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

jem16

lisyloo wrote: »

Firemen, nurses, teachers, dinner ladies, caretakers

You're joking I hope?

Everybody seems to think teachers do nothing but leave work at 3pm and have loads of holidays!

mikey72

jem16 wrote: »

You're joking I hope?

Everybody seems to think teachers do nothing but leave work at 3pm and have loads of holidays!

You missed out the late start at 9.00, and the hour and a half lunch break, plus the two half hour play times.

jem16

mikey72 wrote: »

You missed out the late start at 9.00, and the hour and a half lunch break, plus the two half hour play times.

OK - I'll make sure to take that tomorrow. I'm sure my HT won't mind at all.

WhiteHorse

lordhaldon wrote: »

... website's of this genre [MSE et al], whilst doing great good, assist in the proliferation of this view.

'Shoot the messenger' is the standard establishment response to anything. Better to deal with the cause of the bad news.

mikey72

jem16 wrote: »

OK - I'll make sure to take that tomorrow. I'm sure my HT won't mind at all.

You'll be fine.
She'll only be in the office doing a bit of the accounts now anyway.

WhiteHorse

dunstonh wrote: »

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

It is a very commonly held opinion.

An old question ... if all these people are such financial wizards, why aren't they all millionaires?

dunstonh

It is a very commonly held opinion.

No its not. I would probably agree if you were talking insurance agents or tied reps but not IFAs. However, it doesnt change the fact that calling most IFAs shysters when you havent met hardly any of them is prejudiced.

An old question ... if all these people are such financial wizards, why aren't they all millionaires?

Its a stupid question thats why. Financial planning is about making the most with what you have. IFAs dont get given a £100,000 at age 20 and told to turn it into £1million. The question indicates that the person asking it doesnt understand what an IFA is.

Plus, why would you want to stop earning £200k a year.

magpiecottage

WhiteHorse wrote: »

if all these people are such financial wizards, why aren't they all millionaires?

Because they are not "wizards", they are advisers.

If they were wizards they would be able to see the future and win the lottery every week.

As dunstonh says they are looking to help you make the most of what you have got whilst matching it to the level of risk that you are comfortable with and that it is prudent for you to take.

Financial services are based on probability, not certainty. If you have a good IFA you will probably win more than you lose and probably do better than guessing what to buy - but you will not always win.

dunstonh

fwnew96 wrote: »

What is a financial planner ?

FAs and IFAs.

darkpool

I have a jaundiced view of financial planners as I suspect a lot of them consider their own self interests before their customers.

I know this might upset the applecart but I think they are really just salesmen. When you got to buy a car you know the car salesman will try and sell you a car that will maximise his commission. I think IFAs are just the same. They try and sell products that make them the most money.

I've never used an IFA and tbh I doubt I ever would.