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

doughnutmachine

jimjames wrote: »

I think it would be blindingly obvious if that was the case. The replies given would indicate that it isn't.

It's well known that people are more likely to post negative experiences. So without the IFAs here this forum would be full of stories of bad IFAs. However with a permanent IFA here he can sell the IFA message.

There must be a lot of people in this site that inherit money or win it and wonder what to do with it. The natural thing for them to do is come on the "investment" board and get some ideas. And lo and behold, there is a nice friendly IFA there that gives out good advice. You not think it possible that these people will then google their nearest IFA?

Just ask yourself if forum users would be more or less likely to use an IFA if Dunstonh wasn't here.

For the record I think it's good that Dunstonh is here, I just wish it was clear if he is paid.

doughnutmachine

With respect, the days of adverts being like "Go to J Bloggs IFA, he is very good" are well and truly finished. In the days of social media advertising is a lot more subtle.

I'm a little surprised that you think "he doesn't give financial advice of any kind". What do you think he writes about in his "interesting posts"?

dunstonh

It's well known that people are more likely to post negative experiences. So without the IFAs here this forum would be full of stories of bad IFAs. However with a permanent IFA here he can sell the IFA message.

So, lets ban everyone who has a job because their job may influence other posters. Is that what you are saying?

I don't believe for one minute that a few IFAs contributing to this board puts people off from posting about their IFA. The fact we see posts about advisers debunks your theory.

There must be a lot of people in this site that inherit money or win it and wonder what to do with it. The natural thing for them to do is come on the "investment" board and get some ideas. And lo and behold, there is a nice friendly IFA there that gives out good advice. You not think it possible that these people will then google their nearest IFA?

If they have any sense, then yes, they should look up their local IFA if they are uncomfortable about DIY. The alternative is that they end up making a pigs ear of things or not getting the best options or seeking out a tied sales agent instead.

I'm a little surprised that you think "he doesn't give financial advice of any kind". What do you think he writes about in his "interesting posts"?

I don't give advice on the boards. I, like the other advisers, go out of their way to keep it generic and suggest options for consideration. We cannot give advice.

jamesd

doughnutmachine wrote: »

With respect, the days of adverts being like "Go to J Bloggs IFA, he is very good" are well and truly finished.

Go buy something from dunstonh. Dunstonh is very good and I'd be happy to do business with dunstonh.

doughnutmachine

jamesd wrote: »

Go buy something from dunstonh. Dunstonh is very good and I'd be happy to do business with dunstonh.

Thanks jamesd, I think a more effective form of advertising is to give away free samples of what you are selling. It certainly seems to be a method that works well on this forum.

bowlhead99

doughnutmachine wrote: »

I think a more effective form of advertising is to give away free samples of what you are selling. It certainly seems to be a method that works well on this forum.

Well, I would say the experiences of those receiving the free samples here would be overwhelmingly positive.

I've read hundreds of IFA comments on these forums (or perhaps thousands over the years, but certainly fewer than the 25k for which dunstonh has been publicly thanked) and it's rare for them to come off as naive, shortsighted, reckless, stupid or self-serving. Their input, on threads where they feel they have something to add, is generally as good and often better than what is supplied by the average member.

Typically they bring a level-headed breadth of experience to the thread:
- Some of it is just common sense, but with some of the questions that come up, all the person needs is to hear some common sense from someone who is independently standing back and looking at the big picture for them;
- Some of it is knowing what products and opportunities are out there and what are positives and negatives to be aware of when considering options, through experience and training;
- Some of it is knowledge of rules and allowances and industry practice and how to interpret terms and conditions etc, which could be researched by the poster with the question but there is value in pulling on the experiences of others rather than investing the time yourself.

But basically over my time here my impressions of IFAs have been good. I don't doubt there are bad ones but I can easily believe that if I was in the market for someone to give me advice, I would find someone worth my £ x per hour. Eventually.

So MSE has served as an "advert" to me for the IFA industry at large. Whether it's a paid advert, I am not particularly fussed. Being able to participate in a debate with intelligent market professionals is certainly a more attractive and less intrusive proposition than a flashing banner ad.

It doesnt necessarily mean I will buy IFA services at the moment but I would suggest them to others.

Frankly if I had a pot of cash and no intelligent and experienced friends or colleagues, and wanted someone to bounce ideas off - without needing a tailored personal plan or access to a specific opportunity which would be easier with an IFA - I would happily pay a few quid to other non-IFAs here (like jamesd) to borrow their ear for an hour.

That might be seen by some as a negative for the IFA industry - the idea that non-IFAs can come across as just as useful to spend time with as qualified and regulated and insured industry members - but it's just the reality that I personally like to gather a range of views and some facts about products and tax laws and then make my own decisions and learn as I go.

For others: well, I would still suggest my mother or my brother in law see an IFA rather than speak to their mates, because I know they would benefit from more heavily tailored advice, more explicit solutions, and can afford it. I would give them some guidance and opinion and help to translate for them, but their using an IFA might preserve family relations - better than me suggesting a perfectly suitable set of funds that dare to do something other than go up in a straight line...

atush

Any chance of an end to this one sided Witch hunt?

doughnutmachine

bowlhead99 wrote: »

So MSE has served as an "advert" to me for the IFA industry at large. Whether it's a paid advert, I am not particularly fussed. Being able to participate in a debate with intelligent market professionals is certainly a more attractive and less intrusive proposition than a flashing banner ad.

I personally feel uneasy if someone is getting paid to post here and it's not made public knowledge. It would open the question if the advice being given is in the best interests of the forum readers or the organisation paying for the advertising.

doughnutmachine

atush wrote: »

Any chance of an end to this one sided Witch hunt?

Any chance of you pulling your head out of the sand? Perhaps you could explain why you are so sure that dunstonh is not paid to be here? After all, the available evidence does suggest that dunstonh is paid.

Of course if dunstonh admits (or denies) he is paid I will stop pursuing this matter.

bowlhead99

doughnutmachine wrote: »

Any chance of you pulling your head out of the sand? Perhaps you could explain why you are so sure that dunstonh is not paid to be here? After all, the available evidence does suggest that dunstonh is paid.

Well, to be honest, the available evidence does not suggest that he is paid. You, suggest that he is paid. The available evidence is simply that he posts during working hours and does not say yes or no to the question "are you paid".

Unlike some, I can understand your motivation for asking the question, as I've mentioned on my other posts on this thread. You have said you don't mind if he personally is paid but you want to know because it would make you re-assess his views in terms of impartiality and bias. I can see why you want the answer out of curiosity. But like it or not, you can't force someone to give personal details about themselves or their incomes. So this will likely be a longer and more boring thread if you are not going to "stop pursuing this matter" until you are given an answer.

As I suggested earlier, if you always assume the worst about everyone you interact with on an anonymous forum and apply a healthy dose of skepticism to what they say - using your brain to evaluate all their comments on their own merits rather than giving greater weight to someone because they are an IFA or have a high post count or a high relative 'thank' count or all of the above - you are at no risk of getting burned.

So why don't you just go ahead and presume he is a paid rep of the IFA industry and/or has a minority shareholding in the parent company of this website, and treat his comments accordingly. There is no downside to you in doing that, and no reason for him to confirm or deny, because you've made your decision. The fact that the position was made based on suspicion rather than actual knowledge doesn't stop you taking it and protecting yourself.

Maybe once every six months you could make a post saying you suspect it, so the newbies are aware of the 'risk' of it being true. And then you could shut up about it again for a while.

Please.