Anyone been to an IFA and not been advised to buy Unit Trusts?

fairleads

Rollinghome wrote: »

I do have quite a bit of experience of both IFAs and stockbrokers and have been fairly shocked at the poor level of competence and dishonesty so I can tell you there is still a long way to go.

Agree 100%

fairleads

Meeper wrote: »

In response to the OP, I'm afraid you are showing, once again, your total lack of understanding of the financial advice process. One wonders why you continue this anti-IFA crusade you are on when you are exposed time and again as your points have no foundation or basis in truth and accuracy.



With regard to this wholly sensationalist remark which can only have been designed to highlight an inadequacy in IFA-based work, I ask this question - how much experience do you have with this? I ask this because I want to know how many times you have sat in the office of an adviser as he has carried out an appointment with a more senior member of society?

I'll guess at zero times.

Last time I advised someone to have an investment in cash was....about 2 weeks ago. The time before that was about 2 months previous. It doesn't happen all that often because someone being of a certain age doesn't necessarily require an investment in cash. There are a load of other factors involved, and your statement only confirms that, like the OP, you have no idea what you're talking about.

5 times in the past 4 yrs. 3 with IFAs who all advised equity investments and 2 with FAs who interestingly both advised cash investments.

qpop

fairleads wrote: »

Agree 100%

I'd just like to point you in the direction of this:

http://en.wikipedia.org/wiki/Anecdotal_evidence#Anecdotal_evidence_and_faulty_logic

Specifically; "The plural of anecdote is not data."

Meeper

Whilst it is a factor, an individual's age is not the only determining issue with regard to their investments. Someone who is 68 years old and looking to invest a specific sum for growth with a particular goal in 10 years may have a higher tolerance and capacity for risk than a 55-year old who only has £20,000 to his name and wants to do something with it.

Age is an important consideration. It is not the ONLY consideration.

fairleads

qpop wrote: »

I'd just like to point you in the direction of this:

http://en.wikipedia.org/wiki/Anecdotal_evidence#Anecdotal_evidence_and_faulty_logic

Specifically; "The plural of anecdote is not data."

When in doubt i prefer to rely on my own research and past experience.

fairleads

Meeper wrote: »

Whilst it is a factor, an individual's age is not the only determining issue with regard to their investments. Someone who is 68 years old and looking to invest a specific sum for growth with a particular goal in 10 years may have a higher tolerance and capacity for risk than a 55-year old who only has £20,000 to his name and wants to do something with it.

Age is an important consideration. It is not the ONLY consideration.

What has a person's capacity for risk got to do with the above scenarios? Or any investment scenario for that matter? Surely the most important factor is - how do i satisfy the requirement. And, there is no need to shout.

Meeper

Are you kidding me? Your initial statement went something along the lines of disparaging IFA's because they don't tell older people to go into cash. The asset allocation of an individual's portfolio is massively to do with their capacity for risk. Judging an overall risk profile needs to judge their capacity for risk, tolerance of risk and their goals and aims for their money within certain timescales.

Certainly, "how do I satisfy the requirement" is the overall question, but an intrinsic part of that - every time - is an assessment of the risk tolerance and capacity of the client.

What planet are you on that you think that someone's capacity for risk has no bearing on the structure and asset allocation of their investment?

fairleads

Meeper wrote: »

What planet are you on that you think that someone's capacity for risk has no bearing on the structure and asset allocation of their investment?

Earth, and for 67 yrs, with 40 of those spent investing for and in retirement. Using a persons attitude to risk is a red herring. A tool used by the industry to transfer the consequenses of investment choices / decisions firmly on the shoulders of the client.

Further, please state once and for all what are an IFAs parameters/factors for determining what investment is suitable for a client to invest in. And the order of importance.
I address this question to all IFAs out there.

Meeper

fairleads wrote: »

Using a persons attitude to risk is a red herring. A tool used by the industry to transfer the consequenses of investment choices / decisions firmly on the shoulders of the client.

What absolute nonsense this is. Do you read this stuff back and think it looks reasonable? If you don't assess a client's tolerance and capacity for risk, how do you determine an asset allocation and structure for their investments?

Further, please state once and for all what are an IFAs parameters/factors for determining what investment is suitable for a client to invest in. And the order of importance.
I address this question to all IFAs out there.

It is absolutely dependant on the individual situation. You seem to think you know better, so why don't you begin with your factors for determining what is suitable? Should be interesting.

fairleads

Meeper wrote: »

What absolute nonsense this is. Do you read this stuff back and think it looks reasonable? If you don't assess a client's tolerance and capacity for risk, how do you determine an asset allocation and structure for their investments?

It is absolutely dependant on the individual situation. You seem to think you know better, so why don't you begin with your factors for determining what is suitable? Should be interesting.

First, It is most certainly not absolutely dependant upon the individual(s) situation. Second, as I asked first, please give us a clue - anyone.