IFA Ethics question

fred246

Don't be daft. That was just my first bad experience with an IFA. Plenty more bad experiences after that.

Malthusian

fred246 wrote: »

Don't be daft. That was just my first bad experience with an IFA. Plenty more bad experiences after that.

Glutton for punishment, or did you feel you needed more stories to tell people on Internet forums a couple of decades later?

dunstonh

Malthusian wrote: »

Glutton for punishment, or did you feel you needed more stories to tell people on Internet forums a couple of decades later?

I am not sure what is more funny (or sad). The fact he has continues to seek out hundreds or thousands of IFAs (he claims to has knowledge of 20,000 and they work) or the fact he knows so little about how they work despite or this extensive knowledge he claims he has.

lisyloo

dunstonh wrote: »

I am not sure what is more funny (or sad). The fact he has continues to seek out hundreds or thousands of IFAs (he claims to has knowledge of 20,000 and they work) or the fact he knows so little about how they work despite or this extensive knowledge he claims he has.

I would be worried about Fred doing his own corgi registered work or fixing his own vehicle brakes.
Some things are best left to the professionals.

I hope Fred has an lpa/epa set up to manage his investments if he can’t (although he won’t answer any questions related to the risks of his approach).

shinytop

fred246 wrote: »

I am just a very intelligent independent person who has learned that looking after your own affairs works best.

sorry, I forgot 'modest'

fred246

Corgi finished in 2009 and EPA finished in 2007. Someone is a little bit out of date.

Mr.Saver

dunstonh wrote: »

This is something that is going on a lot at this time. We have culled just over 100 clients (at firm level) over the last year that would not be profitable to service under MiFID II requirements. We also took another person on (increasing our costs) to help with the extra workload.

It has been horrible to do as many of those have had servicing for decades. They don't want it to stop. We didn't want it to stop but MiFID II effectively forced our hands.

Hi dunstonh,

After the introduction of MiFID II, how much does an ongoing client need to have to be considered profitable for an IFA?

I keep thinking that I need an IFA, but has been procrastinating to find one. I'd like to know if I'm still "qualified" to become a client for an IFA in 2019.

DT2001

Gas boiler engineers have moved on.
IFA’s have moved on since your father’s experience!
People’s very recent experience is most relevant and this seems mostly favourable. Poor customer service even when terminating contracts is unacceptable. What do you do fred246?

fred246

I am on ESA.

Malthusian

Mr.Saver wrote: »

Hi dunstonh,

After the introduction of MiFID II, how much does an ongoing client need to have to be considered profitable for an IFA?

Ask not what you can do for an IFA but what the IFA can do for you.

The question you should be asking is whether the IFA would generate enough value for you, not whether you would generate enough profit for the IFA. That's their problem. So with that in mind, why do you want to see an IFA? What do you want them to do for you?

IFAs can be paid on a transactional basis so providing you would actually get value out of seeing one, the size of your portfolio is of secondary importance.

If you have a clear idea of what you expect to get out of seeing an IFA, it will make shopping around a lot easier.