Financial Advisors give bad advice - FSA reports

Lokolo

Moby wrote: »

Seriously though...it needs to be acknowledged more that many people who come on these threads know absolutely nothing about finances and are possibly also not really interested in financial matters as a complete lifestyle choice but just need a bit of advice!....... and by the way its also probably highly unlikely that they are being encouraged to leave their pension schemes by the satanic shadowy figures of their union reps!;)

*sigh*

For starters, the main IFA on these boards has over 30k thanks and has posted over 60k times. Compared to your 100 posts, I think I know who has been more helpful. So less of the disrespect. People come on these boards with sometimes little financial experience, but you'd expect them to have common sense would you not? Asking for retirement advice after you've retired does have a lack of common sense about it.

Secondly, we have people such as bigfreddiel posting s*** like this thread which criticises IFAs even though the report hasn't even mentioned the likes of any financial advisor. And in fact, there is evidence to support this with a number of threads from "companies offering to buy out final salary members" and people asking whether this is a wise decision. And funnily enough, the resident IFA has always said "in most cases it's not worth it"

fairleads

jamesd wrote: »

A large business where we have a contractual right to require a customer to submit to a particular type of audit, which we do when we have reason to believe that there has been fraud.

The word sack was used because that's the word that dunstonh used. If you prefer alternative language, we'd refer to our country audit team and they would then take the matter up with the legal team to enforce our rights against the customer. If the customer declined to accept the audit we'd go to court first to compel them.

I'm impressed, pity though that your team never took the time to audit some of the dodgy maths that appear from time to time on this blog

fairleads

Lokolo wrote: »

*sigh*

For starters, the main IFA on these boards has over 30k thanks and has posted over 60k times.

Thats more a symptom of the (deliberate?) over-complication of the pension system than anything else.

JCB20

I cast my vote for the IFA's. I read this board quite frequently and the information is welcome.

My company recently made an offer to the FS staff to take an increased transfer value to leave the scheme. With some of the knowledge gleamed here I did some research and came to the conclusion that taking the inducement was not in my long term interest. The company made an IFA company available at no cost. I used these guys to confirm my decision. After a protracted dialog and examination of my current finances and retirement objectives they recommended not accepting the company offer.

This seems to confirm to me that given all the correct info an IFA is an asset to those considering their options for retirement.

Lokolo

fairleads wrote: »

Thats more a symptom of the (deliberate?) over-complication of the pension system than anything else.

Are you honestly saying the pension system is complicated?

I will say that there are sometimes some complicated parts to pensions, and maybe some complicated situations, but in general, pensions are pretty easy to understand.

bigfreddiel

dunstonh wrote: »

Tube strike during Olympics shows financial advisers give bad advice?

probably correct - these fas get everywhere - mine even said i could sell my torch for £00k but he wanted his 5% initial charge and 3%pa for his advice! cheers:beer:

fj

bigfreddiel

dunstonh wrote: »

I am not offering you advice and I wouldnt give it to you anyway. I would sack you as a client as you are too close minded and I don't want to deal with people like that.

Grouho Marx "I wouldn't join any club that would have me as a member" - great thread this one :rotfl::rotfl::rotfl:

fj

bigfreddiel

dunstonh wrote: »

I am not offering you advice and I wouldnt give it to you anyway. I would sack you as a client as you are too close minded and I don't want to deal with people like that.

Groucho Marx "I wouldn't join any club that would have me as a member" - great thread this one :rotfl::rotfl::rotfl:

fj

fairleads

Lokolo wrote: »

Are you honestly saying the pension system is complicated?

I will say that there are sometimes some complicated parts to pensions, and maybe some complicated situations, but in general, pensions are pretty easy to understand.

Nothing personal, but have you ever considered that maybe its because you don't in fact fully understand them, that gives you that impression.

Moby

Lokolo wrote: »

*sigh*

For starters, the main IFA on these boards has over 30k thanks and has posted over 60k times. Compared to your 100 posts, I think I know who has been more helpful. So less of the disrespect. People come on these boards with sometimes little financial experience, but you'd expect them to have common sense would you not? Asking for retirement advice after you've retired does have a lack of common sense about it.

Secondly, we have people such as bigfreddiel posting s*** like this thread which criticises IFAs even though the report hasn't even mentioned the likes of any financial advisor. And in fact, there is evidence to support this with a number of threads from "companies offering to buy out final salary members" and people asking whether this is a wise decision. And funnily enough, the resident IFA has always said "in most cases it's not worth it"

30k of posting history does not give you the right to laugh at someones question in a patronising way. As we see again and again many people do not apply common sense in relation to financial matters and those are the very people that need to be encouraged to take advice the most.