Investors dumping IFAs by the bucket load

fairleads

Archi_Bald wrote: »

BTW, I noticed you didn't give me your name, address and FSCS registration number so that I can verify that you are authorised to give financial advice.

I am not a financial adviser.

bigfreddiel

gadgetmind wrote: »

Designing cars (and parts thereof) is engineering, whereas fixing cars is the job for a mechanic or technician.

so mechanics are not engineers - heheheheh

well you're wrong - it takes just as much skill and knowledge to repair a car/boat/747/qm as the engineer who designed it.


but getting back to the financial profession, (and its not alone) its the hidden charges that get peoples backs up - and the cry of innocence fron the advisors when people complain

cheers

fj

bigfreddiel

Rollinghome wrote: »

If IFAs expect to continue in business then their client wills need to be persuaded that the quality of their advice is of a far higher standard than in the past and worth the cost.

I think that'll be a pity. There are people who do find saving and investing confusing who need advice but that must be good advice reflecting their best interests, not those of the adviser himself, and at an appropriate cost, not at a price that's so high that's it's self-defeating. That's the challenge IFAs will now need to meet.

cheers rolling

so how are clients to be persuaded that the advice is good and worth the expense?

and how will ifas be persuaded to provide a service at an appropriate cost - in fact what is an appropriate cost?

fj

bigfreddiel

bowlhead99 wrote: »

Yes, you were making it up. Firstly you said


"Originally Posted by bigfreddiel
It's been reported that 30%+ of investors that have used an IFA in the last fove years are dumping them and going for the diy approach."

That is not what it said. Specifically, the telegraph article leads with the fact that 'one in three who have taken financial advice would never take it again'.

hmmm...

one in three = 1/3 = .33333333 recurring which if i'm not mistaken is 33.333333% - so i was understating the telegraph

thanks for pointing that out

i must admit most youngsters these days cannot do simple arithmetic - so my advice is not to use any (I)FA thats not 50+ yrs old


cheers

fj

Archi_Bald

fairleads wrote: »

I am not a financial adviser.

So therefore you shouldn't give any advice, and perhaps also keep your opinions on what might be good for others (who you don't know anything about) to yourself.

People giving free "advice" on internet forums are a lot more dangerous than an IFA that I pay, and that I can hold responsible for their advice.

fairleads

Archi_Bald wrote: »

So therefore you shouldn't give any advice, and perhaps also keep your opinions on what might be good for others (who you don't know anything about) to yourself.

People giving free "advice" on internet forums are a lot more dangerous than an IFA that I pay, and that I can hold responsible for their advice.

Simple, then don't ask. Better still, ignore this forum and do what i've done for the last 45 odd years - DIY and learn from your mistakes. Its called education. Good luck

Regards

gadgetmind

Archi_Bald wrote: »

People giving free "advice" on internet forums are a lot more dangerous than an IFA that I pay, and that I can hold responsible for their advice.

I learned far more from my fellow man on the internet than any IFA managed to impart on any of the "hit and run" fee generating face-to-face meetings that I've had with them.

If you feel otherwise, simply unplug your router for good and move on with your life.

gadgetmind

bigfreddiel wrote: »

so mechanics are not engineers

Correct, they aren't, and in most countries claiming that you are an engineer when you aren't is treated under the law like pretending to be a doctor.

A mechanic may have some practical skills but they are *not* an engineer unless they have the relevant engineering qualifications.

Being able to change a spark plug is rather different to being able to design an engine. Swapping out an ECU is totally different to being able to create one from scratch.

Surely you must see that?

doughnutmachine

Archi_Bald wrote: »

So therefore you shouldn't give any advice, and perhaps also keep your opinions on what might be good for others (who you don't know anything about) to yourself.

People giving free "advice" on internet forums are a lot more dangerous than an IFA that I pay, and that I can hold responsible for their advice.

Perhaps you could keep your opinions to yourself as well?

talexuser

bigfreddiel wrote: »

it takes just as much skill and knowledge to repair a car/boat/747/qm as the engineer who designed it.

Sorry, if you thought one moment about professional qualifications and the time needed to get them you would know just how ridiculous that statement was. The guy in the garage who changes your oil filter can also design the engine management system? :rotfl: