IFA ongoing fee..Why pay?

bowlhead99

ZingPowZing said:

What a difference a year makes.

Pearls of wisdom from ZingPowZing.

Did you get bored of not having moaned about IFAs for a whole two days, so reopened a thread from a year ago just to reminisce about the reasons why you don't use an IFA?  Takes all sorts to make an online community I suppose.

[Deleted User]

Not at all bowlhead93.

Sentiment on this board has changed in many ways over the last twelve months. After all, a year ago some were still relishing the prospect of my imminent bankruptcy or, at least, being schooled by you in the ZPZ v Bowlhead challenge.

Just wondered if the IFA apologists are still backing up their support one year on.

So, with you, that's one.

cloud_dog

ZingPowZing said:

cloud_dog said:

ZingPowZing wrote: »

Also, can we please stop likening financial advisers to doctors?

Seriously? I can only assume you really have not had to engage with doctors for anything more serious than a sore throat. The medical profession has virtually zero oversight, what is has is toothless. I would place my trust in IFAs above doctors who are just above estate agents.

Pearl of wisdom from cloud_dog

Oh dear, are we having one of those days?

[Deleted User]

cloud_dog said:

ZingPowZing said:

cloud_dog said:

ZingPowZing wrote: »

Also, can we please stop likening financial advisers to doctors?

Seriously? I can only assume you really have not had to engage with doctors for anything more serious than a sore throat. The medical profession has virtually zero oversight, what is has is toothless. I would place my trust in IFAs above doctors who are just above estate agents.

Pearl of wisdom from cloud_dog

Oh dear, are we having one of those days?

touché ..

cloud_dog

ZingPowZing said:

Just wondered if the IFA apologists are still backing up their support one year on.

Only naieve or stupid people would blindly rule out IFAs. 

I don't use one but, if I weren't here I would advise my wife to do so (which I have done in my guidance to her). 

[Deleted User]

cloud_dog said:

ZingPowZing said:

Just wondered if the IFA apologists are still backing up their support one year on.

Only naieve or stupid people would blindly rule out IFAs. 

I don't use one but, if I weren't here I would advise my wife to do so (which I have done in my guidance to her). 

Thank you for the comedy, cloud_dog.
I don't think any scriptwriter could write a line more self regarding than that.

cloud_dog

I'm sure you try your best, but I'm happy to bring some light in to your life.

....now where is that ignore button?

[Deleted User]

The right to ignore anything inconvenient (especially something you said yourself a year ago) is the First Amendement of the social media playground. 

So long.

dunstonh

I do believe that IFA’s provide a service, and are skilled, but I don’t for one minute believe it takes 6-8 years of full time study. 

It doesn't.  However, one would have employment getting in the way that would prevent it from being full time.

From what I’ve seen it’s a small fraction of that. 

I have never met anyone that has gone from nothing to level 6 on a full time basis.   So, I cannot compare.    All those I know did it under employment and the timescales mentioned are realistic for that.  That is about 13 exams nowadays.

BananaRepublic

dunstonh said:

I do believe that IFA’s provide a service, and are skilled, but I don’t for one minute believe it takes 6-8 years of full time study. 

It doesn't.  However, one would have employment getting in the way that would prevent it from being full time.

From what I’ve seen it’s a small fraction of that. 

I have never met anyone that has gone from nothing to level 6 on a full time basis.   So, I cannot compare.    All those I know did it under employment and the timescales mentioned are realistic for that.  That is about 13 exams nowadays.

I’m guessing it’s more like one year full time equivalent. So not trivial by any means, but not at all comparable to a medical degree. I’m also guessing that the barriers to entry include the limited number of jobs available, and the difficulty of getting sponsored, or the cost of courses if self financed. Not sure if government grants cover it, I assume not. 

The market has changed a lot. When I started investing hidden commission, including recurring commission was commonplace, the IFA profession was a dirty business back then.