6 Year Investment Review - Good or Bad?

bostonerimus

fred246 wrote: »

IFAs are really only interested in lining their own pockets.

People should be paid for their labour, that's basic Adam Smith. Of course an IFA want's to line their pockets, we all want to get paid. I'm sure there is a spectrum of IFAs from the conscientious to the abusive and the good to the bad

dunstonh

Only about five questions. £29. So over 25 years we would have paid £1800 more using the IFA. So I bought it with Tesco. OMG.

The Tesco price doesnt include a premium for liability and advice.

I offered to pay her commission as it was only about £300 and I had saved £1800. IFAs are really only interested in lining their own pockets.

The commission is broadly in line with the cost difference. A nil commission policy would have been cheaper than Tesco. So, maybe you should have gone fee based with her.

I have been a high earner for a long time. IFAs circle around such people. They are parasites and search out people with money. I have watched them and they all exhibit similar behaviour. The IFA we saw the most of always gave false information which could have badly influenced me financially. Even when I corrected her the next time she was spouting rubbish again.

I have been an IFA a long time and IFAs, in general, do no such thing. I know a small number do but you tend to find its the wealth management companies that are big on that front. Most IFAs I know are too busy dealing with genuine clients that want their services rather than try and get people that don't.

Alexland

I would imagine it is hard for a good IFA to set their fee as on one hand they have costs and are reasonably seeking to maximise the return on their time and on the other hand if the fee is too high it will obviously damage the client's interests and could be a short lived relationship.