Seen IFA, But also seen neg comments on here...

atush

Actually, that was a very good analogy by Aeg.

I think you just don't get it, or do but refuse to see anything other than your own world view.

fairleads

atush wrote: »

Actually, that was a very good analogy by Aeg.

I think you just don't get it, or do but refuse to see anything other than your own world view.

Of course i get it. Thats why i don't follow the herd. Further, how much better it would have been, and how much goodwill engendered, if the IFA and, for that matter you, could have provided the basic info that i did. Which is that the op was being ripped off with a 3% p/a commission. I understand that its hard to 'fess up, but isn't that what professionals are supposed to do?

atush

I personally said in my original post that the OP should think twice as I thought that product was offered due to the high commission involved. And gave other advice as to find a true IFA, and what I would do with the money if it was me. I don't recall you giving such advice, just piling on.


Given the OP was not John, there were no figures at the time for me to give.

jamesd

bossymoo, if they are really an IFA you might ask the person you've been speaking with to exclude products like the Metlife one and use conventional funds with possibly a 10% maximum use of structured products, 0% minimum use of them. If they aren't an IFA, just forget them and move on.

I'm not personally keen on the Metlife offering, I think it's more an opportunity to exploit those who give lowish risk tolerances. Not necessarily the seller doing the exploiting.

No harm at all to get an opinion here on whatever is suggested.

bossymoo

Well I've looked mo into their documentation and they are part of the Blake Independent group, but I can't see if they are specifically affiliated to one or another firm from there. anyone know? Some of you asked if he was working for Zurich? how would I know?

anyway, he said the first time I met him that I can either pay the fee or go the commission route, they work out about the same (think he said about £2,400) and most people choose the latter, so that's what he did. He also said that this was better for me because if I decided not to go with their recommendation I wouldn't have to pay, whereas on a fee basis I'd be billed whether I went ahead or not.

So presumably, I can just tell him I'm not happy with the level of charges, and leave it at that? I have only signed one form just to say I have received their document outlining their services and costs.

jamesd

Yes, it seems that you can leave it at that. Or you could ask for a more conventional approach. I'm not greatly keen on the charging level though, you can probably do better.

There are two possible firms, one Blake Independent Financial Planning of Huddersfield Road that appears to be an IFA firm, another is Blake Independent Group of Shambles Street which appears to be an insurance broker, and presumably wouldn't be an IFA firm. The two might be related businesses, don't know.

bossymoo

It's the former.
Oh well. I guess he just likes the commission rate. Never mind.

bossymoo

Also thanks to JohnRo for sharing your experience, I'm glad you got something sorted. I think it's fair to say its usually a good idea to wait awhile after significant bereavement before making decisions like this. I just hate seeing the money sat in an online saver. But my husband wouldn't have wanted me to stress about it. He would also say to trust my own instincts.

Life is hard enough just now without me having to worry about getting my money back...

darkpool

Aegis wrote: »

So? If you're calling everything that comes out of the investor's pocket a charge paid to the "IFA industry", then you presumably think that whenever you buy something the VAT is a profit for the retailer because it's out of your pocket.

ehhhhmmmm, the OP is paying 3% annual fees. it doesn't really matter what the fees are for, the end effect is the same - less investment return.

when i read threads like this i find it amazing that people on this site still advise people to go to an IFA. stockmarket growth is generally about 5%, paying 3% fees means you are losing over half of your growth each year.

dunstonh

ehhhhmmmm, the OP is paying 3% annual fees.

No she is not.

stockmarket growth is generally about 5%, paying 3% fees means you are losing over half of your growth each year.

Its closer to 7% after charges.