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Is it just me, or do you feel aggrieved too?
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On what basis would you not trust me? You don't even know me, and we have never spoken. If you go into a discussion with mistrust being your initial over-riding point of view, anything you are told will be "dodgy" in some way, and nothing will be achieved. Why not keep an open mind, listen to what you are told objectively, and engage in the process. Most clients don't have your level of understanding. If you point out your sophistication at the start, you may be surprised that actually you can have a lively discussion with an adviser who might just introduce you to a few things you didn't even realise you needed.
What do you have to lose? All you need to do is find a good one!I am an Independent Financial AdviserYou should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The irony of that is that managed funds suddenly look a lot cheaper. You get managed funds at around 0.6-0.8% typical range instead of 1.5-1.75%.
Stop it with those HUGE fees, you'll be giving sensitive souls such as myself conniptions!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 -
Nice diversion from the discussion there.
Was that aimed in my general direction? If so, I'm not sure which comment you're on about. Sorry.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 -
On what basis would you not trust me? You don't even know me, and we have never spoken.
That puts you in the "unknown quantity" bracket, which gets you a degree of trust I'd term "mild but conditional". It would be higher but your strong links to the financial industry have to be taken into account. Sorry about that!If you go into a discussion with mistrust being your initial over-riding point of view, anything you are told will be "dodgy" in some way, and nothing will be achieved.
I have made the mistake of being too trusting in the past. Perhaps I've gone too far the other way, perhaps not.Most clients don't have your level of understanding.
In common with most reasonably smart people, I know I'm an amateur, I know my limits, I know what I know and what I don't know, but I also know how to fill in the gaps. Sadly, I don't always know where the gaps are!If you point out your sophistication at the start, you may be surprised that actually you can have a lively discussion with an adviser who might just introduce you to a few things you didn't even realise you needed.
Yup, those tricky unknown unknowns!
For instance, a few months ago I discovered Pension Input Periods. Once I knew of such beasts, it was pretty easy to get to grips with them, work out their impact on my finances, put a MEGA ROCKET up my accountant, rejig every sodding pension planning spreadsheet I have, resubmit a tax return, and start working on another pension with a PIP aligned to the tax year.
How many other unexploded bombs lurk? Dunno, but that's why my affairs need a sanity check.
I'd ask my accountant but his trust rating has also taken a bit of a hit!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 -
If I wanted to go that route, I'd use Cavendish online, get nicely discounted annual fees, and only £45 up front. Oh wait, I just did, twice, once for wife and once for daughter.
And an IFA can beat a nil commission stakeholder with a decent fee taken.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 -
And an IFA can beat a nil commission stakeholder with a decent fee taken.
I'd certainly hope so, but daughter's has contributions below PP levels, and wife's will only be running for about a decade. The latter may also drift across to more passive investments once the RDR fragments have stopped bouncing.
If I'd had a tame/sane IFA onboard, things might have been different. As it happens, I was about to contact IFA3, but I then noticed that once of the peeps grinning back at me from their web site used to work for SJP. When I met him a couple of decades back, he spent most of the meeting telling me about the Ferrari F40 he was about to buy.
Bear a grudge? Me? Never!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 -
If you study via further/higher education and get a better job then maybe you can too. Not a fan of mercs personally.
Yellow Reliant maybe:-?
Seriously though I have found the threesome debate most illuminating.
I have experience of a few IFAs and Tied Advisors, professionally and personally and they haven't all covered themselves in glory.
I know it is getting tougher out there for you guys, from a regulation POV, but whether it be fees or commisons they can impact overall performance both short and long term. IMO gadgetmind is entitled to be sceptical in the added value for the majority.
There will many better off from IFA advice, there will also be many that aren't - both at a price, just depends if it is worth paying, trouble is it will be too late to do anything about it."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
p00hsticks wrote: »So you aren't expecting to receive a state pension, but think you should have spent rather than saved or invested in your own pension.
do you plan on working until you die ? >
No but expected a limited pension as offerd by the then social contract and contributions from earnings over decades.
Whilst it may be time to revisit that social contract it should be for new entrants to the game, who quite rightly want a trade off, to maintain the status quo. Will that work now the Government have just increased their tax to cover their university education. Simply tearing it up will not resolve the position unless we remove something - perhaps the old.
Working until death is highly unlikley as there aren't enough jobs."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
snowqueen555 wrote: »the state doesn't even have a pension "pot", its all financed off current taxes, pretty grim isn't it
Never been any different."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
I think percentages worry people because they just don't see why someone should be remunerated that way. I mean, barring ripping you off, your plumber charges the guy in the million pound house the same as the ex council house owner.
Now I appreciate investing a million requires more time than investing 50k but not 20 times as much. Nor does it require 20 times as much knowledge or intelligence.
Also, my plumber doesn't come back every year and tag on another cost.
The move to fees from ridiculously high commissions is good but the average customer just doesn't see why it costs so much as it does, until they see the IFA in a new Merc !0
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