S&S ISA by financial advisor - opinions needed

Audaxer

bostonerimus wrote: »

The reported performance of investments has a lot in common with the claimed size of the fish that anglers catch. The father-in-law's performance is not described in detail so just how good is it? the one thing I do know from the OP's posts is the level of the fees.

The father-in-law may well have been pleased with the performance of his portfolio. If he had nothing to compare it with and didn't do any research or visit forums like this, he probably wasn't aware that he could probably have got a better performance with lower fees elsewhere.

dunstonh

Audaxer wrote: »

The father-in-law may well have been pleased with the performance of his portfolio. If he had nothing to compare it with and didn't do any research or visit forums like this, he probably wasn't aware that he could probably have got a better performance with lower fees elsewhere.

One of my advisers has been competing with SJP on an investment. Our fee was £2500 initial with total charges of 0.92% p.a. SJP were £25,000 initial and 1.73% p.a. It should be no competition. The father of the new investor uses SJP and has been giving misinformation to the son. Such as saying the SJP adviser is free to use whereas the IFA you have to pay for. Not helped by SJPs lack of transparency. I know we are not going to get this investment but it will be for all the wrong reasons and because the father doesnt really understand it but the son believes the father.

Audaxer

dunstonh wrote: »

One of my advisers has been competing with SJP on an investment. Our fee was £2500 initial with total charges of 0.92% p.a. SJP were £25,000 initial and 1.73% p.a. It should be no competition. The father of the new investor uses SJP and has been giving misinformation to the son. Such as saying the SJP adviser is free to use whereas the IFA you have to pay for. Not helped by SJPs lack of transparency. I know we are not going to get this investment but it will be for all the wrong reasons and because the father doesnt really understand it but the son believes the father.

It seems incredible that they cannot understand the hugh differences in these charges, especially the initial charge.

ValiantSon

dunstonh wrote: »

One of my advisers has been competing with SJP on an investment. Our fee was £2500 initial with total charges of 0.92% p.a. SJP were £25,000 initial and 1.73% p.a. It should be no competition. The father of the new investor uses SJP and has been giving misinformation to the son. Such as saying the SJP adviser is free to use whereas the IFA you have to pay for. Not helped by SJPs lack of transparency. I know we are not going to get this investment but it will be for all the wrong reasons and because the father doesnt really understand it but the son believes the father.

:eek: £25,000 initial charge???

I struggle to understand how anyone can think that, in the scenario you describe, they are getting the best deal with SJP.

The father sounds like a real paternalist. He knows best and his poor children have grown up being brow beaten (even if it is done in a seemingly nice way) by an overbearing and overly self-confident parent. These children therefore have no real capacity to think and act for themselves. In my profession this is known as emotional abuse and evidence of it would lead to a safeguarding concern.

Eventually the son may look back at the investment and realise his mistake, but sadly it will be too late.

bcfclee27

Maybe I've misled slightly.....

When discussing about the fa with my father in law his actual words were "no complaints here".

However my father in law is not one to get too over enthusiastic about many things.

bcfclee27

Also my father in law uses him for pensions not investments.

dunstonh

bcfclee27 wrote: »

Also my father in law uses him for pensions not investments.

Pensions are containers for investments. The same investments are used in pensions, ISAs and unwrapped holdings as well as most of the other mainstream tax wrappers.

BananaRepublic

ValiantSon wrote: »

:eek: £25,000 initial charge???

I struggle to understand how anyone can think that, in the scenario you describe, they are getting the best deal with SJP.

The father sounds like a real paternalist. He knows best and his poor children have grown up being brow beaten (even if it is done in a seemingly nice way) by an overbearing and overly self-confident parent. These children therefore have no real capacity to think and act for themselves. In my profession this is known as emotional abuse and evidence of it would lead to a safeguarding concern.

Eventually the son may look back at the investment and realise his mistake, but sadly it will be too late.

:rotfl:

£25,000 is horrendous. Not really much more to say is there.