Worth seeing an IFA?

fairleads

Lokolo wrote: »

I don't pay 1.5% AMC on any of my funds because of rebates, and I doubt a lot of people on here do.

Do you mean the rebates that are sometimes re- rebated back to either your platform provider or your FA? Sad to say it, but these kick backs do happen.

fairleads

jamesd wrote: »

Which alter ego would that be?

Just to be clear, you've suggested earlier that I was acting illegally by charging for investment advice while a consumer and not properly licensed by the FSA, and declined to recant. Now you appear to be claiming that I'm lying about my investments. Is that a correct understanding of your position?

I suggested that, by excluding AMC's, you were missrepresenting a real life situation. As to the fee bit, to repeat, your presentation was written in the first person - I this and I that etc. As to your investments, you appear to have gone from zero to hero in no time at all and then blow the last bit of your credibility by pedaling outdated info. To compound the mystery you then state that you are using S&S Isas - at the rate of 10K per year?
If you have a problem with this or can't stand the heat, get out of the kitchen, or go tell mummsey. Or grow up.

Lokolo

fairleads wrote: »

I suggested that, by excluding AMC's, you were missrepresenting a real life situation. As to the fee bit, to repeat, your presentation was written in the first person - I this and I that etc. As to your investments, you appear to have gone from zero to hero in no time at all and then blow the last bit of your credibility by pedaling outdated info. To compound the mystery you then state that you are using S&S Isas - at the rate of 10K per year?
If you have a problem with this or can't stand the heat, get out of the kitchen, or go tell mummsey. Or grow up.

Erm? Are you saying someone can't use £10k in a S&S ISA?

As for your last comment, you are going lose a lot of credibility if you start acting like a child and insulting people

fairleads

Lokolo wrote: »

Erm? Are you saying someone can't use £10k in a S&S ISA?

Jeeze Lokolo, the point i'm making is this, it's difficult to amass a fortune in S&S isas - and in the short term - when our annual investment is limited to just 10K.

gadgetmind

fairleads wrote: »

Jeeze Lokolo, the point i'm making is this, it's difficult to amass a fortune in S&S isas - and in the short term - when our annual investment is limited to just 10K.

It depends what you mean by "fortune" and what you mean by "short term". This couple got up to 1 million quid in just 12 years.

http://www.investorschronicle.co.uk/InvestmentGuides/SavingsProducts/article/20110314/442abd4e-4e41-11e0-a864-00144f2af8e8/The-married-couple-with-a-12-million-Isa.jsp#

Pretty impressive! My investment performance hasn't been as good but I started much earlier in the days of PEPs and TESSAs, and I also enjoyed the "carpetbagging" days of the late 90s.

I have no reason to disbelieve anyone who says they have built up a substantial sum using their annual ISA allowances, oarticularly when that person has demonstrated considerable financial knowledge.

fairleads

gadgetmind wrote: »

It depends what you mean by "fortune" and what you mean by "short term". This couple got up to 1 million quid in just 12 years.

http://www.investorschronicle.co.uk/InvestmentGuides/SavingsProducts/article/20110314/442abd4e-4e41-11e0-a864-00144f2af8e8/The-married-couple-with-a-12-million-Isa.jsp#

Pretty impressive! My investment performance hasn't been as good but I started much earlier in the days of PEPs and TESSAs, and I also enjoyed the "carpetbagging" days of the late 90s.

I have no reason to disbelieve anyone who says they have built up a substantial sum using their annual ISA allowances, oarticularly when that person has demonstrated considerable financial knowledge.

Believe jd's stated investment period was around 4 years

And as for the considerable financial knowledge, remember - In the kingdom of the blind even the one-eyed man is king.

jamesd

gadgetmind wrote: »

I have no reason to disbelieve anyone who says they have built up a substantial sum using their annual ISA allowances, oarticularly when that person has demonstrated considerable financial knowledge.

I have used:

1. Living well below my means, investing more than 60% of my net income plus gross pension contributions. A very unusually high level of financial commitment, and a sufficiently high income to be able to do it and still live.
2. ISAs.
3. Pensions.
4. Investing outside any tax wrapper.
5. Borrowing from credit cards to invest. Balance transfer fees in the thousands would discourage many people. This borrowing was only possible because I had previously paid attention to my credit rating and worked on building it up.
6. Timing. I started learning far enough in advance of the events of 2008 and 2009 to know how to exploit them. Only a couple or three years but that was enough.
7. A high risk tolerance.
8. A minimum income target that is well below what many people would like, but which is sufficient to live comfortably, still well above benefit levels.
9. Knowing that investment returns make investing the cheaper way to repay a mortgage and using that knowledge. Then knowing that pensions make that even more efficient and acting on that as well. Pairing this with an appropriate risk tolerance to exploit it.

These approaches aren't for everyone. It's an unusually high degree of commitment, fortunate market timing, and a willingness to take risk to exploit that good fortune of doing a lot of investing during a market bust.

A key factor was starting to learn about investing far enough in advance of the events of 2008 and 2009 to be able to use that knowledge to act during those years. Learning about investing is a good move for anyone who has a defined contribution pension in their life. And that's just about everyone outside the public sector who works and many within it.

I've been far from perfect but perfection isn't required, just good enough.

darkpool

jamesd wrote: »

darkpool, since it's illegal, the person accused of the illegality is likely not to be happy about it. The person doing it might not initially have known they were doing that but once they did the correct course should be obvious.

no one accused you of taking fees for financial advice though.

darkpool

jamesd wrote: »

"So why are you charging a fee?" certainly seemed to be doing that.

you and fairleads were discussing the effect of fees on fund management. i believe he was referring to you using fees in your sample....... you not consider that possibility?

anyway, you think the police monitor this site for back alley financial advisors?

Lokolo

darkpool wrote: »

you and fairleads were discussing the effect of fees on fund management. i believe he was referring to you using fees in your sample....... you not consider that possibility?

anyway, you think the police monitor this site for back alley financial advisors?

You'd be surprised at who monitors these forums. Bank staff have been sacked for contributing on this forum.