Is it just me, or do you feel aggrieved too?

gadgetmind

Susievintage wrote: »

"I'll move some existing money around and make it better for you, albeit it won't make me any commission this time round."

:rotfl:

Just what I needed this morning, a right good belly laugh!

Susievintage

You're right, Meeper - I have to take some responsibility for this. What I have always wanted (and I'm guessing it's up there with unicorns) is an IFA who will for a fair commission, which I do not begrudge - do all the research for me (all of it - not just tied products), looking at my money as though it were his own, and give me a maximum of three options. It's that emboldened bit that is not happening. I suppose what I need is a relative who is an IFA and cares about me as a person rather than just as a client. Sadly my rels are lawyers, yoga instructors and management consultants (sounds like the start of a bad joke).

System

Susievintage wrote: »

So what I should have done is spend, spend, spend! Why did no-one recommend this?

It's not too late. Why not spend all your savings now?

Susievintage

Clifford, what a fabulous solution! Shopping list: shoes, chocolate, rose-scented unguents, more shoes, husband to replace one who will leave when yet more shoes come into the house....! Thanks for lightening the tone of this thread!

gadgetmind

Susievintage wrote: »

for a fair commission, which I do not begrudge - do all the research for me

Sadly, it's the drag of that commission, and the high annual fees of many of the commission paying funds, that holds back investment performance. Half a percent here, three-quarters of a percent there, over the decades it all adds up and compounds, and you then find that your investments haven't grown as you expected.

Spending £15 on a copy of Smarter Investing could be the best money you've ever spent. Yes, it's frustrating to have to DIY rather than being able to trust the professionals, but that seems to be the way it is.

I'd love to be proved wrong on this, as I'd love to find an IFA who'll sanity check my investment and retirement plans, help me construct an appropriate portfolio of investments with very low (sub 0.5%) Total Expense Ratio, and thus get the best bang for my buck.

Thus far, I have failed. One insisted that the 4% up-front fees, 1.5%+ TER and 0.5% trail were unavoidable. The latest said no-one ever made money from equities and offered me a rather expensive SIPP that loaned money to property developers.

Ah well.

dunstonh

Yes, it's frustrating to have to DIY rather than being able to trust the professionals, but that seems to be the way it is.

What makes you think that DIY will be better. Some of my best clients now are those that tried DIY and realised they couldnt do it or made a pigs ear of it.

I'd love to be proved wrong on this, as I'd love to find an IFA who'll sanity check my investment and retirement plans, help me construct an appropriate portfolio of investments with very low (sub 0.5%) Total Expense Ratio, and thus get the best bang for my buck.

That isnt difficult.

Thus far, I have failed. One insisted that the 4% up-front fees, 1.5%+ TER and 0.5% trail were unavoidable.

The 4% up front is commission basis (unless you happened to be looking at a round amount that matched 4% exactly in monetary terms. The 0.5% p.a. is likely to be unavoidable if you want servicing. Ongoing servicing has to be paid for. You either agree a fixed monetary amount or a percentage amount. You are not going to get free servicing.

Meeper

Susievintage wrote: »

You're right, Meeper - I have to take some responsibility for this. What I have always wanted (and I'm guessing it's up there with unicorns) is an IFA who will for a fair commission, which I do not begrudge - do all the research for me (all of it - not just tied products), looking at my money as though it were his own, and give me a maximum of three options. It's that emboldened bit that is not happening. I suppose what I need is a relative who is an IFA and cares about me as a person rather than just as a client. Sadly my rels are lawyers, yoga instructors and management consultants (sounds like the start of a bad joke).

I am sorry that you have not had a good experience. I wouldn't want an adviser to look at your money as though it was his own, however, as he may have different attitudes, goals and capacity to take risk than you do. What is important is that an adviser is able to identify these areas in terms of their importance to you as an individual and come up with an appropriate soution.

As to gadgetmind, I'm afraid that his posts are sometimes useful, but all the more often get clouded with his anti-adviser spewing and he should generally be ignored. There is a LOT more to the advice process than ensuring that you get the absolute cheapest contract. Many times a more expensive contract and structure is beneficial for reasons other than the pure numbers. He will not accept this fact, however it is still a fact.

gadgetmind

dunstonh wrote: »

What makes you think that DIY will be better.

Paying high fees/commissions in the hope that this will magically make the underlying assets perform better doesn't work, never has, never will. I'm going for a carefully constructed portfolio of low-TER trackers with a good mix of gilts, which isn't exactly rocket science.

I would pay an IFA a reasonable fee for doing this, and for the required post-retirement investment/tax sanity checking, but thus far I can't find one prepared to do this.

That isnt difficult.

That's what I thought until I tried.

Ongoing servicing has to be paid for. You either agree a fixed monetary amount or a percentage amount. You are not going to get free servicing.

How many minutes a year does it take to rebalance a portfolio? Anyway, go for a Vanguard LifeStrategy fund and it's done for you as part of that heady 0.31% TER.

gadgetmind

Meeper wrote: »

As to gadgetmind, I'm afraid that his posts are sometimes useful, but all the more often get clouded with his anti-adviser spewing and he should generally be ignored.

Mandy Rice Davies applies.

He will not accept this fact, however it is still a fact.

It only becomes a fact when proven.

Meeper

gadgetmind wrote: »

Mandy Rice Davies applies.

Grow up and argue coherently if you have a valid point to make. Such glib responses cheapen the points that the OP is looking to clarify. Some people are trying to offer assistance here, rather than crusading.

It only becomes a fact when proven.

Is it your assertion therefore that the only thing that matters in arranging contracts, investments and the like are the numbers? Is there nothing else to take into account?