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Professional Finance people no better than amateurs
Comments
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the fact remains that this is a website for consumers. the normal consumer on this thread is sceptical of the value of IFAs/ fund management. It's only the IFAs (and a few others) defending the value of IFAs/ fund management.
PS you only have 0.528 thanks per post....0 -
the fact remains that this is a website for consumers. the normal consumer on this thread is sceptical of the value of IFAs/ fund management. It's only the IFAs (and a few others) defending the value of IFAs/ fund management.
PS you only have 0.528 thanks per post....
And? When people say "Go and see an IFA" they don't have to if they are sceptical do they?
Yes this site is for consumers, but people here ask questions, only the regulars are here for a debate. You are not here to help the consumers, you are here just for the debate.
So if you want to be helpful, why not look at threads where people are asking questions and help them?0 -
the fact remains that this is a website for consumers.
correct.the normal consumer on this thread is sceptical of the value of IFAs/ fund management.
I dont see many normal consumers that are sceptical posting on this thread. I see a few anti-ifa bashing trolls who enjoy baiting IFAs and ignoring the discussion points to continue their ranting. There is then some who say that they would or would not use an IFA giving perfectly acceptable and balanced reasons.PS you only have 0.528 thanks per post....
do I give a flying !!!!?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 -
Does anyone else think the pro IFA bias on a consumer site is a little extreme?
I'm not an IFA and have never been to an IFA.
I think the anti-IFA bias is a little extreme on this forum. I don't think the people on this forum are representative of the consumer world at large. I think there is definitely a need for qualified people giving unbiased financial advice, given how little Joe Public seems to understand about finance. In the same way as there's a need for qualified people giving advice on the law, and various other complex areas.
Unfortunately, I can also see that in practise there could be scope for abuse in the financial industry. Certainly tied financial "advisers" seem to be anything but. In exactly the same way that I also know there's a heck of a lot of cowboy builders and tradesmen out there, in addition to the good ones.
I dread having to look for a trustworthy tradesman when I need some building work done, even though I know there must be plenty of good ones around, and unfortunately the financial advise sector seems to have ended up in a similar place.
In a way, much of what is said about IFAs can be translated to other industries such as builders, car mechanics, etc. There are enough horror stories about garages ripping you off that it makes you want to never go near a mechanic. Some people are happy to tinker with their cars, but unfortunately as they get more and more complicated / sophisticated / computerised, it's harder and harder to DIY. (Fortunately, when my car last broke down, I was able to fix it myself. But having in the past always run a car till it falls apart, I'm now thinking of buying new-ish and keeping them until they fall out of warranty. Esp. since I believe the MOT is getting stricter - analogous to more regulation in IFA world ..? But I digress.)0 -
And? When people say "Go and see an IFA" they don't have to if they are sceptical do they?
but before they see an adviser they should do some background reading. they should research the long term performance of the stockmarket - which is about 5%
then when they see the IFA they can consider how wise it is to invest in products that charge 2.5% a year, ie half the likely long term growth of the stockmarket.
they should also research UTs to see if they are cost effective....0 -
psychic_teabag wrote: »ICertainly tied financial "advisers" seem to be anything but.
lots of people on MSE say that, but why do people think that an "adviser" with a larger range of products to sell will provide better advice?
that commission bias is still there.0 -
psychic_teabag wrote: »I think the anti-IFA bias is a little extreme on this forum.
From some quarters, yes, but I haven't seen any evidence of group polarisation, and some valid issues are raised at times.
Fortunately, I'm quite "handy" and can either tackle building, plumbing, wiring, etc. myself or can oversee those doing the work. If they aren't doing it right, be they a sparky or an IFA, then they are off the job.I dread having to look for a trustworthy tradesman when I need some building work done, even though I know there must be plenty of good ones around, and unfortunately the financial advise sector seems to have ended up in a similar place.
I always buy the relevant diagnostic lead and software for the vehicle and ensure I'm on speaking terms with all of those computers.Some people are happy to tinker with their cars, but unfortunately as they get more and more complicated / sophisticated / computerised, it's harder and harder to DIY.
I got my current car at *well* below book as it reported a scary fault with its ABS and ESP systems right at the end of the test drive. As I had my notebook computer with me, I could do some diagnostics while the (independent) dealer called Mr. Audi to see what the likely damage would be. The dealer was *very* surprised that I was still happy to do a keen "as seen" deal, but by then I knew that the part it needed cost £8.20 and only took ten minutes to replace.
Knowledge is power!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 -
but before they see an adviser they should do some background reading. they should research the long term performance of the stockmarket - which is about 5%
then when they see the IFA they can consider how wise it is to invest in products that charge 2.5% a year, ie half the likely long term growth of the stockmarket.
they should also research UTs to see if they are cost effective....
Why should they do anything? They don't have to if they don't want to.
I for one, don't do what gadget does and look up about cars. I have no interest in cars, I leave it up to my mechanic. I just want a nice looking car that is fast.
Yes there are cowboys out there, just with any knowledge based industry, but just because 1 or 2 of them are cowboys, doesn't mean the whole industry is.0 -
Why should they do anything? They don't have to if they don't want to.
yeah, they should just go into an IFA without any background knowledge, just accept everything the IFA says and do whatever the IFA suggests....
....if they want to pay top commission.
does that approach work for you in normal life? you seriously suggest people don't do any research before they make large financial decisions? you are joking? right?0 -
Why should they do anything? They don't have to if they don't want to.
True, and I'm sure that the used car dealers, dodgy plumbers and commission-hungry IFAs of the world are mighty glad that such people exist.
My too, but I need to understand things as I'm an irrepressible INTJ (for those who put any faith in the sixteen signs of the psychobabble zodiac that is the MBTI).I just want a nice looking car that is fast.
True, but if you know the basics of roping a hog, then you're better placed to know if your hogs are being roped right.Yes there are cowboys out there, just with any knowledge based industry, but just because 1 or 2 of them are cowboys, doesn't mean the whole industry is.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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