Using my own banks Financial Advice service a good option?

dunstonh

When an IFA advises you to ignore my posts, it is clear that I have struck a nerve and that the IFA knows that ,

I must admit that I do not suffer fools lightly.   

if my message gets wider publicity, it will result in the truth about any tom, !!!!!! or harry, fresh from  6 month correspondence course, and who could ruin your finances.

If you wish to continue making yourself look silly then that is fine with me.  

Stick with proper professionals with an illustrious university background, their qualifications and experience and record. If you are tempted to employ an IFA, always ask them to show you their Honours or Masters Degree in an economics or financial subject and for their qualifications as listed at&nbsp;<a rel="nofollow" href="https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail/chartered-wealth-manager-qualification" title="Link: https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail/chartered-wealth-manager-qualification">https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail/chartered-wealth-manager-qualification</a>.

You are still getting it wrong.     Even the link you posted gives you a clue.

bundoran

Richard1212 said:

When an IFA advises you to ignore my posts, it is clear that I have struck a nerve .......

You haven't struck a nerve.

You repeatedly post the same misinformation. It's fortunate that forum members are prepared to spend time refuting what you post so that others are not misled by you.

Nebulous2

Richard1212 said:

wynter_b said:

The sort of service/person I'm looking for would be the one that could advise, for example: Invest £200,000 in X with the mind of paying off Mortgage in 2 years if interest rates remain high, Put X into ISA, Put X into a Buy to let, Put X into quick access account for emergencies. So your suggestion for independent makes sense if HSBC can only advise their own products. Thanks - saves me wasting time setting up an interview with them.

With your sort of sums, I strongly recommend a Personal Wealth Adviser/Manager. Forget all about IFAs----as I have said many times on this site before ( to the annoyance of IFAs and those with small sums who use them) such people can claim to be IFAs after a 6 month correspondence course. A Wealth Manager need a First Class Honours degree in economics/Financial Planning etc, a host of qualifications and much experience. I have employed one for 30 years and he and his team have been like gold dust to me. I'd not look to HSBC advisers.          Good luck with what looks like fine prospects.

I've seen this posted a few times now, though possibly under a different user name. 

I've never seen anything I can check out for myself though. 

Who is this wealth adviser / manager? 

xylophone

If you decide to take financial advice, you might try

https://adviserbook.co.uk/

Tick "confirmed independent" then other specialisms required when the menu comes up.

You can choose "Chartered Financial Planner" as one option if this level of qualification is required.

You can then ring round to check on what  service is offered and the fee basis.

Chickereeeee

Richard1212 said:

When an IFA advises you to ignore my posts, it is clear that I have struck a nerve and that the IFA knows that , if my message gets wider publicity, it will result in the truth about any tom, !!!!!! or harry, fresh from  6 month correspondence course, and who could ruin your finances. Please treat the advice to ignore my warnings about IFAs as you should ignore employing them or listening to their financial "advice".              Stick with proper professionals with an illustrious university background, their qualifications and experience and record. If you are tempted to employ an IFA, always ask them to show you their Honours or Masters Degree in an economics or financial subject and for their qualifications as listed at https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail/chartered-wealth-manager-qualification.

Even by your own link you only need an Investment Advice Diploma (EQF level 4, which is equivalent to A levels) for 'Chartered Welth Manager' title.

Albermarle

Nebulous2 said:

Richard1212 said:

wynter_b said:

The sort of service/person I'm looking for would be the one that could advise, for example: Invest £200,000 in X with the mind of paying off Mortgage in 2 years if interest rates remain high, Put X into ISA, Put X into a Buy to let, Put X into quick access account for emergencies. So your suggestion for independent makes sense if HSBC can only advise their own products. Thanks - saves me wasting time setting up an interview with them.

With your sort of sums, I strongly recommend a Personal Wealth Adviser/Manager. Forget all about IFAs----as I have said many times on this site before ( to the annoyance of IFAs and those with small sums who use them) such people can claim to be IFAs after a 6 month correspondence course. A Wealth Manager need a First Class Honours degree in economics/Financial Planning etc, a host of qualifications and much experience. I have employed one for 30 years and he and his team have been like gold dust to me. I'd not look to HSBC advisers.          Good luck with what looks like fine prospects.

I've seen this posted a few times now, though possibly under a different user name. 

I've never seen anything I can check out for myself though. 

Who is this wealth adviser / manager? 

It is always the same user name I think, and always almost exactly the same comments.

jimjames

wynter_b said:

Would they have a wide enough view of options available to us if we wanted to say invest in a property as well as maximise ISAs plus pensions? 
Thanks in advance.

I'm not aware of any mainstream adviser that would advise on property as well as other investments but it's certainly not something your bank would offer - they will only advise on the products they sell unless they have an IFA service. It's a far more niche offering looking at investments other than funds and shares.

InvesterJones

wynter_b said:

Hi all,
My partner and I have banked with HSBC since arriving in the UK 15 years ago. We have current accounts and Savings accounts, a mortgage, and we each had Home buyers ISA leading up to buying our house 2.5 years ago. We have an inheritance coming later this year, and once we have paid off our high interest cards, we wont have any debts barring the mortgage which we can re negotiate in 2 years time. We will have about £550,000 to invest, and we have a couple of scenarios in mind but and we are both finding the options quite bewildering. I notice that HSBC has a financial advice service which we wondered might be a good option to start getting some plans in place. Would they have a wide enough view of options available to us if we wanted to say invest in a property as well as maximise ISAs plus pensions? Or should we look to a funds management service. I think we would like to spread the risk across various investment + savings options. And would obviously like to reduce costs and fees where necessary.
Thanks in advance.

It sounds like you're looking for help over two different timescales: 1) what to do in the immediate future for the next 2 years, and 2) what to do in two years time when you're coming up to re-negotiating your mortgage. While it might normally be possible to make a plan that covers a change after two years, with the uncertainty around interest rates that's going to be very hard at the moment, hence considering both a short term and long term plan.

Since independent financial advisors (and do go for those - they are regulated - not similar sounding wealth managers or other titles, unless they also happen to be an independent financial advisor) are not cheap, it probably makes sense to engage one just prior to the 2 years where you'll get the most benefit - or alternatively engage one now and request a range of strategies dependant on interest rates at the time of re-mortgaging. In the meantime take what free advice you can. A non-independent financial advice service doesn't strike me as terribly useful, unless it is free and you're going into it with your eyes open that it's solely related to that company's products.

Suzycoll

wynter_b said:

Hi all,
My partner and I have banked with HSBC since arriving in the UK 15 years ago. We have current accounts and Savings accounts, a mortgage, and we each had Home buyers ISA leading up to buying our house 2.5 years ago. We have an inheritance coming later this year, and once we have paid off our high interest cards, we wont have any debts barring the mortgage which we can re negotiate in 2 years time. We will have about £550,000 to invest, and we have a couple of scenarios in mind but and we are both finding the options quite bewildering. I notice that HSBC has a financial advice service which we wondered might be a good option to start getting some plans in place. Would they have a wide enough view of options available to us if we wanted to say invest in a property as well as maximise ISAs plus pensions? Or should we look to a funds management service. I think we would like to spread the risk across various investment + savings options. And would obviously like to reduce costs and fees where necessary.
Thanks in advance.

if I was you I would not just use the banks financial advisor as they will just sell you the banks products. Personally I would not take advice from any financial advisor as I don't trust any of them (obviously just a personal opinion). If you feel confident enough I think you can handle 55k yourself ?

Albermarle

Suzycoll said:

wynter_b said:

Hi all,
My partner and I have banked with HSBC since arriving in the UK 15 years ago. We have current accounts and Savings accounts, a mortgage, and we each had Home buyers ISA leading up to buying our house 2.5 years ago. We have an inheritance coming later this year, and once we have paid off our high interest cards, we wont have any debts barring the mortgage which we can re negotiate in 2 years time. We will have about £550,000 to invest, and we have a couple of scenarios in mind but and we are both finding the options quite bewildering. I notice that HSBC has a financial advice service which we wondered might be a good option to start getting some plans in place. Would they have a wide enough view of options available to us if we wanted to say invest in a property as well as maximise ISAs plus pensions? Or should we look to a funds management service. I think we would like to spread the risk across various investment + savings options. And would obviously like to reduce costs and fees where necessary.
Thanks in advance.

if I was you I would not just use the banks financial advisor as they will just sell you the banks products. Personally I would not take advice from any financial advisor as I don't trust any of them (obviously just a personal opinion). If you feel confident enough I think you can handle 550k yourself ?

The extra zero makes a difference. Somebody inexperienced could make some significant mistakes with an amount that large.