IFA Ethics question

lisyloo

fred246 wrote: »

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 Someone is a little bit out of date.

Yes I’m not a gas/plumbing/electrical expert hence I sensibly leave these things to the experts.
It’s not going to be cost effective for most people to gain skills, qualifications and tools for one-off jobs regardless of time and preferences.

For your information/education an EPA made in 2007 is still valid (although I did mention LPA as well).
We did ours (courtesy of mse advise) when they were about to stop being free.
I note you have (as predicted) declined to comment on how your DIY strategy works when you are incapacitated.
My investment strategy still works as I have an EPA/IFA in place.

fred246

The chance of me being incapacitated is pretty low unless I get attacked by a gang of IFAs. My investments would still work fine they just wouldn't get tweaked. Not a big deal.

LHW99

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.

That was how I / OH last consulted one, to get a review of where we were, and what to think about going forward. Useful, mentioned some things in the legislation we weren't aware of, and we received a set of suggested actions for the future. Some we took on board, some not, but still worth doing IMO.

Mr.Saver

Malthusian wrote: »

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.

A list of things I have in mind for what an IFA can do for me:
Financial planning - I've tried to do this myself, but wasn't able to make a plan for more than a couple of years
Tax planning - I've been managing this myself, but found it isn't as easy as I thought. I often spend hours (even days) looking for definitive rules or asking for answers.
Insurance policies - I've been dong this myself, but not sure if I have got the most suitable policy at a reasonable marketing price. Honestly, I suspect I was ripped off by commission based price comparison sites.
Portfolio risk management - I'm doing this myself, but I'm not sure whether my investments are too risky for my financial goals.

In the next 3 to 8 years, depending on the stock market and UK housing market, I'll also need advise on purchasing my first home.

I care about whether I'm a profitable client for an IFA because I'd like to work with the IFA for years to implement the plans. I'm pretty sure that the relationship won't last for long if I'm not profitable for the IFA.

lisyloo

fred246 wrote: »

I am on ESA.

If you’re not working you Would presumably have more time than others to do things diy?

Apart from other issues not everyone has the time.
I know this is an mse site but for some of us it makes a lot of sense to outsource certain services, where the time can be better spent in our employment.
I work weekends sometimes and at time and a half it makes sense for me to outsource some chores and reclaim some leisure time and I’m still quids in.

fred246

I am not really on ESA. Justme111 said I was probably on it. I didn't know what ESA was so had to Google it. Made me laugh. I retired at 50 with a substantial self managed portfolio.

lisyloo

So blatant lie in post #70.
Time to let the thread drop folks.

justme111

fred246 wrote: »

I am not really on ESA. Justme111 said I was probably on it. .

No I did not say that. If that is the precision and attention with which you interpret what is said no wonder you have constructed your own world in which some IFAs were giving wrong info and all of them are bad guys. Even worse than car mechanics:eek: