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Before visiting the Financial Advisor
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DFM has always seemed to me to be a service for people with so much money that they can pay others to spend if for them.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I tend to agree with that. Clearly some people using them will have more money than sense.gadgetmind wrote: »DFM has always seemed to me to be a service for people with so much money that they can pay others to spend if for them.
Of course one way to look at it is that the only people who can afford to pay to have someone take full control of their investments are people who have a lot of money, which sounds perfectly reasonable. In the same way people might employ specialist accountants and solicitors and other types of advisers (like IFAs).
But there is a difference between getting specialist advice and actually have someone do the whole thing for you.
If I had many millions I might happily run a crazily awesome car fleet like Jay Leno, and get people to give me advice about opportunities and look after maintenance etc for me. However if they had discretion to go and actually buy and sell things without telling me it would take some of the fun and passion out of it.
But I suppose for many wealthy people there is not much fun and passion in managing a portfolio of investments and if they are very comfortably well off, they would be happy to pay a guy to look after everything and deliver 6% rathern than have an IFA advise them how to get 7% or spend time on a DIY job in the hope of getting 8% through minimising fees at every level.
I do have some quite actively managed funds in my portfolio alongside my trackers etc so arguably I'm guilty of paying someone else to buy something for me. But I'm a long way from just saying "hey here's all this cash, and an annual retainer/fee, please go and turn it into more cash". If I were much wealthier and less interested in investments I might do just that, to spend more time on a golf course or cruise ship or casino while an expensive 'safe pair of hands' managed my purse.0 -
bowlhead99 wrote: »spend more time on a golf course or cruise ship or casino
I've done all of those things and TBH would much rather be rebalancing a portfolio!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Hehe, I have to say 18 holes of golf for me is about 4 times as many as I need to stretch my legs and relax, and being confined to a boat packed with tourists, albeit a luxury one, doesn't really appeal. But I'd enjoy the casino if I had the money to do it more often. The house always wins in the long run but the short runs up and down are good fun.
Now if the cruise was on my own luxury yacht with a good internet connection to rebalance my portfolio, that might have more appeal...0 -
I'm not a fan of DFM. It adds another layer of costs and the adviser ceases to be in control of risk yet the adviser remains liable for the suitability of the investments despite having no control. I'm not sure what a DFM brings to the party.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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bowlhead99 wrote: »But I'd enjoy the casino if I had the money to do it more often. The house always wins in the long run but the short runs up and down are good fun.
I've spent a lot of time in Las Vegsa and have gambled a total of $5. I just don't like games where the odds are against me.Now if the cruise was on my own luxury yacht with a good internet connection to rebalance my portfolio, that might have more appeal...
Agreed!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I'm not sure what a DFM brings to the party.
It helps someone (not the customer, natch!) buy a luxury yacht!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Advice as to the suitability of the product, and what owning that product entailswigglefish123 wrote: ».
How can you have self select with advice? - surely self select is just that ? and therefore is not advised??
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bowlhead99 wrote: »If I were much wealthier and less interested in investments I might do just that, to spend more time on a golf course or cruise ship or casino while an expensive 'safe pair of hands' managed my purse.
Very disappointing.
I always imagined you posting from your internet connected yacht while sipping a margarita.0 -
OP here. Thanks for all the advice. Feeling more prepared for the meeting now so should hopefully get more out of it.0
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