coronavirus and personal pensions

Parking_Trouble

So there's no point in having an IFA (taking a monthly fee) after the initial set up?
His actions seem to confirm that.

Thrugelmir

Parking_Trouble said:

So there's no point in having an IFA (taking a monthly fee) after the initial set up?
His actions seem to confirm that.

IFA's have no ability to forecast immediate market movements more than anyone else. If anything less so. As it's not their full time function. Considered infrequent guidance on rebalancing is another matter. As portfolios should reflect individuals own circumstances and objectives. There'll always be an investment better than the one you invested in. 

Parking_Trouble

Thrugelmir said:

Parking_Trouble said:

So there's no point in having an IFA (taking a monthly fee) after the initial set up?
His actions seem to confirm that.

IFA's have no ability to forecast immediate market movements more than anyone else. If anything less so. As it's not their full time function. Considered infrequent guidance on rebalancing is another matter. As portfolios should reflect individuals own circumstances and objectives. There'll always be an investment better than the one you invested in. 

Just thought a few words of reassurance wouldn't go amiss.
I'm not worried, it was a cautious portfolio and we can sit and wait for recovery. 
I need to give him the elbow and instead pay for advice when we need it.

Thrugelmir

Parking_Trouble said:

Thrugelmir said:

Parking_Trouble said:

So there's no point in having an IFA (taking a monthly fee) after the initial set up?
His actions seem to confirm that.

IFA's have no ability to forecast immediate market movements more than anyone else. If anything less so. As it's not their full time function. Considered infrequent guidance on rebalancing is another matter. As portfolios should reflect individuals own circumstances and objectives. There'll always be an investment better than the one you invested in. 

Just thought a few words of reassurance wouldn't go amiss.
I'm not worried, it was a cautious portfolio and we can sit and wait for recovery. 
I need to give him the elbow and instead pay for advice when we need it.

If your advisor made the wrong call. Then the assurance would be worthless. The fall out. As there's bound to be some. Is as yet unquantified. Early early days. Companies themselves will be unclear as to what's happening. 

badmemory

No matter how good your IFA is they have no way of "guessing/forecasting" when China is going to drop yet another virus on us.

[Deleted User]

Parking_Trouble said:

So there's no point in having an IFA (taking a monthly fee) after the initial set up?
His actions seem to confirm that.

The only point of having an IFA for standard investment situations is to say “do nothing” when the clients get nervous during a bit of a turmoil. Everything else, like rebalancing, is dead easy, takes an hour per year and can be learnt within an hour. 

If you contacted him last week and received no response then IMHO, he is not doing his only meaningful job