - not least by doing it completely free of charge.

If you're still wondering why people here are less than interested in discussing your views about professional financial planners, this is a self-help forum which, funnily enough, generally attracts those who prefer to figure out their financial affairs for themselves and as such this is not really the ideal arena to canvas agreement.