Financial Advisor Fees

bigadaj

DesiBadBoy wrote: »

IMO only use a CFP (Certified Financial Planner). No offence to financial advisors but they really 2nd rate compared to a CFP. If you need a recommendation try Pete Matthew of Jacksons Wealth Management: http://www.jacksonswealth.com/about/our-people/pete-matthew/

Also listen to his podcast: Meaningful Money.

Does he charge ten grand as well?

dunstonh

Dread_Pirate_TripleS wrote: »

2 ISA's and 2 SIPP pensions transferred at 3% of total value. It was a total of about 5 or 6 forms I had to sign.

Ok, that is a lot of work. Dont measure by forms you had to sign. That is not where the work is. However, still nowhere near the amount in question.

IMO only use a CFP (Certified Financial Planner). No offence to financial advisors but they really 2nd rate compared to a CFP.

That is absolute BS. CFP is a certification by one of the smaller examination boards. You don't pick adviser because they used a particular examination board compared to another.

ChemistDude

dunstonh wrote: »

That is absolute BS. CFP is a certification by one of the smaller examination boards. You don't pick adviser because they used a particular examination board compared to another.

Not really, Those who are CFP's have passed rigorous tests to international standards. They are the cream of the crop, only a 1000 or so CFP's in the UK compared to 100,000 plus financial advisors.

Financial advisors do a KYC (know your customer) just to find out what you are missing and help you fill in the gaps (get as many commisons they can).

A CFP will take a much more wholistic view and really get your finances in order sorting everything out and is more of a long term relationship whereby goals agreed are reviewed periodically taking into account changing circumstances and life events both good and bad. They will be much more transparent with fees, commissions and abide by higher standards than the regulations require. They don't sell you anything.

bigadaj

DesiBadBoy wrote: »

Not really, Those who are CFP's have passed rigorous tests to international standards. They are the cream of the crop, only a 1000 or so CFP's in the UK compared to 100,000 plus financial advisors.

Financial advisors do a KYC (know your customer) just to find out what you are missing and help you fill in the gaps (get as many commisons they can).

A CFP will take a much more wholistic view and really get your finances in order sorting everything out and is more of a long term relationship whereby goals agreed are reviewed periodically taking into account changing circumstances and life events both good and bad. They will be much more transparent with fees, commissions and abide by higher standards than the regulations require. They don't sell you anything.

Your understanding is either many years out of date or simply lacking.

You haven't said how much your mate would be charging for his advice as I requested earlier.

No ifa is allowed to take commissions any longer, they charge for their time and provide recommendations on the basis of their fact find and a clients circumstances.

bigadaj

DesiBadBoy wrote: »

IMO only use a CFP (Certified Financial Planner). No offence to financial advisors but they really 2nd rate compared to a CFP. If you need a recommendation try Pete Matthew of Jacksons Wealth Management: http://www.jacksonswealth.com/about/our-people/pete-matthew/

Also listen to his podcast: Meaningful Money.

Could be a bit of a trek for many as well, as he's based in Penzance apparently.

ChemistDude

bigadaj wrote: »

Your understanding is either many years out of date or simply lacking.

You haven't said how much your mate would be charging for his advice as I requested earlier.

No ifa is allowed to take commissions any longer, they charge for their time and provide recommendations on the basis of their fact find and a clients circumstances.

I must be out of date then. Factfind, KYC its all the same concept. If your'e going to get advice then I believe you should do it properly and be accountable to yourself - a holistic approach is needed and you will get that by having a long term relationship with a CFP. I feel capable of managing my own finances and I'm capable of making my own investments and have done - not every feels as confident so if you have no clue you can really sort yourself out by going to see the best people in the business, afterall why take half measures with your life?

As for fee's I genuinely don't know, I don't use one at present. Though I likely will appoint one in the next year or so if I haven't cleared my mortgage by then (I'm aged 31 at present). As I said before, checkout the Meaningful Money podcast, that is where I found the name: http://meaningfulmoney.tv/

From that podcast you can learn a hell of a lot without paying a penny. I feel like I've appointed him already and not paid a penny for the advise. Over 150 episodes on everything financial.

ChemistDude

bigadaj wrote: »

Could be a bit of a trek for many as well, as he's based in Penzance apparently.

This is why skype exists.

bigadaj

DesiBadBoy wrote: »

I must be out of date then. Factfind, KYC its all the same concept. If your'e going to get advice then I believe you should do it properly and be accountable to yourself - a holistic approach is needed and you will get that by having a long term relationship with a CFP. I feel capable of managing my own finances and I'm capable of making my own investments and have done - not every feels as confident so if you have no clue you can really sort yourself out by going to see the best people in the business, afterall why take half measures with your life?

As for fee's I genuinely don't know, I don't use one at present. Though I likely will appoint one in the next year or so. As I said before, checkout the Meaningful Money podcast, that is where I found the name: http://meaningfulmoney.tv/

So you don't use one, but are recommending a specific one.

If you don't use one at the moment why would you use an adviser going forward, I don't use an ifa or CFp, I'm happy managing my own finances and the money I don't spend on advice increases my return by definition.

Why are you recommending this guy specifically if you don't use him?

bigadaj

DesiBadBoy wrote: »

This is why skype exists.

Rather than use a local ifa, meet them face to face, get them to submit their proposals and ideally speak to at least three and choose the one you get on with and trust.

Investing isn't rocket science, just because you pay someone more money then it doesn't mean that you'll get more back. In fact if you look at the likes of st James place then by definition the more you pay them the less you get back because of the impact of fees.

ChemistDude

dunstonh wrote: »

You don't pick adviser because they used a particular examination board compared to another.

I tell you what, thats what all people who don't pass the top accreditations say. Perhaps study and practice to the highest standards, then only you can offer the best...no offence intended.

You could say the same to me about pharmacy (my profession). Though don't worry I am suping up my accreditations at university so I'm walking the walk, its not just talk

No half measures in life