IFA – Are my expectations too high?

Bimbly

It's impossible to know what is going on in his world. I think it would be reasonable to drop him an email saying you had hoped to hear from him by now and see what the response is. That gives him a chance.

Having been self employed I know the annoyance of trying to book time off work where my idea of a holiday is pottering around the house and doing some gardening. There's always that temptation to take work offerd in that period. So good for him for actually taking time off, but he should have got back to you by now.

You can say that you are having second thoughts about paying for advice in case you decide not to go ahead.

I can understand why you would want to run though it all with someone, as a lot of money is involved. Even though, as has been said, you always come across as very knowledgeable on this board.

Ignore the people who were rude to you up thread when you asked a reasonable question.

The UK-based Monevator chap reviewed the McClung book with coments from the people who hang out there, should you want to go down that rabbit hole:

https://monevator.com/review-living-off-your-money-by-michael-mcclung/

OldMusicGuy

DairyQueen wrote: »

Have you adopted McClung's strategy? I am considering running a trial over the next couple of years to see how the plan could work for us in practice, and would be very interested in comparing notes with UK practitioners.

It's early days yet. I used his guidelines to set up my portfolio for longer term investment, but no more than that. It's enabled me to be comfortable with the way that is set up at present. However, I still need to mull over and think about the longer term ramifications and how I would use his principles.

Bimbly wrote: »

The UK-based Monevator chap reviewed the McClung book with coments from the people who hang out there, should you want to go down that rabbit hole:

https://monevator.com/review-living-off-your-money-by-michael-mcclung/

Good review which pretty much mirrors my own feelings. This is the only data-based study I have seen that has some degree of applicability to the UK, rather than just being purely US-based.

green_man

greatkingrat wrote: »

Yes, I think it is unreasonable to expect him to cancel his leave to meet with you, particularly over the Christmas/New Year period. Whether he is overseas or just relaxing at home is irrelevant, he is still entitled to a break from work.

Of course you don’t know his situation, maybe he has had foreign relatives staying over the period and had promised his OH that work wouldn’t interfere. Maybe he’s a workaholic and an extended Xmas break is all he has.

If he did start back last week he likely had a lot of catching up to do. It doesn’t sound like he gave a specific date so may have still been off last week. If you still want to go ahead I would contact him this week and see how responsive he is.

Malthusian

DairyQueen wrote: »

I actually expected (given that we are new customers with a reasonable-sized portfolio, and given OH’s usual lack of availability) that the IFA would have arranged to meet us on one of the dates I suggested in late December. I know that he has not been away as I have seen him around the village.

That part is unreasonable. Where he spends his holiday time is not your business.

It is however reasonable to expect him to contact you at some point in the two weeks that have passed since he indicated he would be back at work.

You have the hump with him and he doesn't seem to be in particular need of the business (not uncommon with any half-decent and established IFA), so I can't see much reason to contact him again.

The quote for the initial advice is extremely reasonable, especially as there is a high chance this would not be a long-term ongoing relationship. (I.e. you would sort out the DC plans and pick his brains on the tax problem, and then go back to DIY.)

Brynsam

DairyQueen wrote: »

I also requested a second meeting (paid for) in late December as OH works away during the week and this would be a rare opportunity for him to participate and to meet the IFA.

I received an OOO reply advising that the IFA was on hols until the new year. Two days later a personal email was sent confirming his holiday plans and that he would be in touch after his return to work. He lives and works in my village.

I actually expected (given that we are new customers with a reasonable-sized portfolio, and given OH’s usual lack of availability) that the IFA would have arranged to meet us on one of the dates I suggested in late December. I know that he has not been away as I have seen him around the village.

The poor man was on annual leave - expecting him to break off his Christmas holidays just to see you is totally unreasonable. Where he lives and what he does during his leave is nothing to do with anything.

He took the trouble to send you a personal e-mail and said he'd be in touch after his return to work. There is nothing to suggest this is an urgent meeting and if he's snowed under (most good IFAs are), that may not be 'immediately' on his return.

But the fact you're posting here gives you your answer: you've lost confidence before even seeing him, so go elsewhere. Trying to retrieve the situation is likely to be a lost cause - but do be a little more considerate of other people's holiday plans, even IFAs!

mgdavid

...but it's now 2 weeks after the New Year and he's not bothered to make any sort of contact, even to advise how busy he is!
Promise broken in my book - I'd be looking elsewhere.

Albermarle

The point is that the OP is the customer and if the IFA can not be bothered to get back to them, then that for me that would be an immediate decision maker - go somewhere else.

Brynsam

mgdavid wrote: »

...but it's now 2 weeks after the New Year and he's not bothered to make any sort of contact, even to advise how busy he is!
Promise broken in my book - I'd be looking elsewhere.

Probably so would I - but not without first finding out if a message had gone astray or something untoward had happened. I'd have picked up a phone and called him a week ago, not nursed a grievance about it and posted here for 'opinions'.

DairyQueen

No grievance held and nothing untoward has happened to him. He has an office in our village High St and I have seen him back at work since the 2nd.

Call me unreasonable but it's now almost two weeks into his post-holiday period, and almost a month since his last contact. As was mentioned above, I have lost confidence. If this is how he behaves before he has the business, Lord alone knows how he would respond once the business was guaranteed.

I have had reason to engage an IFA in the past and, on that occasion, the IFA was extremely efficient. Communication second to none and he went the extra mile to work around OH's availability. Unfortunately he operates in a different area from the one in which we now live.

If this IFA had contacted me soon after his return to work almost two weeks ago then I would have felt very differently. As things stand, he has signalled loud-and-clear that he isn't interested in our business. I don't believe the onus is on me to chase a service provider. The onus should be on him to maintain client contact. He has no idea what business could have come his way in the event of a good first experience. OH and I are not averse to paying for good service. This isn't a good service.

However, every cloud has a silver lining as I am now feeling more comfortable about doing these tasks myself. If I feel the need for a professional's involvement I will approach another IFA.

Thanks for the replies. Interesting to read so many different expectations. I am one of those people who worked on Boxing Day, and on New Year's Eve, when it was necessary (and I wasn't self-employed at the time). And, no, that wasn't part of the usual working pattern for someone in my former profession.

Thrugelmir

DairyQueen wrote: »

I am one of those people who worked on Boxing Day, and on New Year's Eve, when it was necessary (and I wasn't self-employed at the time).

Lots of people work Bank Holidays. You are far from unique.