Is the entire financial services industry only out for themselves?

dunstonh

I was told I couldn't handle my pension affairs without an IFA.

This isnt even an IFA service though.

Moby

http://monkeywithapin.com/

fugglestick

Thats really good advice. If I arrange to see the IFA, how would I remove the portfolio holding from Brooks? Can withdraw it as cash can you.



Thanks all..

Thanks for the link Moby.

Linton

fugglestick wrote: »

Thats really good advice. If I arrange to see the IFA, how would I remove the portfolio holding from Brooks? Can withdraw it as cash can you.



Thanks all..

Thanks for the link Moby.

As a SIPP its a Pension and not accessible until you are 55. So you will need to arrange another Pension via your IFA (or do it yourself) and transfer in the the monies from Brooks.

If you are 55 or over you can get a 25% tax free lump sum and start to take a taxed income from the money. Whether this would be a good idea or not depends on your detailed circumstances.

bigfreddiel

dunstonh wrote: »

Why are you using an expensive, advanced option? It is geared towards larger funds/investors. Not someone with a smaller fund like yours.

The problem is that you are paying the charges for a more elite service. Akin to employing a servant in your house. An IFA would be a lot cheaper than that as would be doing it yourself.

isn't this the big problem - surely anyone who wanted to help and advise a customer would have explained that their services were not appropriate to their needs.

i can only assume they didn't and the reason for that would be so that they could take their fees from their client to his detriment.

there can be no other reason.

anyway my posting seems to have helped a few of you so thats good

cheers

fj

dunstonh

isn't this the big problem - surely anyone who wanted to help and advise a customer would have explained that their services were not appropriate to their needs.

We dont know how it was bought. Many people that buy iphones would be better off buying something else. Repeat that across different TV models, cars etc. This is what happens in a retail world.

anyway my posting seems to have helped a few of you so thats good

Not in the way intended though.

BobQ

bigfreddiel wrote: »

every day now we hear about irregularities in the financial services industry beit, libor fixing, money laundering by hsbc, fund managers charging exhorbitant fees and now its the pension industry taking a slice of your money - take a look at the moneybox live page here:

http://news.bbc.co.uk/1/hi/programmes/moneybox/9739627.stm

and listen to the podcast (or tune in to radio4 at 3pm on wednsday), then make your mind up - if you have a pension do it

fj

NO but they are in a minority.

bigfreddiel

dunstonh wrote: »

We dont know how it was bought. Many people that buy iphones would be better off buying something else. Repeat that across different TV models, cars etc. This is what happens in a retail world.
Not in the way intended though.

this is also the big problem - these days its always the customers fault for buying the wrong product - its nothing to do with the salesman who is selling the product!

no doubt you get good and bad in all fields of salesman and we only ever hear about the bad in these columns and it seems that salesman are only after one thing - their commission - thats why they sell you an iphone on contact etc etc, and the same goes for the finance services, and so on - they all use their own language to try and big up their relatively simple job to make us victims feel small and in need of theur services. all we have to do is do some research, read a few books, learn a bit and its simple - its not rocket science, sadly most people prefer the pub, playstation, footy, horses - anything that looks a bit difficult seems frightening and so they give up - perfect fodder for your financial services people

cheers

fj

jamesd

"You sold me the wrong car, I want a refund!" "Sir, you chose that car and it is now five years old, why do you think that we should replace it?" "You sold me the wrong car for my needs!" "Sir, have you seen a doctor recently?"

A car has a lot of complexity to it, more than many or even most financial products. People don't seem to get hugely upset about dealer markups and ongoing warranty service costs either. They seem to recognise that there are purchasing and ongoing costs for some durable products.

gadgetmind

jamesd wrote: »

People don't seem to get hugely upset about dealer markups and ongoing warranty service costs either.

No, but I do strive to minimise these costs.

I also understand the hell out of the car before I buy it, which is why modern car adverts puzzle me greatly. They tell me absolutely nothing that I need to know, yet manufacturers spend a fortune on them, so some people must use them as part of the purchasing process.

The last car I bought was an absolute bargain as it was showing a fault that Audi said was going to cost £200+ to diagnose and then probably £1500 more to fix. The salesman couldn't believe I was going ahead with the purchase (after serious price negotiation!) and got me to sign and initial around the fault description on the paperwork several times.

It cost me £8.20 to fix it, which I was pretty sure was the case at the time of purchase as I'd taken my notebook and diagnostic lead with me.

Knowledge is power. Some people like to buy in ignorance, and then feel that someone else must be to blame for their ignorance. However, in this modern age, with a wealth of information at our fingertips, there really isn't much of an excuse.