Is there such a thing as a truly independant IFA
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it's actually quite difficult to know whether financial advise has been good. i suspect a lot of ppl get it wrong both ways - i.e. think the advice has been great when it was just that the market did well, or think it was dreadful when the market crashed.0
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doughnutmachine wrote: »the thing with IFA customers are that a lot of them are that stupid they don't know if the advice they recieve is any good. so a lot of IFA customers might be ecstatic with a nice colour brochure full of graphs showing them their investment projections - something that some people could do in a few minutes in excel.
using your argument of happy clients = more customers would mean that estate agents and used car salesmen would never con a customer either.... something most of us would realise is not reflective of those professions.
my understanding of game theory and business ethics is that businesses that have a lot of repeat business will not con customers. while a business that people use rarely is more likely to "con" customers. samples of a "repeat business" are local shops and restaurants. while samples of a rarely used business are estate agents, tourist tat sellers and financial advisers...
of course some IFAs will be very professional, but using the argument that "hardly anyone makes official complaints about us" hardly inspires me to use an IFA. i work with people i consider incompetent, no one has complained about them to their professional body, but i would still consider them as being poor at their job
Well based on some of the responses in this thread that means you are also incompetent at your job.
Your view is that IFA's are "rarely used businesses", my experience with clients is different - so that's a completely subjective comment. I rarely use a gardener, therefore gardeners are more likely to be conmen? Whereas other forums on this board are full of people who use payday lenders over and over again, so using your theory, they are paragons of virtue.
You obviously have extensive knowledge of every client bank of every IFA in the country to be able to comment on their intelligence - or maybe that's just another in a long list of wildly inaccurate statements being thrown around on this thread as you can't come up with anything intelligent yourself?
It was suggested in an earlier post that I was leeching off people - the reference to no complaints ever being made was JUST ONE example of demonstrating that my clients are happy with what I do and value the service given. It was not a suggestion that it means we are a perfect industry. In fact if you bother to read one of my earlier comments you'll notice that I acknowledge that fact.I am an IFA. Any comments made on this forum are provided for information only and should not be construed as advice. Should you need advice on a specific area then please consult a local IFA.0 -
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the thing with IFA customers are that a lot of them are that stupid they don't know if the advice they recieve is any good. so a lot of IFA customers might be ecstatic with a nice colour brochure full of graphs showing them their investment projections - something that some people could do in a few minutes in excel.
Again, rubbish. You need to have a fair old whack to go down the IFA route, and I don't think the majority of these people are stupid.0 -
doughnutmachine wrote: »the thing with IFA customers are that a lot of them are that stupid they don't know if the advice they recieve is any good.
There are some who will use an IFA because they don't know what they are doing with financial products. There are also many clever people who use an IFA because they are very clever and successful in their own line of work that they don't have the time to DIY. Then there are many who use an IFA simply because they don't have any interest in doing the research themselves.
However none of these reasons make a person stupid and it is quite patronising to suggest that a lot are.while a business that people use rarely is more likely to "con" customers. samples of a "repeat business" are local shops and restaurants.
I was in a restaurant last week where they added 4 glasses of wine to the bill when we only bought 2 and they charged us for 2 plates of rice when they were included in the main course. Their excuse was they must have added another table's orders into our bill. They will not be having my "repeat business". Unfortunately there are quite a few restaurants that do this hoping that the customer won't notice after a drink or two. However it doesn't mean that I will generalise that all restaurants are likely to con me but I do always check my bill. Much the same as I do with any business I use.while samples of a rarely used business are estate agents, tourist tat sellers and financial advisers...
You obviously have no idea of what an IFA does.i work with people i consider incompetent, no one has complained about them to their professional body, but i would still consider them as being poor at their job
That perhaps says more about you that you would accept working with incompetent people rather than do something about it. What line of work are you in?0 -
UsernameAlreadyExists wrote: »He said "a lot", not "all".
I am not currently using an IFA and I am DIY with my investments, because I got some advice 10 years ago (ie worry about growth until 50 then worry about what to do with it). I was happy with that advice (even if it was wrong) and it has done me OK.
When I come closer to retirement, you can bet your bottom dollar that I will be seeking advice in terms of interpreting the complexities of tax, estate planning and annuity/drawdown. I may be clever but I just don't do that stuff every day
In terms of sensitivity - I think IFAs are touchy because this wave of criticism lumps them all into a barrel with people who deserve the criticism moreI think I saw you in an ice cream parlour
Drinking milk shakes, cold and long
Smiling and waving and looking so fine0 -
What a pathetic response!
Anyone that uses an IFA is extremely thick!? That's a massive generalisation. Just because someone doesn't understand, or doesn't have the inclination to understand the depth of the financial industry doesn't make them thick.
I guess anyone who doesn't know the ins and outs of car mechanics is also thick? And plumbing? And electrics? Because they all do the same thing, provide a service of a particular area.
you do know that "lots" does not mean "all"? perhaps i'm spoiled because i work with a lot of intelligent people, but i find arguing with people that struggle with basic english comprhension very frustating.0 -
Well based on some of the responses in this thread that means you are also incompetent at your job.
You obviously have extensive knowledge of every client bank of every IFA in the country to be able to comment on their intelligence - or maybe that's just another in a long list of wildly inaccurate statements being thrown around on this thread as you can't come up with anything intelligent yourself?
sorry, why do you think i am incompetent at my job? i really don't understand why the responses of others reflects on me?
regarding your second point, well you do know i said "lots"? ie not every IFA customer?0 -
In terms of sensitivity - I think IFAs are touchy because this wave of criticism lumps them all into a barrel with people who deserve the criticism more
i agree with this, it must be hard being a good/ ethical IFA being tarred with the "commision greedy salesman" brush. but at the same time some of the posters here seem to be very naive if they believe no IFA has ever sold a product to get commision.0 -
doughnutmachine wrote: »you do know that "lots" does not mean "all"? perhaps i'm spoiled because i work with a lot of intelligent people, but i find arguing with people that struggle with basic english comprhension very frustating.
You need to brush up on your english. 'Lots' was wrong. 'Some' may have been appropriate but wouldn't have fit your agenda here.0
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