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

atush

grizzly1911 wrote: »

You are right anybody providing a service needs to sell their knowledge and skills.

Some professions require greater knowledge and skills than others and some will be easier for the purchaser to assimilate and provide for themselves. For others they either have to or will choose to pay.

IMO financial advice falls in the relatively easy camp although I don't dispute that others don't have a clue. I can change the oil in our cars but choose not to. Brain surgery or even eye surgery falls in the difficult camp.

I agree but have different skills. I was a biologist, so am very good at self/family diagnosis and know when to bother a doctor, or not. Mostly not.

I can also tile and do a large amt of Diy, and know lots of crap about lots of things, and learn others (like computer programming) for fun.

But I don't change the oil in my car even though I could lol- tyres too. I do fill the oil/window cleaner and have changed a wiper blade in the last year. Next year I am painting the house.

bigfreddiel

Aegis wrote: »

With all due respect, this just sounds silly. If you hire someone to work for you, of course you're going to pay them. People don't work for free unless they're volunteers with income from other sources, and that doesn't describe the vast majority of people working in a full time job.

If I didn't charge people for my time, I'd go out of business and wouldn't be able to keep advising, so I must charge fees otherwise my clients don't get to keep having my advice.

Naturally I'm not purely altruistic, I want to make a decent living too.



In what way does it seem to be the other way around?



By the definition above, all professions are parasitic. Every professional I know is paid, either by the state or by their clients. People deem the service provided to be worth the cost and pay, or they do without. I'm therefore not sure why you are singling out IFAs when so many others do much the same, if not considerably worse.

As for insurance...



Insurance isn't a fun subject, and many people go years without thinking about the consequences of illness or death. However, a family can often ill-afford to lose a breadwinner, potentially losing homes or sacrificing quality of life to make ends meet. Insurance policies set up correctly can ensure peace of mind for the life assured that in the event of something tragic happening to them, their loved ones will not be left financially vulnerable in addition to dealing with the emotional devastation caused.

Anyone who can have an in-depth conversation about the need for insurance and the types that are available is doing their clients a service. Even if the client then decides not to proceed, at least they now know about what's out there.

I'm failing to see why this should be considered contemptible?

I just love the way ifas get so defensive whenever theres a little criticism

also as well as advertising that you're n ifa it would be good topost your qualifications as well.

cheers

fj

doughnutmachine

atush wrote: »

I don't think IFAs have too loud a voice here. If anything, they give their time and information freely to all. So i'd welcome more of them- with the exception of one I can think of, they all give good impartial information.

Better than most here anyway, who don't say what they do for a living?

I always thought some of the IFAs were paid to post here? I thought it was a cheap way for promoting the IFA industry?

Lokolo

bigfreddiel wrote: »

I just love the way ifas get so defensive whenever theres a little criticism

Because it's ridiculous criticism that isn't needed on this forum. Perhaps if you, and whitehorse, actually contributed something worthwhile on this forum then you may get some respect.

also as well as advertising that you're n ifa it would be good topost your qualifications as well.

So I assume you want the same for all professions on this board to do the same?

doughnutmachine wrote: »

I always thought some of the IFAs were paid to post here? I thought it was a cheap way for promoting the IFA industry?

Why do you think that?

doughnutmachine

Aegis wrote: »

Cheers - I'd forgotten about that. Some of it has changed following the introduction of the Retail Distribution Review additional regulations, but if anything I'd say the case for IFAs to be considered professionals has, if anything, strengthened somewhat as a result.

I understand the minimum qualification to call yourself an IFA is a "class 4"? That's the equivalent of the first year of university...

doughnutmachine

Lokolo wrote: »

Why do you think that?

ehhhmm because most employers would sack any member of staff that posted on internet forums all day? unless it was in their job description?

Lokolo

doughnutmachine wrote: »

ehhhmm because most employers would sack any member of staff that posted on internet forums all day? unless it was in their job description?

Well I have 18,000 posts on here and I still have a job

doughnutmachine

Lokolo wrote: »

Well I have 18,000 posts on here and I still have a job

not many professionals can sit in an office and make dozens of forum posts a day - unless it's part of their job description....

I presume you don't have to fill in a weekly timesheet if you can spend your working life online?

grizzly1911

Aegis wrote: »

That's assuming a 3% initial charge. It's also assuming that the advice doesn't add any benefit. What if the IFA reduces that 75 year-old's inheritance tax liability by 30% as part of their recommendations?

Unless you factor in the benefits, the cost in isolation is fairly meaningless.

Is 3% not typical for average packages? is 0.5% not typical?

You are right that there may be benefits as you suggest like inheritance liability.

If there was no such benefit to be made would you reduce the fee?

SnowMan

doughnutmachine wrote: »

I always thought some of the IFAs were paid to post here?

I asked that precise question to one high post count IFA directly on this forum a while back. He refused to answer whether he was paid to post here.

So while I don't know, it is reasonable to think that this might be happening.