Unexplained Investment

lynneedwards

I haven't got a beef with it, banks can offer advice or sell what they want, none of my business. However, as a trained financial adviser with experience as an IFA and in bancassurance (and I am not currently an adviser and have no interest in being an adviser again) then I have decided that if anyone would like to know what the finer details are of their bank sold investment then I will explain it in thoroughly and in plain english.

Why am I doing this? Because I know that you don't always get told the finer points when you have an hour meeting in a branch. I have the knowledge and I have the time so why not?

I am not asking for any remuneration or recompense, this is all totally good will on my part and in my spare time.

My email inbox is full already and I only set it up 3 weeks ago, so it appears there is demand.

Archi_Bald

lynneedwards wrote: »

My email inbox is full already and I only set it up 3 weeks ago, so it appears there is demand.

Yeah, this is very likely on MSE. People prefer to PM a complete newbie with their questions about investments, rather than ask the experts that have freely given their support on the forum for years.

Or may be not.

dunstonh

Nationwide put all their advisers on notice when the RDR came. Many were made redundant but they kept a small salesforce going tied to L&G for £50k plus investments. Its a very expensive option and its a single tied provider. For all their other customers, they offer a self directed investment option which is a limited panel fund supermarket operated by L&G investor portfolio services. (i.e. not advice)

Last I heard Santander had pulled out of advice and there appears to be no self directed option.

HSBC pulled out of providing advice to the majority and instead just offering a limited panel, including HSBC branded products to those wanting to invest over £50k. For everyone else, they too introduced a self directed option.

Lloyds got rid of their advisers too but retained a small amount for those earning over £100k a year or have £100k to invest. For everyone else, there is a self directed option.

RBS pulled out of advice and brought in a self directed option.

Some of the banks have discretionary investment management services for larger investors. Most are damned expensive and pointless (many times I have come across Lloyds Private banking with values totally unsuitable for discretionary investment management with investments in own branded funds as well as some direct holdings creating a double layer of charges). Discretionary Investment Management is not an advised service although the investment selection is placed in the hands of the investment manager.

now RDR has settled down banks can and have found away to offer this service!

Yes they have. They either offer expensive self directed options for those with smaller amounts or very expensive limited panel options for those with larger amounts. However, for the vast majority of people, the banks no longer offer investment advice.

lynneedwards

I didn't set it up on MSE, I dropped a press release via DWP publishing and did some other marketing activity. That seems to have generated a lot of enquiries.

I thought I would join a this forum as it seems like a good place to generate discussions, still finding my way around it!

I am not trying to be or profess to be an expert just offering some help!

Archi_Bald

lynneedwards wrote: »

I didn't set it up on MSE, I dropped a press release via DWP publishing and did some other marketing activity. That seems to have generated a lot of enquiries.

I thought I would join a this forum as it seems like a good place to generate discussions, still finding my way around it!

I am not trying to be or profess to be an expert just offering some help!

And all that without any remuneration or recompense, all totally good will on your part and in your spare time. Pull the other one.

lynneedwards

Yes they have. They either offer expensive self directed options for those with smaller amounts or very expensive limited panel options for those with larger amounts. However, for the vast majority of people, the banks no longer offer investment advice.[/QUOTE]


I was surprised when Santander offered a financial advice on Monday!

I think everyone should have an IFA.

lynneedwards

Archi_Bald wrote: »

And all that without any remuneration or recompense, all totally good will on your part and in your spare time. Pull the other one.

Why is that so hard to believe? People do voluntary stuff all the time.

Granted lots wouldn't give up their free time for nothing, but I want to and thats my choice.

I am not doing anyone any harm and I am not giving financial advice I am just offering to help people understand their investments!

jimjames

lynneedwards wrote: »

I am not doing anyone any harm and I am not giving financial advice I am just offering to help people understand their investments!

Rather than trying to get people to contact you directly, why not actually give some helpful replies to threads on here where people are asking for help?

Then your info can be seen by everyone and make their own minds up how useful it is.

N1AK

lynneedwards wrote: »

Why is that so hard to believe? People do voluntary stuff all the time.

Because this is exactly what we'd expect to see from someone trying to either bring in business or con people. It's incredibly common for people to use posts like this, on forums like this, to draw in people for purposes other than those claimed.

lynneedwards

jimjames wrote: »

Rather than trying to get people to contact you directly, why not actually give some helpful replies to threads on here where people are asking for help?

Then your info can be seen by everyone and make their own minds up how useful it is.

Thanks Jim. Thats what my plan was on joining the forum, but I am on the road a lot in the day so don't always have the time to keep up with forum, thats why I took a different route of asking people to contact me directly then I could help as and when I have free time.

If people don't feel that the information I intent on providing isn't useful then they have lost nothing.