We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
I no longer have an IFA
gadgetmind
Posts: 11,130 Forumite
His final missive explained that he wasn't prepared to advise regards a portfolio of trackers because active management had been proven to give better long-term results.
As it took three resends of my (very polite!) email and five weeks for him to respond, it's all rather moot as everything is "in flight" to Bestinvest where it will join my new lump sum. In the New Year, all of my wife's investments can start moving across too.
I do probably need someone to sanity check my plans, and suggest any wrinkles that I might have missed, but that can also wait until next year.
As it took three resends of my (very polite!) email and five weeks for him to respond, it's all rather moot as everything is "in flight" to Bestinvest where it will join my new lump sum. In the New Year, all of my wife's investments can start moving across too.
I do probably need someone to sanity check my plans, and suggest any wrinkles that I might have missed, but that can also wait until next year.
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.
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
Comments
-
Actively managed funds have not outperfromed trackers in many cases once charges are taken into acct.
Soounds like you are better off w/o for now.0 -
Too simplistic on both sides. Trackers are good where trackers make sense. Managed funds are good where managed funds make sense.
The IFA should be providing advice that is right for you. If you instruct them to use only trackers then that should form part of their advice. Its a bit like someone saying they are an ethical investor. You dont refuse then, you found out what their ethical standards/requirements are and you adapt the advice to suit that.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 -
The IFA should be providing advice that is right for you.
He kind of did, in a way. His email ended with "Ultimately, you need to decide if you value our advice and are prepared to pay for it."
After a lot of payment, and one meeting in six years, the decision wasn't hard.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, I am curious - did you pay your IFA on fee or commission basis?I've got a plan so cunning you could put a tail on it and call it a weasel.0
-
Gadgetmind, I am curious - did you pay your IFA on fee or commission basis?
I was young and foolish, and while fees were *very* briefly mentioned, the sentence ended with "but no-one ever goes that route as commission is cheaper". However, this was all about moving some investments from St James' Place, which needed doing, so no regrets.
Things might have been different if the original guy was still there, but he moved on fairly quickly, though the company name remained double-barrelled so we didn't realise for close to a year. I wish I'd re-assessed the situation at that point, but as I wasn't putting much in the way of fresh money into these funds, inertia took hold.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 -
Sounds like he wasn't very bothered about keeping you as a client:D0
-
sweeneytodd wrote: »Sounds like he wasn't very bothered about keeping you as a client:D
He's said bye bye to well over £1k a year in trail. Despite this being a lot to you or I, I'm sure it was small beer to him.
Maybe the real reason he wasn't interested is that he knew that I wasn't putting any more funds his way. At 4% of all contributions paid into pensions and ISAs held via him, is it any wonder I choose to go go elsewhere?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: »He's said bye bye to well over £1k a year in trail. Despite this being a lot to you or I, I'm sure it was small beer to him.
Maybe the real reason he wasn't interested is that he knew that I wasn't putting any more funds his way. At 4% of all contributions paid into pensions and ISAs held via him, is it any wonder I choose to go go elsewhere?
If he is transactional, like it sounds, then the upfront is his interest. If he was servicing, then its the annual that matters.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 -
From what I have seen of your posts here and advice given to others, I would think you know as much if not more than many IFAs in the areas in which you invest.
Good luck for the future!0 -
If he is transactional, like it sounds, then the upfront is his interest. If he was servicing, then its the annual that matters.
4% up front and 0.5% annual.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards