financial adviser

Cobbler_tone

wjr4 said:

Cobbler_tone said:

dunstonh said:

A very clear one hour conversation I had with a Pension Wise advisor. I specifically asked "A FA or IFA?" and he said both. 

You realise that the Pensionwise people are not well-trained and lack experience in the areas to make such statements.     They are trained on the basics within their remit only.   

As opposed to trying to pick through some of the absolute wild BS posted on a forum? Which also gives some great advice.

I’m comfortable with my knowledge but millions will rely on the government backed advice guidance of PW. Anyway, the DC options were explained in very clear, plain English compared to anything I’ve seen here. It was a throwaway comment to steer clear of any attempt to provide financial advice and “speak to a couple” is never poor advice guidance. Highly recommended as a starting point and most people won’t ultimately need an FA/IFA, which can clearly a minefield in itself. Remember the days when people wouldn’t get a mortgage without a FA/IFA? Or car insurance was bought in a shop. Pensions are probably going the same way with the tech and info available. 

The most fortunate may know a good one, or get a strong recommendation if needed.

1) nobody should take advice on a forum 
2) pension wise do not give advice and they clearly say they to you 
3) speaking to a couple of IFAs can be sensible, to find someone you get along with. Speaking with a FA is not sensible as you’re basically going to a salesperson rather than an unbiased IFA. 

1) agree
2) Guidance (edit above, although I never suggested they did) The same as I would when people ask for guidance/information.
3) are they (IFA) ever truly independent? Certainly not in terms of looking at the 'whole market'.

https://www.moneymarketing.co.uk/features/why-the-reality-of-impartial-advice-falls-short/

If I ever needed one again I would use the 'firm' I used in the early 90's. Back when you would buy add ons like commission based life insurance with an IFA. I won't mention the name as he is still going...well the name is but it is now his son who must be in his 50's.
This guy was a larger than life character (a 'Barry Fry' but likeable), he used to show up in his brand new 911, much to the delight of the kids on the street and had a VERY nice house. I did a few things with him and wouldn't hesitate to speak to his son. His site looks good and does a whole range of services. The name has been going since 1979, so must be doing OK. His son's house isn't quite as plush, so I am sure times have changed. For me, it is usually about building trust and rapport with the person in any walk of life.

Finally, the main government-backed service for pension guidance is Pension Wise, which is part of the Money and Pensions Service (MaPS), so I wouldn't let the potential arrogance/egos of some write them off. It is a valuable free resource. 

As it is, I am confident with my own affairs and certainly wouldn't be buying a car (or pension) based on any 'advice' seen on this site but maybe using some of the information.    

dunstonh

3) are they (IFA) ever truly independent? Certainly not in terms of looking at the 'whole market'.

IFAs are required to look at the whole of market.  If they restrict product offerings in any way, they become FAs.

Finally, the main government-backed service for pension guidance is Pension Wise, which is part of the Money and Pensions Service (MaPS), so I wouldn't let the potential arrogance/egos of some write them off. It is a valuable free resource. 

It is a resource and is good for simple solutions but does not consider all solutions and is very restricted in its remit.     We must not let the potential arrogance/egos of some overegg how good it is.

Ibrahim5

I saw pensionwise. They gave reasonable advice. They didn't charge thousands of pounds for a few minutes work, They didn't sell me unsuitable products just to get commission. Everything they said was true. They didn't invest my money incredibly badly. Their greed didn't lead to me losing a small fortune.

Cobbler_tone

dunstonh said:

3) are they (IFA) ever truly independent? Certainly not in terms of looking at the 'whole market'.

IFAs are required to look at the whole of market.  If they restrict product offerings in any way, they become FAs.

Finally, the main government-backed service for pension guidance is Pension Wise, which is part of the Money and Pensions Service (MaPS), so I wouldn't let the potential arrogance/egos of some write them off. It is a valuable free resource. 

It is a resource and is good for simple solutions but does not consider all solutions and is very restricted in its remit.     We must not let the potential arrogance/egos of some overegg how good it is.

Lazy attempted flip. I’m sure the role and need of an IFA has changed drastically over the years. Like any service industry, the information, choice and ability to look after yourself must have increased exponentially. I can’t believe that many IFA’s don’t favour certain products and relationships they have made, that’s common sense. Most people’s situation is not rocket science and as we see there is no silver bullet for an ultimate outcome. Clearly some people have very complex situations.
The fact it is not a thriving, growing industry tell us that the landscape continues to change. I’m sure it’s harder work these days than my guy in his 911, who I’m sure also put the miles in with evening appointments.
It’s the FA’s I feel sorry for, they must feel like proper charlatans. 

I think that was my main point. PW is a good starting point for some with limited understanding of their options and not an alternative to financial advice, if applicable. It’s also a good resource to confirm what you think you already know, as opposed to the bloke at the bus stop, or a forum/Google/AI.
Certainly no inflated ego here and I know what I need to know and what I don’t know I’m intelligent enough to find out accordingly and never make rash decisions in any walk of life.
FWIW you are one of the (few) posters I take note of.

artyboy

Ibrahim5 said:

I saw pensionwise. They gave reasonable advice. They didn't charge thousands of pounds for a few minutes work, They didn't sell me unsuitable products just to get commission. Everything they said was true. They didn't invest my money incredibly badly. Their greed didn't lead to me losing a small fortune.

Would you like fries with that vitriol...?

dunstonh

I can’t believe that many IFA’s don’t favour certain products and relationships they have made, that’s common sense.

In most professional occupations nowadays its full of audit trails.   You cannot simply choose a product just because you like it.        However, with many modern products being whole of market, the differences are often price, software and functionality and in some areas it can have some personal slant.    And investing itself is largely a matter of opinion but it must have a structure and process that is documented and nothing like how it used to be a decade or so ago.

I think that was my main point. PW is a good starting point for some with limited understanding of their options and not an alternative to financial advice, if applicable. It’s also a good resource to confirm what you think you already know, as opposed to the bloke at the bus stop, or a forum/Google/AI.

I do not disagree.    However, multiple times I have had to unwind the ideas put into peoples heads from their pensionwise meeting.     Especially in the early days, when perhaps the staff they used were prone to putting their own biases into the equation.    Even as far as telling someone not to do this or that when they should not be saying that.   Regular UFPLS, for example, doesn't seem to be in their explanations, as that is a frequent "we were not told about that" style comment.

Certainly no inflated ego here and I know what I need to know and what I don’t know I’m intelligent enough to find out accordingly and never make rash decisions in any walk of life.
FWIW you are one of the (few) posters I take note of.

As you said, lazy flip     Discussion is good and healthy.    Unlike the comments of a certain other poster

Cobbler_tone

dunstonh said:

I can’t believe that many IFA’s don’t favour certain products and relationships they have made, that’s common sense.

In most professional occupations nowadays its full of audit trails.   You cannot simply choose a product just because you like it.        However, with many modern products being whole of market, the differences are often price, software and functionality and in some areas it can have some personal slant.    And investing itself is largely a matter of opinion but it must have a structure and process that is documented and nothing like how it used to be a decade or so ago.

I think that was my main point. PW is a good starting point for some with limited understanding of their options and not an alternative to financial advice, if applicable. It’s also a good resource to confirm what you think you already know, as opposed to the bloke at the bus stop, or a forum/Google/AI.

I do not disagree.    However, multiple times I have had to unwind the ideas put into peoples heads from their pensionwise meeting.     Especially in the early days, when perhaps the staff they used were prone to putting their own biases into the equation.    Even as far as telling someone not to do this or that when they should not be saying that.   Regular UFPLS, for example, doesn't seem to be in their explanations, as that is a frequent "we were not told about that" style comment.

Certainly no inflated ego here and I know what I need to know and what I don’t know I’m intelligent enough to find out accordingly and never make rash decisions in any walk of life.
FWIW you are one of the (few) posters I take note of.

As you said, lazy flip     Discussion is good and healthy.    Unlike the comments of a certain other poster

Thank you. Healthy discussion is always good and how we learn about lived experience. I do know the DC options and used PW as a ‘sanity check’ and TBF the chap I spoke to was good. He certainly went through UFPLS. I can imagine many sit through that hour call and are none the wiser, especially if they revisit their options months later and didn’t understand the options in the first place, or even when they were explaining them! I’m sure there’ll be cases of what they say is not what they were told. I guess with the FA/IFA comment, firstly I directly asked and the poor guy (it was probably a leading question) and I assume he didn’t want to say “don’t see an FA”. Ultimately if someone saw an FA and IFA the IFA should ‘win’, unless he is selling the same providers products. I’d also choose the provider (or supplier in business) that I got along with and gave me confidence that they knew their stuff and weren’t selling me a pup.