IFA Ethics question

AlanP_2

fred246 wrote: »

The IFA has just dumped his poor customers so he can concentrate on the rich ones. A dentist would never do that. He would accept that some customers gave him greater profit than others.

Sorry but that is incorrect. Our dentist stopped taking NHS patients a few years ago.

Options were take out insurance to pay them, self fund or go elsewhere.

The way it has been handled in this situation is appalling but the basic premise that having (too many) unprofitable clients is bad for business is sensible and correct.

Lots of high street retailers have tried servicing lots of unprofitable clients and look where they ended up.

Pension_Geek

fred246 wrote: »

Can you imagine going to a dentist in agony and him saying 'I could remove your tooth but under the current arrangements it would be unprofitable for me to do so. Goodbye". IFAs haven't got a clue what the word 'ethics' means. It's all just "me,me,me". If your friend just does a bit of googling he should be able to work out how his pension is invested. He can then easily look after it himself. I don't think pension wise will actually help. They just seem to explain how to withdraw a pension. You can see how IFAs make life hell for rich people. They dump anyone without enough cash and then target their marketing efforts at finding rich people. My early working life was blighted by them phoning every few hours. They had a product that earned them commission and had to find a customer to buy it.

That is flagrant rubbish. Plenty of dentists do private work and would be unable to accommodate more than a certain number of patients, and if they take people on, the books have to balance. No one who runs a business is under any obligation to service a client that will cost them money. You have no idea what it costs to run an IFA firm.

fred246

Dentists do not write to their parents and say"sorry but you are too poor for me to look after you. Go away".

Marcon

fred246 wrote: »

Dentists do not write to their parents and say"sorry but you are too poor for me to look after you. Go away".

They do. They write to patients to say they are no longer undertaking NHS work.

Credit-Crunched

fred246 wrote: »

Dentists do not write to their parents and say"sorry but you are too poor for me to look after you. Go away".

But they do write a letter stating

'From January 2019 we will no longer be dealing with NHS patients, if you would like to move to our denplan scheme at £19.99 a month then please contact the practice, other than that you will be removed from our database and you can seek another practice that offers NHS treatment'

Translated, pay me or go.

Translated, you are too poor for me to look after you

:rotfl:

fred246

Hopefully the dentist will have sent the letter to all his patients, not just the unprofitable ones.

Pension_Geek

fred246 wrote: »

Hopefully the dentist will have sent the letter to all his patients, not just the unprofitable ones.

Given that you have acknowledged some clients are unprofitable, why should someone continue to service them at a loss? Who subsidises this?

Repeated, you have no idea how the industry works and have a bee in your bonnet about IFAs for god knows what reason.

dunstonh

fred246 wrote: »

Hopefully the dentist will have sent the letter to all his patients, not just the unprofitable ones.

You would like to think that but it doesnt always happen. A dentist chain in our area closed one of its branches and didnt write to anyone and all the people who used that dentist had to find a new one.

fred246

This IFA has specifically picked on people who they deem not to be rich enough and has written to them to tell them to get lost. An IFA on another thread happened to find someone who had received a large windfall. The IFA stated that he was a good customer for him to have a long (parasitic) relationship with.

Malthusian

So Fred246 doesn't think IFAs should service people who have enough money to pay for advice but he does think they should service people who don't have enough money to pay for advice.

Normally you're on dodgy ground when you say someone has a vendetta as you can't read their minds. However in this case Fred246 clearly does have a vendetta against IFAs, as it's the only explanation for why anyone would think that a profession should work for free until they go bust.