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investing 150,000.00
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Do they recommend anything other than a series of investments on the Hargreaves Lansdown platform? I'd genuinely be curious to hear anyone's experience with one of their reports.NO, read on...
"All our financial practitioners are highly qualified financial advisers (IFAs). They are also independent which means they work for you and aren't tied to any specific investments. As all of our financial practitioners are salaried they’re not reliant upon convincing prospective clients that they need advice in order to earn commission or fees."
I'd argue that any business claiming that a salary means their adviser don't have to generate fees or commission is one due to go out of business at some point. Fees of some sort are absolutely vital for an adviser, and if someone working for the company isn't pulling their weight, you can guarantee they won't be salaried for much longer! No cash generation = no point in employing that adviser any more.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Do they recommend anything other than a series of investments on the Hargreaves Lansdown platform? I'd genuinely be curious to hear anyone's experience with one of their reports.
Me too. HL charge you 1% of your assets if you go ahead, but the exact terms and conditions are somewhat vague. As I hate vague, I wouldn't touch them with a bargepole.Fees of some sort are absolutely vital for an adviser, and if someone working for the company isn't pulling their weight, you can guarantee they won't be salaried for much longer!
The vast majority of people are paid a flat salary and do their best due to a combination of strong work ethic, innate professionalism, a desire to improve their organisation, and the desire for career advancement.
Some occupations, including but not limited to flogging used cars and giving financial advice, seem to favour a different model. Let's see what the future brings.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 -
Others are quite happy to learn and DIY.
Yup, and while the actual investment side isn't vastly complicated, the same cannot be said for pensions regulations (which are now getting *very* complicated even for private pensions) and taxation.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 -
I think the important thing to do is have a long term objectis in mind.
What is this £150k going to be used for
As a high rate taxpayer why does it need to create income now?
Is the plan to use in for your own future or is it for specific needs like kids at uni.
What projections do you have for more savings from income.
I think for most people a plan working back from replacing earned income to income from saving investments is a key part of the process of deciding what to invest in.0 -
gadgetmind wrote: »The vast majority of people are paid a flat salary and do their best due to a combination of strong work ethic, innate professionalism, a desire to improve their organisation, and the desire for career advancement.
Some occupations, including but not limited to flogging used cars and giving financial advice, seem to favour a different model. Let's see what the future brings.
The vast majority of people aren't the direct source of revenue for their departments.
My point was that the sheet was misleading. I will be extremely surprised if a HL adviser could go the whole year without bringing in any fees, commission or assets under management and not being fired at the end of the year, so the specific claim that the advisers aren't reliant on bringing in revenue just strikes me as impossible to believe.
I'm not arguing that charging fees is a bad thing: it's necessary for an IFA to survive.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
the specific claim that the advisers aren't reliant on bringing in revenue just strikes me as impossible to believe.
It's called "weasel wording" and the financial industry is built on it IMO.
How can we improve things? Well, getting rid of 75% to 95% of the financial industry would be a good thing, particularly the thousands of fund managers, who on aggregate bring nothing to the table but their appetites.
As for IFAs, well it may surprise you, but I do think they have an important role to play, just not one that justifies fat up-front/trail commission.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
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