IFA Fees

dunstonh

fred246 wrote: »

I am good at listening, can use a computer and can fill forms and send invoices for large amounts of money. I am very tactful and I am very keen never to upset anyone.

What about things that are relevant to being an IFA?

fred246

I am good at chasing up any unpaid invoices. I can also drive luxurious cars.

HappyHarry

fred246 wrote: »

I am good at chasing up any unpaid invoices. I can also drive luxurious cars.

I can't see either of those being useful qualities. You wouldn't get far in an interview for a trainee adviser with anything you've mentioned so far.

Any other qualities that might show you're up to the role?

fred246

I can count.

HappyHarry

fred246 wrote: »

I can count.

Funnily enough, no one has ever asked me if I can count. I've never seen that fact on a CV either.

I'll put that down as the one useful quality you've mentioned so far.

Aegis

HappyHarry wrote: »

Funnily enough, no one has ever asked me if I can count. I've never seen that fact on a CV either.

I'll put that down as the one useful quality you've mentioned so far.

You're being trolled. Benefit of the doubt is a nice way to start out, but fred has shown that he's not interested in honest discussion on IFAs; he just wants to bash the profession any time he gets an opportunity.

fred246

I would be excellent at eating lunch with clients.

HappyHarry

Aegis wrote: »

You're being trolled. Benefit of the doubt is a nice way to start out, but fred has shown that he's not interested in honest discussion on IFAs; he just wants to bash the profession any time he gets an opportunity.

Oh I know. I'm just amused.

"It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it."

fred246

We had an IFA that would come to our workplace looking for customers. I had the most financial knowledge and often would have to correct her inaccuracies. She never learned though and she would repeat the same mistakes each time. Some of the financial knowledge of my colleagues was really shocking. Maybe if you are like that and don't want to spend time educating yourself then it is better using an IFA.

ultramod

The 1% charge is ok, as long as they are giving you ongoing advice and reviews as part of a service. IFA's have been shifting towards "funds under management" charging models for years, as a way of not having to be constantly forced into finding new business, rather servicing an established client bank.



So it is normal and it is reasonable. Whether it appropriate to you is another matter. ie how do you see your longer term financial planning requirements panning out.