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Is the entire financial services industry only out for themselves?
Comments
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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.
me too. And I do it with virtually every retail product I buy (of value). If I make a choice and balls up then it is my own fault.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 -
If I make a choice and balls up then it is my own fault.
True, but unless you *really* do your homework, there can still be lot of information asymmetry.
http://en.wikipedia.org/wiki/Information_asymmetry
The problem boils down to how we protect people from unscrupulous salespeople while *not* attempting to protect people from their own stupidity.
I've made mistakes in the past. Back in my late 20s and early 30s, I put a lot of money into pensions and PEPs/ISAs with St James' Place. I'm sure they made money like bandits, but the 80s and 90s were kind to investors, so I came out of it well. Nowadays people need to keep a *much* keener eye on fees.
I wish the internet and MSE had existed in the 80s ...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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well just to emphasise my post ask yourself this - would you be happy taking advice from a financial institution packed with highly paid experts or even let them manage your portfolio, even when that institution lost £1.5bn last year?
if your answer is yes then i guess you're happy with the way rbs are running their business
not me and my portfolio isheading for an easy +10% this year with very little effort, sadly i'm not an ifa so i can't share this with you and becides that its not allowed on this forum
what i will share is that its very easy,the info to do this is freely available and you owe it to yourself to see through the downside of paying for information based on distorted stats
hope that helps
fj0 -
bigfreddiel wrote: »not me and my portfolio isheading for an easy +10% this year with very little effort, sadly i'm not an ifa so i can't share this with you and becides that its not allowed on this forum.
Why not? If your portfolio really is that good, spill some of the beans.“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0 -
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.
I am 62, so why cant I a: draw down say 25%, b: and handle the management of the SIPP myself?
I presume, would need to transfer the moneys BM hold into another plan?
Thanks0 -
fugglestick wrote: »I am 62, so why cant I a: draw down say 25%, b: and handle the management of the SIPP myself?
I presume, would need to transfer the moneys BM hold into another plan?
Thanks
You can if you want to, though depending on your circumstances it may be worthwhile not to take out the 25% until later. To be pedantic, you don't "drawdown" the 25% as drawn down monies are taxed, you take it as a tax free lump sum. And yes, you would need to transfer to another pension scheme, unless BM can offer you the same facilities from your existing one.
You would need to consider whether your investing skills would in practice match BM's after they have taken their cut. For example you give a date range of 1/7/11 to 1/6/12. The values of the FTSE100 on those dates were 5990 and 5260 - a drop of nearly 12%. So even after taking 3% dividends into account a simple FTSE100 tracker would have performed much worse.
A middle ground option would be to pay an IFA to propose and set up a suitable portfolio and to review it once a year.
At 62 I assume you are pretty close to retirement so perhaps it would be worthwhile anyway to consult an IFA as you would probably be well advised to ensure your pension is in low risk investments.0 -
Yes, of course it is!Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
That Monkey with a Pin book is amazing.
Highly recommended for anyone with a pension.0
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