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Unexplained Investment

lynneedwards
lynneedwards Posts: 12 Forumite
in Savings & investments
I know from working in a bank that lots of people who bought investments are not fully aware what they bought/invested in. More worringly what they paid for the advice, many think it was free.

Has anyone had any experience of this? I am interested to know what investments or banks people have had issues with?

Please get in touch.:o
«13

Comments

  • le_loup
    le_loup Posts: 4,047 Forumite
    Not touting for business are you?
  • mgdavid
    mgdavid Posts: 6,711 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    or a journo maybe?
    need more information here first!
    The questions that get the best answers are the questions that give most detail....
  • Vortigern
    Vortigern Posts: 3,312 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    lynneedwards wrote: »
    More worringly what they paid for the advice, many think it was free.

    Even more worryingly, many think it was advice!
  • dunstonh
    dunstonh Posts: 121,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    More worringly what they paid for the advice, many think it was free.

    Very few banks operated on fee basis. When the RDR came in which removed commission as an option most of the banks pulled out at that point.
    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.
  • lynneedwards
    lynneedwards Posts: 12 Forumite
    Just to clairfy I am not a journalist or touting for any business. Just trying to help people!

    Banks have started offering financial advice again!
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    lynneedwards wrote: »
    Just trying to help people!
    In which way?
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Lynne Edwards isn't a journalist....

    She designs quilts :eek:

    http://www.acuriousinvitation.com/lynneedwards.html
  • dunstonh
    dunstonh Posts: 121,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Banks have started offering financial advice again!

    Most banks have not returned to advice. However, a number of introduced non-advised options. Care to list the banks that pulled out and have returned to full advice?
    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.
  • lynneedwards
    lynneedwards Posts: 12 Forumite
    Well I went into Santander the other day and they are happy to give advice to me if I have #50k to invest. LLoyds will do a financial planning service for 100k or more, HSBC will do a premier service if 50K or more. RBS if you have 100k or more and Nationwide are still offering a service for 50k or more. So you can still get financial advice on the high street and having worked in a bank I know the investment amounts sound high but people regularly invested more than that, our weekly target for investments was over 100k and most advisers hit their target.

    The recruitment consultants are ringing myself and ex colleagues up offering adviser roles in branches again, now RDR has settled down banks can and have found away to offer this service!

    FYI I don't make quilts lol and never have.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    So assuming the ones you listed do indeed offer financial advice (as supposed to selling investments), what is your beef with them doing so?

    You said you were trying to help people but you still haven't said how, and with what.
This discussion has been closed.
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