Drop in well paid using IFA's

gadgetmind

TH1878 wrote: »

you're probably one of those people who failed in education so has to denigrate other people's academic achievements.

An interesting guess, but very wrong.

So I'm laying a challenge down to you - sit and pass any of them if they're so easy. We could put a small bet on it?

As I'm pretty smart and have a crammers memory, I've never really struggled with exams, however, my time is far better spent elsewhere.

As it happens, I got a distinction in both J06 & AF4 (>80%)

Well done (no really!) but how many IFAs will list these qualifications and forget to mention that they barely scraped through.

J06 - 49.40% (2010 - when I sat it) - This is a Diploma Level exam
AF4 - 60.65% (2011 - when I sat it) - This is a Chartered Level exam

If so many fail to achieve even that *very* low pass mark, then it's clearly not a field that's attracting the brightest and the best.

dunstonh

how come so many IFAs post here? no other board seems to have professionals posting on it.

Just under 30,000 advisers exist and 3 or 4 post here. Is that your definition of so many? Do you want the board to cull everyone so you only have one person of each profession posting?

if you look through this thread it's the IFAs saying what a good job they do, and on the other side it's private individuals saying what a bad job IFAs do.

If you look at this thread, you have a tiny number of people, some of whom havent used an IFA, slagging off IFAs. The IFAs are trying to provide some balance to that but as is usual, the words are ignored or twisted.

does that not tell you something?

Tells us that you couldnt have a balanced debate if you tried and you are more interested in slagging off rather than debating issues.

TH1878

gadgetmind wrote: »

An interesting guess, but very wrong.

Money.....Mouth....

As I'm pretty smart and have a crammers memory, I've never really struggled with exams, however, my time is far better spent elsewhere.

Cop-out. Either sit the exam or stop trying to downplay others' achievements.

Well done (no really!) but how many IFAs will list these qualifications and forget to mention that they barely scraped through.

I'm not bothered about what IFAs do to be honest. The ones that struggle with exams will be gone by next year.

If so many fail to achieve even that *very* low pass mark, then it's clearly not a field that's attracting the brightest and the best.

Without sitting the exam, you're not really in the position to make a judgement on what constitutes a *very* low mark, are you?

A *very* low mark should mean an easy pass for a guru like you, right? Heck, you'd probably do it without revising so why won't you do the exam? How about a past paper?

Would only take 3 hours of your time and then you can brag about how easy the exams are.

TH1878

darkpool wrote: »

ahhh, just what we need on this board. another IFA to try and convince people that IFAs are OK chaps that know their stuff.

how come so many IFAs post here? no other board seems to have professionals posting on it.

if you look through this thread it's the IFAs saying what a good job they do, and on the other side it's private individuals saying what a bad job IFAs do.

does that not tell you something?

Yeah it tells me that a lot of people have received bad service from a financial adviser. I've received bad service from mechanics, doctors, nurses, shop assistants, banks, waiters, it consultants etc but I don't go and tar them all with the same brush.

Some financial advisers / planners are doing a great job for their clients but people don't like talking about the good things, do they? The Retail Distribution Review was a Godsend for our industry - it's going to get rid of a lot of rogue salesmen (I wouldn't use the word adviser) and the industry can start rebuilding its reputation.

TH1878

gadgetmind wrote: »

True, and there are others, but it's not easy (understatement!) to spot them in advance, and they tend to have a style that only shows its real merit over very long terms.

That was exactly my point. A fund manager cannot beat the index every year because they have to take medium to long term conviction positions in their portfolios in order to beat the index over 3, 5, 10 years or more.

If they do try and beat the index every year then they become expensive pseudo trackers - I don't think it's that difficult to spot these and weed them out though.

darkpool

TH1878 wrote: »

Yeah it tells me that a lot of people have received bad service from a financial adviser. I've received bad service from mechanics, doctors, nurses, shop assistants, banks, waiters, it consultants etc but I don't go and tar them all with the same brush.

yeah, but when people complain about those professions online you don't get other professionals in the same discipline jumping to their defence.

the financial services industry has to be one of the biggest advertisers in the UK. it wouldn't surprise me if some of the IFAs here were paid to post....

this is a consumer website for consumers, it's good to have professionals posting from experience. but at the same time i'm uneasy that a subtle type of propoganda is taking place.

often people here post legitimate complaints about the service they receive from IFAs etc, and the IFAs say they complainant is a troll.

Linton

gadgetmind wrote: »

If so many fail to achieve even that *very* low pass mark, then it's clearly not a field that's attracting the brightest and the best.

A bit meaningless if you dont know the standard and structure of the exam and the method of marking, dont you think.

ISTM that with people with an axe to grind in the area, IFAs dont stand a chance. If a lot of people fail its because the field only attracts the stupid, if a lot pass its because the exam is too simple.

Lokolo

TH1878 wrote: »

Investment Management Certificate (IMC)
Investment Principles, Markets and Risk (J06)
Investment Planning (AF4)

It goes beyond that for those working in fund management. All anaylsts need to be CFA qualifed which takes 4 years.

There are 3 levels. The IMC covers half of Level 1. The pass mark for Level 1 is also something like 45%.

Not sure what the pass mark for the other 2 levels are though.

gadgetmind

TH1878 wrote: »

Cop-out. Either sit the exam or stop trying to downplay others' achievements.

I'll sit what I want and comment on what I want. If you don't like that, then you know what to do.

I'm not bothered about what IFAs do to be honest. The ones that struggle with exams will be gone by next year.

I don't share your optimism.

Would only take 3 hours of your time and then you can brag about how easy the exams are.

I'm not big on bragging which is why I'm not commenting on my own academic qualifications.

gadgetmind

Linton wrote: »

If a lot of people fail its because the field only attracts the stupid, if a lot pass its because the exam is too simple.

So you're happy with a 55% pass mark? Someone can get nearly half of it wrong and still get a certificate for their wall?

I've never considered myself a member of the axe grinding camp (mainly because I'm perfectly capable of DIY investing) but if/when I use an IFA in future, I really will be careful to check qualifications with *far* more care than before.