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IFA - pay fees or commission?
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gadgetmind wrote: »The usual advice is to go for an area that's currently shabby but improving, and going for a shabby house and improving it.
The area i'm talking about has been like this for donkeys years though i'm afraid. It houses all the dead-beats of the area. The drug dealers, the stupid teens who really needed a smack on the backside when they were growing up, so on and so forth.
Regards improving the house - i watch homes under the hammer & it makes me want to get into that game, but then i realise, i'm no good at DIY. My DIY stops at painting :rotfl: So therefore it's costly.
Friends in the field the masses say ... builders, plumbers, electricians. Unfortunately we're not that well connected. My dad was a dab hand at DIY but sadly died a few months ago.
I could easily be the same gadget man, believe me.It'll end in tears, and it's not just women. I know blokes with gadget habits that mean they need to hide most of them in the car boot and intercept the credit card bills. Madness!
Last year i built my own PC at a cost of about £1400 total, but i'd always wanted to do it & now i have.
Cars is another thing i'd easily blow my money on. I modify my car now & then, but it's just about finished now. I'd love to go out & buy myself a turbo'd car, but i have to proritise & i know the running/insurance/tax costs can't be justified on my wages when i've a house to save for.
The missus with a similar dilemma would delay it for a while, but eventually cave :rotfl:
She has good intentions. She'll start saving in a month, but then buy something that costs naff all ... £10 or whatever, and then have a panic attack & think the whole month is wasted, so what's the point in even trying.
I can't get through to her every little counts. Well, i can, she knows this, but she doesn't/can't put it into practice.
Frustrating. Although i know she CAN do it as she's had some good months this year. Just some horrendous months as well
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The drug dealers, the stupid teens who really needed a smack on the backside when they were growing up, so on and so forth.
Avoid at all costs unless you think it will change.My DIY stops at painting :rotfl: So therefore it's costly.
Everyone can learn - specialisation is for insects!Last year i built my own PC at a cost of about £1400 total, but i'd always wanted to do it & now i have.
I build a lot of PCs but don't spend anything like that on one!I'd love to go out & buy myself a turbo'd car
A few years ago, I started the day with a car on the drive and a supercharger in a box. I ended the day with a supercharger crammed under the bonnet and 40% more BHP. That was a happy day.
I can't get through to her every little counts. Well, i can, she knows this, but she doesn't/can't put it into practice.
Some people actually like going into shops and buying things. I know if sounds crazy but they do!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: »Everyone can learn - specialisation is for insects!
I like that! I'll have to use that some day.
I could've built it much much cheaper, but i built it to the spec i wanted, which came out at that price. I wanted a specific case with a clear side panel - so that cost. I wanted a SSD - they cost (at the time). I wanted more RAM than i needed at the time or probably ever will need. I wanted a blu ray player. I wanted a new 22" monitor. Why? Just because i fancied something bigger than my 15" monitor.I build a lot of PCs but don't spend anything like that on one!
I wanted it "just because". My previous PC lasted me 7yrs and was still going strong. I was building another 7yrs+ PC. Whenever the time comes to replace, it's unlikely i'll go so powerful (more than i need) again. I'll probably just buy a £400 laptop.
Mechanics isn't my area, but i don't mind having a bash.A few years ago, I started the day with a car on the drive and a supercharger in a box. I ended the day with a supercharger crammed under the bonnet and 40% more BHP. That was a happy day.
Still, i keep the car modifications mainly minor, with exception of a new exhaust, which at £245 still isn't THAT costly. Why? For this simple reason....
I can turn any corner, go over any bridge, in fact i don't even have to be behind the wheel of my car & some idiot can ruin what i've worked hard for.
This is also another reason why my PC spent so much. Who can ruin my PC? Nobody but myself. I can handle being mad at myself, but not other people.
She's actually admitted she "gets a buzz" out of spending. Doesn't matter how much or what on, she says she gets a buzz.Some people actually like going into shops and buying things. I know if sounds crazy but they do
I was considering suggesting counseling, but she probably wouldn't take it light hearted.0 -
I like that! I'll have to use that some day.
It's a Robert Heinlein quote. Here is the full thing -
http://elise.com/quotes/a/heinlein_-_specialization_is_for_insects.phpMechanics isn't my area, but i don't mind having a bash.
Mechanics, computers, pensions, while we can't be expert at them all, it's always well worth knowing the basics of pretty much close to everything.She's actually admitted she "gets a buzz" out of spending. Doesn't matter how much or what on, she says she gets a buzz.
I was considering suggesting counseling, but she probably wouldn't take it light hearted.
A tricky situation and you have my sympathies.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 -
Getting back on the topic of pensions & such....
How do i find out how much the state pension is likely to be when (if) i make the age? I tried googling yesterday but couldn't find anything close to answering. Only what it is now. It looks like by the time i get there, the age will be a minimum of 68, so that's 40 years for me.
I'm going to draft up some questions for the IFA & i'll pop back to see if there's anything i'm asking that i shouldn't, or not asking that i should. I'm going to need to keep things brief if i'm limited to 30 minutes.0 -
How do i find out how much the state pension is likely to be when (if) i make the age?
To pluck a number from thin air, about £140 in today's money, and you do need to do everything in today's money.
Where does £140 come from? Well, if you don't have any other income, it's roughly where pension credit comes from, it's also roughly what someone with full basic pension and an average amount of S2P will get, and it's the figure HMG are throwing around for the new non-means-tested pension.
So, £7280 pa from SP, then whatever your private pension will bring in. Of course, anything above roughly £10k will be subject to tax.I'm going to draft up some questions for the IFA & i'll pop back to see if there's anything i'm asking that i shouldn't, or not asking that i should. I'm going to need to keep things brief if i'm limited to 30 minutes.
Feel free to air your questions here. Mine would mainly be about fees (his fees, fund fees, and platform fees), platform exit fees, and asset allocation, but that's just me.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 -
Furthermore, i'm not sure what they figure their Trail (monthly) commission to be, but you shouldn't pay more than 0.5% and this should INCLUDE Annual Rev.
Completely disagree with this. It's up to me to decide what I charge my clients, not a random third party. It is also up to me to ensure that I communicate the value I add to a client. 0.50% may be too low or too high, but to suggest their should be a cap of 0.50% is plainly ridiculous as it has no intrinsic link to value. If a client pays me £300 for a 10 minute telephone call, is that fair? Sure is if I can demonstrate, for instance, an immediate 10-fold return on that client's £300.I am an Independent Financial AdviserHowever, anything posted here is for discussion purposes only. It should not be considered as financial advice.0 -
brianrhill wrote: »It's up to me to decide what I charge my clients, not a random third party.
I totally agree, just as long as that charge is made clear rather than being hidden in the AMC/TER of the underlying investments.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 have started to increase my trail to 1% for low value clients who want servicing. Or alternatively, I dont offer them servicing and rebate all trail and tell them if they want me in future they can use me. I still take 0.5% on the majority but you need to cater for low value people and the flexibility to go higher is important.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
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Or alternatively, I dont offer them servicing and rebate all trail and tell them if they want me in future they can use me.
That could be a sensible approach for a lot of people, and I wish I'd been offered such a deal. OK, I'd have had to learn some of the basics a bit sooner, but that's no bad thing.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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