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IFA raising charges - unfairly?
Comments
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tattenham600 wrote: »I managed my own portfolio until three years ago at which point I realised it wasn't as tax efficient as it should be.
Is it just CGT allowance that you weren't maximising? This is fairly easy to keep track of unless you use accumulation units (don't!) but TBH I'm not sure I'd trust an IFA to do the section 104 calculations that are required. These aren't difficult, but you do need to do careful record keeping.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 -
gadgetmind wrote: »Is it just CGT allowance that you weren't maximising? This is fairly easy to keep track of unless you use accumulation units (don't!) but TBH I'm not sure I'd trust an IFA to do the section 104 calculations that are required. These aren't difficult, but you do need to do careful record keeping.
Its mostly software driven nowadays. It's important that an adviser has the audit trail and the best way to do that is use the software. Less likely to be a mistake and you get documentary evidence to put on file to support the 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.0 -
Agreed, but I still like to have the contract notes around! I also prefer to do my own calculations following corporate actions, and these can be fairly opaque. (Of course, not an issue for most collective investments.)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 -
gadgetmind wrote: »Is it just CGT allowance that you weren't maximising? This is fairly easy to keep track of unless you use accumulation units (don't!) but TBH I'm not sure I'd trust an IFA to do the section 104 calculations that are required. These aren't difficult, but you do need to do careful record keeping.
Dead easy - just got to take into account dividends, equalisation payments, monthly adviser charging and normal withdrawals. No idea how anybody could make a mistake with that! ;-)
Most platforms will do the calculation for you but I've actually created a spreadsheet that does it - only one fund at a time though so VERY labour intensive (and boring).0
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