Investing without FA

bowlhead99

You asked how they ensure the investment is suitable. There are ways to see if it is or it isn't. That doesn't mean they have added no value in constructing your portfolio and other financial affairs.

It is like saying how do you know if I've scored a goal in professional football against a good team. Make sure the ball goes between the sticks and under the bar. Oh that's not too complicated, why would anyone pay more than minimum wage for that.

Thrugelmir

bigfreddiel wrote: »

Definition of a consultant. Someone who uses your own watch to tell you the time and then charges you for the privilege.

You've got the time though to tell which clock or watch is telling the correct time? Or do you rely on a sundial?

bigfreddiel

Thrugelmir wrote: »

You've got the time though to tell which clock or watch is telling the correct time? Or do you rely on a sundial?

Obviously the sundial would be the best solution - duh!

fj

bigfreddiel

To quote Michael Gove "Who needs experts anyway? What do they know?"

This has to be true, the finance industry completely missed the GFC in 2008. So before you book to see an IFA, ask yourself a few questions.

Why am I seeing one?
Can I trust their advice?
Am I getting value for money?

Final question - what do they know anyway?

Cheers fj

bigfreddiel

In 2013, the chief economist of the IMF, Oliver Blanchard, sounds like he should know a thing or two about finances doesn't he.

Well, he warned that the deficit reduction programme proposed by our very own chancellor, George, was "playing with fire". The following year Britain had the fastest growing major economy in the world.

So what was the excuse from Blanchard for getting it so wrong? He claimed he looked st the wrong facts. I think that really means he didn't have a clue!

Remember this the next time you see an expert at £300/hour!

Cheers fj

BTW £300/hour is quite a bargain rate for an IFA

bigfreddiel

Hmmmmm..... Surprised no one has come back with any comments fj

bigfreddiel

Looks like no IFA or FA will answer, so my advic for free, is to avoid them at all costs. Do a bit of research and DIY. It worked for me, from unemployed 20 years ago, to £1m+ wealth, and a higher rate tax payer working a 3 day week.

After a meeting with an IFA 10 years ago I could see what his agenda was, and it wasn't centred on building my wealth.

Cheers and good luck, you'll learn a lot and enjoy the journey fj

Tjh1412

Going back to the OPs original point, are you accessing the platform through a discount broker with a rebate facility now or did you go completely independent and negotiate with the company?

Going forward I'd also be interested in what financial resources you'll be utilising for future investment decisions;I assume you wouldn't take advice again?

Tjh1412

Also what disclosure and breakdown of fees where you given at the time of the investment,given you must have agreed to this charging structure please? Was the advice on a tied,multi-tied or independent basis? Without knowing the timescale it's a little difficult to give more specific comments but have you checked your charging information was FCA compliant,as if not you would have some legal recourse there