IFA Ethics question

justme111

Fred , the most likely explanation to the discrepancy is misunderstanding. It is amazing how one can be sure that there could be no explanation to some facts other than wrongdoing and then one is proven wrong. I belong to a profession which often gets criticised in a similar way to what you are doing with IFAs and I often see it happening unreservedly just because people do not know multitude of factors, feel vulnerable , wronged and get on a crusade because of it.

fred246

justme111 wrote: »

the most likely explanation to the discrepancy is misunderstanding.

IFAs always start a seminar with a general talk. I suppose it's to make the audience think they know what they are talking about. The first seminar she gave out inaccurate information. I then checked it with our pensions officer. She then repeated it at a second seminar. I didn't want to embarrass her so I had a quiet word with her at the end. She was totally uninterested as though to say "It's not my pension, mate, I am really not bothered." You could tell if you went to another seminar she would repeat it again. What intrigued me was whether anyone could sue her because they acted on her inaccurate information. I am sure she would deny saying it and nobody would have any paperwork with it written down.

fred246

IFAs try to set up seminars with any groups of people that they think are rich. They then tell them that they specialise in their field. So they will set up a seminar for pilots. They then give a lecture on pilot's finances and litter it with references to pilots they look after. They're just touting for business. The next day they are experts at solicitors' finances. The customer isn't supposed to realise that this is what they are doing and believes that they really do specialise in their area. My IFA was giving information that was wrong for the group of people she was speaking to.

fred246

fred246 wrote: »

My IFA was giving information that was wrong for the group of people she was speaking to.

Not really 'My IFA' as I would never employ one!

justme111

I never come across any IFAs giving any seminars or heard of any.

fred246

You're probably not rich enough. They only target rich people. That is the whole point of the thread.

Aegis

justme111 wrote: »

I never come across any IFAs giving any seminars or heard of any.

I do the occasional seminar. I actually find them really useful for staying up to date on knowledge because I have to revise what I plan to talk about in more depth than I eventually go into during the talk because I'm always sure that someone will come up with a tricky question.


Not in the least bit unethical to run seminars as part of a marketing effort.

dunstonh

justme111 wrote: »

I never come across any IFAs giving any seminars or heard of any.

They were more common years ago but they still happen today. Just not as much as they used to. The sales brigade got into doing them and harmed the reputation of seminars for a while.

IFAs cannot give specific advice during the open seminar. It has to be generic or sufficiently wishy washy to avoid being viewed as regulated advice.

And as Martin Lewis said on this site in the past, you only have a limted time window and cannot cover all scenarios which means you sometimes have to limit the information you give.

AnotherJoe

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.

Bwahahahahaha :rotfl:

fred246

I have always wondered if you go for a job to train as an IFA and they ask you why you want to do it do you answer with a sort of idealistic "well since being a child I've always dreamed of searching out rich people with the hope of making them richer" or the more pragmatic "I just want to ask a few questions and fill in a few forms and make loads of money". Maybe our IFA friends could help us out with the answer.