Financial Industry think their clients are "muppets"?

darkpool

cloud_dog wrote: »

So back in the real world what about those who are unable or unwilling to have or obtain that insight?

perhaps these people aren't insightfull enough to save a nestegg?

i think if someone has the intelligence to save they are intelligent enough to invest it themselves.

Lokolo

darkpool wrote: »

perhaps these people aren't insightfull enough to save a nestegg?

i think if someone has the intelligence to save they are intelligent enough to invest it themself.

You would think that but people at first have to learn the mechanics of investing. For example, understand what a UT is and what a passive fund is and what the difference in the 2 are....

People come on this forum everyday, and if you ever bothered to be useful on this site you would see that a lot of people can save, but they don't even understand what the word "subscribe" means in reference to ISAs.

Just because people can save money, doesn't mean they suddenly understand all the mechanics behind the finance industry.

Just as though I know how to drive a car but doesn't mean I suddenly know how the engine works.

cloud_dog

darkpool wrote: »

perhaps these people aren't insightfull enough to save a nestegg?

i think if someone has the intelligence to save they are intelligent enough to invest it themself.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

I'm sorry did you just say that if someone is not intelligent or insightful enough to have a nestegg then we don't need to worry about them?

Really....... is that what you've just said?

EDIT: I have a friend who works for a government agency and he is super intelligent (and very well paid for it)..... financially he's a nightmare. Where does he sit in your world?

dunstonh

if i go to an IFA he will either tell me to buy UTs (charge 2% a year) or an investment bond (charge 3% a year)

you do the maths.

You are making up figures and making incorrect assumptions on what an IFA may do. Just this morning I have set up a portfolio with 0.237% TER average. How does that fit with your made up allegations of what an IFA will do?

darkpool

cloud_dog wrote: »

EDIT: I have a friend who works for a government agency and he is super intelligent (and very well paid for it)..... financially he's a nightmare. Where does he sit in your world?

is that a trick question? i think he goes to an IFA and pays 3% a year for an investment.......

darkpool

dunstonh wrote: »

You are making up figures and making incorrect assumptions on what an IFA may do.

we've seen posts where people have been advised to buy investments that have 3% charges a year. it's not like i plucked 3% from thin air.

cloud_dog

darkpool wrote: »

is that a trick question? i think he goes to an IFA and pays 3% a year for an investment.......

And on that bomb shell that Darkpoo can really acknowledge that there are situations where consulting an IFA and paying for advice and regular reviews does have merit I will sign off.

Its horses for courses.

darkpool

Lokolo wrote: »

People come on this forum everyday, and if you ever bothered to be useful on this site you would see that a lot of people can save, but they don't even understand what the word "subscribe" means in reference to ISAs.

you mean telling people how to save thousands every year isn't being useful? ohhh sorry, i thought it was.

dunstonh

we've seen posts where people have been advised to buy investments that have 3% charges a year. it's not like i plucked 3% from thin air.

Right. So, you jump to the clearly incorrect assumption that everyone gets investments that charge 3% (not that hardly any do charge 3%).

darkpool

dunstonh wrote: »

Right. So, you jump to the clearly incorrect assumption that everyone gets investments that charge 3% (not that hardly any do charge 3%).

so what are the average charges for an investment you would recommend?

if you factor in your initial consulation fee would it bring the annual charges up to 3%?