Views on advisors

BrockStoker

MaxiRobriguez said:

this is not a diverse community. 

I disagree. Although many on here have a background in finances, that is not the case with all of us, myself included.

MaxiRobriguez

BrockStoker said:

MaxiRobriguez said:

this is not a diverse community. 

I disagree. Although many on here have a background in finances, that is not the case with all of us, myself included.

We're not representative of the general public though. People on this sub-forum tend to know their onions which means an inherent bias towards (successful) DYI investing. 

coachman12

BrockStoker said:

MaxiRobriguez said:

this is not a diverse community. 

I disagree. Although many on here have a background in finances, that is not the case with all of us, myself included.

I fully agree, Brock. Like you, I have no background in finances as a career and yet I put all my portfolio together myself ( with advice about one particular biotech company from a very gifted amateur !) right from the start ; and it took a few years off and on. After it was all "settled in" and balanced, I did get professionals to watch what was going on and keep me informed, because after spending so much time in doing my own research to set up a big portfolio across all sectors , I wanted someone to keep an eye on important developments and let me know if there was anything I should know------because I wanted a life back which was not dominated by my own continuing companies' and shares' research. Even so I still make the decisions.
Furthermore, I disagree with both you and  MaxiRodriguez that many or most people on these forums have any background in finances----in fact, it is patently clear from the vast majority of posts that they certainly do not.

Audaxer

MaxiRobriguez said:

BrockStoker said:

MaxiRobriguez said:

this is not a diverse community. 

I disagree. Although many on here have a background in finances, that is not the case with all of us, myself included.

We're not representative of the general public though. People on this sub-forum tend to know their onions which means an inherent bias towards (successful) DYI investing. 

I agree we are not really representative of the general public, but I think it is because most regulars on here have an interest in investments and pensions, even those that don't have a background in finance. Most of the people I know are just not interested in the subject of pensions and investments and therefore would not even consider DIYing their investments.

Thrugelmir

MaxiRobriguez said:

BrockStoker said:

MaxiRobriguez said:

this is not a diverse community. 

I disagree. Although many on here have a background in finances, that is not the case with all of us, myself included.

We're not representative of the general public though. People on this sub-forum tend to know their onions which means an inherent bias towards (successful) DYI investing. 

After an extended bull run what tends to happen is that people become complacent.  Over estimating their own abilities as an investor.  The side effect of which is to gradually increase their level of risk exposure. Whether it's to move to highly correlated 100% equity portfolios or progressively build a higher weighting in emerging markets. Emotion takes over.  Mantra's get rolled out as if this time is different. When what's actually required is emotional detachment. Always stay humble. 

ChilliBob

I'm not afraid of some DIY, but I do know my limits.. I don't go near plumbing !

I'm naturally cautious and risk averse, enjoy doing research, and according to others tend to under estimate my abilities, which in my view means I try not to get out of my depth! 

In some aspects I feel these qualities will be useful, but I do appreciate they may be limiting.

I'm sure most people would just chuck the cash on one bank, not only have I chosen to diversify but I looked at Moody/Fitch/S&P to see the ratings to avoid anything too low (Ana I still feel a bit risky!) 

fred246

I hate IFAs but I think if you suddenly, unexpectedly come into a large amount of money and you have no idea about investments it may be a time to engage an IFA. IFAs charge silly amounts totally unrelated to the work done. So keep their fees down by organising lots of free 'first meetings' and negotiate the fees down. Pretend you will be happy to pay ongoing fees.  Read up on investments for a year or two and then ditch the parasite and watch your investments fly.

csgohan4

fred246 said:

I hate IFAs but I think if you suddenly, unexpectedly come into a large amount of money and you have no idea about investments it may be a time to engage an IFA. IFAs charge silly amounts totally unrelated to the work done. So keep their fees down by organising lots of free 'first meetings' and negotiate the fees down. Pretend you will be happy to pay ongoing fees.  Read up on investments for a year or two and then ditch the parasite and watch your investments fly.

Would you change a boiler after watching them do it and ditch the 'parasite'?

IFA have their roles to play, people do and will DIY badly as well as mentioned in Dunstoh's post. If you just invest in today's winners you will be in for a bumpy ride. 

missile

ChilliBob said:

Hey guys, 
I'm keen to get people's views on financial advisors 

Crooks in suits

ChilliBob

Clearly quit le a variety of opinions here, and here was me thinking this thread might get a couple of replies!

Would I change a boiler, heck no! Would I repressurise it after my plumber and a YouTube video, yep, with caution!