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Financial Industry think their clients are "muppets"?
Comments
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Well rather than making a statement which you try to pass off as fact I would say thats a judgment call.It isn't "small stuff"
Assuming you don't want to be entirely reliant on the state in retirement you will have built up 000,000s of savings by your mid-forties/fifties
Look at the maths above for the effect of standard fund management industry charges on your savings
You've fallen in to Darkpoo's trap of only considering cost as the be-all-and-end-all of the discussion. It is not.
What is the point of saving £50k if I then incur a tax charge of £100k.
A reasonable poster will understand that it is all a balancing act and is most definitely not black and white, something which Darkpoo will not acknowledge let alone accept. Because he will not acknowledge that sometimes a person may very well have to pay an ongoing cost to ensure someone reviews their finances and financial liabilities.
I'm lucky, I am not in the position of having to worry about financial liabilities and I am keen to understand investments and the implications of the different vehicles etc, etc.
God help my mother if I wasn't around to hand hold her with simple investment decisions (savings accounts, fixing or not, investments), I know my brother wouldn't do it. So if i'm not here and my brother won't please don't expect my 78yo mother to undertake it.
If I have an investment portfolio of £500k or more I would definitely take financial advise. I think someone who says they definitely wouldn't is a muppet (no I don't work for GS).Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
But if my fund beats the index by just say 1% after costs over a 20 year period, it makes your cost saving of 50-75% look bonkers against my massive gains.
Are you saying that trackers are always the best to use? And that managed funds have no use because of their high costs?
i would think that people making investments do some research? would that research not show that active management is not worth the fees?
how is the fund management industry? you still enjoying your job in the City?0 -
76% of active managed unit trusts do not beat the FTSE all share index over 10 years*
*source, Which? http://www.which.co.uk/money/savings-and-investments/guides/different-types-of-investment/active-vs-passive-investment/
The odds are not in your favour, but you don't understand the maths so go ahead: gamble and lose anyway
As I've said many times to darkpool. I am not picking my fund out of a hat. It's not down to "luck" with my fund. I pick it based on what I think would be best.
This could be a tracker.
This could be a managed fund.
It's not one of the other, it could be a mixture.
And why do you think I don't understand the math involved? I do, I just don't agree with your conclusion.i would think that people making investments do some research? would that research not show that active management is not worth the fees?
how is the fund management industry? you still enjoying your job in the City?
And again. Why does it have to be ONE or the OTHER? Why can it not be a mixture that sometimes it's worth the fees and sometimes it's not?
And yes I am enjoying my job, long days, but everyone here is very nice.
Again I will say this.
I am not saying that managed funds are always the best. But I am not being ingnorant and writing off managed funds because they cost a lot. They have their advantages. They have their disadvantages. What people pick will not be based on luck, it will be based on what they believe. They could be wrong, they could be right.0 -
And there we have the crux of the matter.i would think that people making investments do some research?
You think that people making investment decisions would do some research.
What about those who are unable or unwilling to do this? If only you could in some way actually acknowledge that not everyone is able/willing to undertake financial research then that would be a start.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
And there we have the crux of the matter.
You think that people making investment decisions would do some research.
What about those who are unable or unwilling to do this? If only you could in some way actually acknowledge that not everyone is able/willing to undertake financial research then that would be a start.
The same reason why I take my car to the garage. I know how to check the tyres, but anything more than that I cannot be bothered!
But I guess darkpool thinks we should all be experts in every field?0 -
...If I have an investment portfolio of £500k or more I would definitely take financial advise. I think someone who says they definitely wouldn't is a muppet (no I don't work for GS).
I listen to investment advice but that doesn't mean
- I have to pay for it
- I take it if I don't agree with it
Price is what you pay, value is what you get0 -
Wow....... You've managed to say something without actually saying anything (you're not Darkpoo are you?)I listen to investment advice but that doesn't mean
- I have to pay for it
- I take it if I don't agree with it
Price is what you pay, value is what you get
In order for your above, very intelligent statements to be true, you would need to have a degree of understanding about what is being proposed and the implications on you of those proposals. To do this you would need to have a financial understanding or to have carried out research yourself.
So back in the real world what about those who are unable or unwilling to have or obtain that insight?Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Their fate is and always has been to be royally ripped off by those in the know...
..which neatly brings us back to the OP
So that makes ALL car mechanics, ALL electricians (rewired ), ALL taxi drivers, ALL plumbers, ALL hairdressers etc. people that rip other people off?
I assume you have never paid any of the professions any money because you can do all of it yourself?0 -
Wow...... what a completely callous and immature post.Their fate is and always has been to be royally ripped off by those in the know...
So rather than recommending a person consult an IFA who would likely be able to provide some real financial advice (with embedded liability) you simply take the view that they should be "royally ripped off"
Now who's the muppet.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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