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IFA recommends switch to Metlife
Comments
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I reckon that structured products, with their high/complex fee structures and opaque nature, are going to be the next big financial scandal to rank alongside PPI misselling and zeros. I wouldn't want to be holding shares in any bank/organisation that was involved with this shenanigans.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.0 -
gadgetmind wrote: »I reckon that structured products, with their high/complex fee structures and opaque nature, are going to be the next big financial scandal to rank alongside PPI misselling and zeros. I wouldn't want to be holding shares in any bank/organisation that was involved with this shenanigans.
Surely it depends on how they were sold?
I have held these types of products and have been very happy with them, especially when interest rates are so low.
Some of the products sold by the banks are frankly very poor value and they way they seem to be sold stinks. But other structured products offer excellent value for money, yes, they may be complex, but so are plenty of other financial products.
Same old story, for the right investor they are right, for the wrong investor they are wrong.
The Canny Saver
PS If I was looking for the next financial scandal I wouldn't look much further than UCIS, some of the products under this heady are scary :eek:Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »PS If I was looking for the next financial scandal I wouldn't look much further than UCIS, some of the products under this heady are scary :eek:
Hmmm, I must post a message regards my recent meeting with an IFA...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.0 -
gadgetmind wrote: »Hmmm, I must post a message regards my recent meeting with an IFA...
Sounds interesting, did you get offered a UCIS product?Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Sounds interesting, did you get offered a UCIS product?
Probably not, but it was a fancy SIPP that can join with the SIPPs of others to make loans to property developers. About £3k to set it up, £500pa in fees, plus 0.5% to the IFA, who insisted that he only ever charged fees and the 0.5% was a fee.
He was busy drawing pretty pictures of how it worked before I really finished saying why I felt I needed an IFA. He seemed to have little interest in the financial sanity-check/make-over that I actually think I need, and expressed the opinion that no-one ever made any gains from equities.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.0 -
Hi
Wow, not an IFA then, a salesman!
An IFA has to spend time understanding his client's needs, goals, attitude to risk etc, before they consider existing assets and then come up with a strategy to meet said goals.
As for no one making money from equities I trust you treated that with the contempt it deserves! The property market is hardly racing away at the moment and over the longer term one would expect equities to outperform property, whether residential or commercial. Personally I am bearish on property as a whole, particularly residential property, interest rates have to rise at some point, which will do nothing for the housing market.
On a serious note though people get sucked in to doing business with people like this, gives IFAs as a whole a bad name.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Wow, not an IFA then, a salesman!
An IFA in name.An IFA has to spend time understanding his client's needs, goals, attitude to risk etc, before they consider existing assets and then come up with a strategy to meet said goals.
To be fair, this was just the free one hour initial meeting.As for no one making money from equities I trust you treated that with the contempt it deserves!
I think he makes his money from people who are afraid of equities, which doesn't really describe me. Cautious, yes, balanced, yes, afraid ... well not usually!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.0 -
Brianrhill gave more detail on the plan and there have been many more posts since I last looked. However, there still seems to be the assumption that this plan is wrong. I said earlier in the thread that this is a niche plan (I didnt give the detail like Brianrhill did as I was hoping to get a response on the reason why the advice was given). I was hoping we would find out why a very different product, to that being held, that suits a particular type of person wanting a particular sort of thing was being recommended. The focus of the thread has almost totally been on the commission and not he reasons why.
I am not a particular fan of this type of plan but it does have a place.Putting all of your pension fund into a fixed term deposit is rather unusual as there is no diversification at all.
For clarification, I wasnt saying that is what should be done but just saying it is possible. It isn't comparable with the met life product anyway.By the way, you should ask Dunstonh to help, he's almost antique
Antique????? gobsmacked.
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.0 -
Has anyone heard of 2Plan? If yes, any vibes? If no, they're a firm of IFAs. Thanks.0
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Blue_Parrot wrote: »Has anyone heard of 2Plan? If yes, any vibes? If no, they're a firm of IFAs. Thanks.
They are a national firm of IFA's, Blue Parrot. Owning a 'small' IFA firm (8) I'm not a big fan of the nationals as they tend to overly dictate processes, especially when they have a larger parent company. Don't let that stop you though!I am an Independent Financial AdviserHowever, anything posted here is for discussion purposes only. It should not be considered as financial advice.0
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