IFA's etc. Has anybody ever been to one that has MADE them money rather than charged

bigadaj

mgdavid wrote: »

happy to say I use an IFA and am ahead of the game. Been with him a couple of years, spent a few hundred and made a few thousand. My approach is to learn from this forum, apply the knowledge to my situations, put together a plan, then test it out on my IFA. If he can pick holes in it I think again, if he endorses it we go ahead and execute. I do the bits I am confident doing and can be bothered to do; he does the bits I'm not confident about or cannot be bothered to do, bearing in mind what it will cost me. Works for me - YMMV.

Nice post, bringing some sanity back to a slanging match that too many have joined in with.

I don't use an IFA but its personal choice, I would consider using one but their costs are too high and its an area which I'm prepared to send some time doing research. I also get the impression that even after rdr the ifa would be reluctant to undertake a reasoned discussion and exchange of opinion as the regulator expects him to be prescriptive. There are obviously certain instances such as annuities where IFAs can add a value, but the cost to reward ratio isn't favourable in my opinion for general investment and financial management areas.

atush

Daniel54 wrote: »

[QUOTEI think it safe to say i'm in the top 1% of the population wealth wise....

Out of interest,do you mean wealth ( net assets) or income?

Big difference[/QUOTE]

Or hot air?

jem16

bigadaj wrote: »

I also get the impression that even after rdr the ifa would be reluctant to undertake a reasoned discussion and exchange of opinion as the regulator expects him to be prescriptive.

In what way do you see the IFA having to be prescriptive?

I have been with my IFA for over 7 years now so gone through the crash of 2008/9. If I had been doing this on my own I would probably have run for the hills having lost a packet following fashion investing.

As it is I have made a lot more than what I have paid him in fees. There have also been many occasions where he has given advice and charged nothing at all nor will receive anything ongoing, such as selecting funds for my both of my sons' occupational pension schemes. When asked about Insurance for both of them, he advised them to take the insurance through their work benefits as it would be cheaper.

Since RDR I have not noticed any changes in our relationship. We still discuss a great deal and he not only knows, but expects, that I will question things. If anything has changed it has been the detail that the regulator expects in Suitability Reports but as long as the advice can be justified, I haven't found it becoming more prescriptive from my point of view.

Over the last 7 years I have learned a lot from him and don't see that changing. I wouldn't hesitate to recommend him to family and friends.

John1993_2

doughnutmachine wrote: »

just to clarify, i struggle to think it worthwhile to pay someone with the equivalent of a first year university training a couple of k a year for advice.

I think it safe to say i'm in the top 1% of the population wealth wise....

What a weasely attempt to backtrack.

atush

doughnutmachine wrote: »

i'm sorry if you feel I have bullied you in this thread. perhaps you could tell me the posts where I have bullied you?

You know perfectly well I wasn't saying you were bullying me, but another poster.

And your posts are there for all to see. Including yourself.

veryintrigued

doughnutmachine wrote: »

I think it safe to say i'm in the top 1% of the population wealth wise....

And the top 0.0001% of 'the population' (whatever that means) 'vulgarity wise'.