Non Regulated Advice

Cbjroms

I am happy with my investments and want to maintain control of my own financials. I completely understand, and respect the fact,  that this does not make me an ideal customer for an IFA.

I enjoy doing my own research and, at 64, have a pretty clear view as to what I should be doing in terms of retirement/estate planning. But I would really like to have access to someone who can give me informed opinions on my understanding (ie a second pair of eyes) so that I dont miss anything.

I have found a few people online who provide this sort of service. They tend to be recently retired IFAs who want something to do in retirement. Most want to take me through their process whereas I am looking for someone who I can pay for the time I want, to cover the areas I want to. 

Just wondering if anyone out there knows of such a service provider?

QrizB

If you want to pay someone (and you're not looking at the grey economy) I suspect it's going to have to be regulated advice from a regulated advisor.

tetrarch

The big problems are you don't know how long you're going to live, what financial comitments your old age will bring and how the market and tax policies will develop over the next n years

From an investment point of view there are only two things to worry about - Asset Allocation (AA) and Tax Efficiency. In My Personal Opinion an IFA will only be able to help you with AA and that will be predicated on a risk profile that you fill in.

Personally, I believe that charging for advice based on the size of the portfolio is unfair. If I pay for someone's expertise it is the value of their time, not how much I am worth

It would appear that you know your own mind and have your head screwed on. If you have the time and interest then self-education and terrific resources such as MSE and Lemon Fool have enough opinion and knowledgeable participants to help you in your journey

Regards

Tet

leosayer

Access to informed opinions about personal finance matters is exactly what I used this forum for.

tigerspill

There are amazingly knowledgable people on this forum who go out of their way to help people out.  I have benefited hugely from these people and the discussions on here.

Ask your questions and engage in polite discussion and you will be amazed what you will learn over time.

dunstonh

I have found a few people online who provide this sort of service. They tend to be recently retired IFAs who want something to do in retirement. Most want to take me through their process whereas I am looking for someone who I can pay for the time I want, to cover the areas I want to. 

Advice is a regulated activity.  Unregulated individuals cannot give it.  Those who do it are acting unlawfully.

From an investment point of view there are only two things to worry about - Asset Allocation (AA) and Tax Efficiency. In My Personal Opinion an IFA will only be able to help you with AA and that will be predicated on a risk profile that you fill in.

An IFA will help with Asset allocation, tax efficiency, planning and acting as a sounding board, as well as ensuring suitability.   Risk profile analysis is not filled in.  Whilst some use questionnaires as a starting point, risk profiles are based on wider discussions, history, capacity for loss and behavioural analysis.   Only Robo's are allowed to rely solely on a risk Q.

Personally, I believe that charging for advice based on the size of the portfolio is unfair. If I pay for someone's expertise it is the value of their time, not how much I am worth

The larger the assets, the greater the options that need to be considered and the more time it takes.  Plus, liability risk increases.   No firm is going bust on a failure with a £20k investment but the same cannot be said for a £500k+ investment.  Many of the bills an adviser suffers are percentage-based, too.     

itsthelittlethings

You could try an accountant for tax efficiency I think.

BikingBud

Cbjroms said:

I am happy with my investments and want to maintain control of my own financials. I completely understand, and respect the fact,  that this does not make me an ideal customer for an IFA.

I enjoy doing my own research and, at 64, have a pretty clear view as to what I should be doing in terms of retirement/estate planning. But I would really like to have access to someone who can give me informed opinions on my understanding (ie a second pair of eyes) so that I dont miss anything.

I have found a few people online who provide this sort of service. They tend to be recently retired IFAs who want something to do in retirement. Most want to take me through their process whereas I am looking for someone who I can pay for the time I want, to cover the areas I want to. 

Just wondering if anyone out there knows of such a service provider?

Confirming assumptions are correct? So when does it become advice?
You Don't Wanna Do It Like That! - Harry Enfield & ChumsYouTube · KEEP LAUGHING - Comedy TV32.9k+ views · 4 years ago

tetrarch said:

The big problems are you don't know how long you're going to live, what financial comitments your old age will bring and how the market and tax policies will develop over the next n years.

Nobody does. And anybody that claims they do is lying.

So isn't it only legwork to check the spread sheet is correct and the sensitivity analysis cover credible best and worst case and then settle on a most likely scenario.

tetrarch

dunstonh said:

I have found a few people online who provide this sort of service. They tend to be recently retired IFAs who want something to do in retirement. Most want to take me through their process whereas I am looking for someone who I can pay for the time I want, to cover the areas I want to. 

Advice is a regulated activity.  Unregulated individuals cannot give it.  Those who do it are acting unlawfully.

From an investment point of view there are only two things to worry about - Asset Allocation (AA) and Tax Efficiency. In My Personal Opinion an IFA will only be able to help you with AA and that will be predicated on a risk profile that you fill in.

An IFA will help with Asset allocation, tax efficiency, planning and acting as a sounding board, as well as ensuring suitability.   Risk profile analysis is not filled in.  Whilst some use questionnaires as a starting point, risk profiles are based on wider discussions, history, capacity for loss and behavioural analysis.   Only Robo's are allowed to rely solely on a risk Q.

Personally, I believe that charging for advice based on the size of the portfolio is unfair. If I pay for someone's expertise it is the value of their time, not how much I am worth

The larger the assets, the greater the options that need to be considered and the more time it takes.  Plus, liability risk increases.   No firm is going bust on a failure with a £20k investment but the same cannot be said for a £500k+ investment.  Many of the bills an adviser suffers are percentage-based, too.     

@dunstonh - Are you an IFA perchance?

"Advice is unlawful" is a very broad statement to make. If that were true then this board and many others like it would be redundant. As an ex regulated person I would not tell someone exactly what to do. That wouldn't stop me suggesting strategies that might meet their investment goals or to help someone understand genuine risks

I'll accept the liability risk metric, but that still doesn't not justify a percentage fee IMO 

Regards

Tet

dunstonh

"Advice is unlawful" is a very broad statement to make. If that were true then this board and many others like it would be redundant. As an ex regulated person I would not tell someone exactly what to do. That wouldn't stop me suggesting strategies that might meet their investment goals or to help someone understand genuine risks

No-one on this board is taking money for making discussion posts.    Whereas the op is looking to pay someone.  That would make it unlawful.  

I'll accept the liability risk metric, but that still doesn't not justify a percentage fee IMO 

Surely it would depend on the percentage.  A fixed monetary amount could be higher than a percentage-based figure.    Its all relative.    And nowadays, you frequently see tiered charges with caps and collars rather than a one size fits all (unless its the like of SJP).

Albermarle

tetrarch said:

dunstonh said:

I have found a few people online who provide this sort of service. They tend to be recently retired IFAs who want something to do in retirement. Most want to take me through their process whereas I am looking for someone who I can pay for the time I want, to cover the areas I want to. 

Advice is a regulated activity.  Unregulated individuals cannot give it.  Those who do it are acting unlawfully.

From an investment point of view there are only two things to worry about - Asset Allocation (AA) and Tax Efficiency. In My Personal Opinion an IFA will only be able to help you with AA and that will be predicated on a risk profile that you fill in.

An IFA will help with Asset allocation, tax efficiency, planning and acting as a sounding board, as well as ensuring suitability.   Risk profile analysis is not filled in.  Whilst some use questionnaires as a starting point, risk profiles are based on wider discussions, history, capacity for loss and behavioural analysis.   Only Robo's are allowed to rely solely on a risk Q.

Personally, I believe that charging for advice based on the size of the portfolio is unfair. If I pay for someone's expertise it is the value of their time, not how much I am worth

The larger the assets, the greater the options that need to be considered and the more time it takes.  Plus, liability risk increases.   No firm is going bust on a failure with a £20k investment but the same cannot be said for a £500k+ investment.  Many of the bills an adviser suffers are percentage-based, too.     

@dunstonh - Are you an IFA perchance?

"Advice is unlawful" is a very broad statement to make. If that were true then this board and many others like it would be redundant. As an ex regulated person I would not tell someone exactly what to do. That wouldn't stop me suggesting strategies that might meet their investment goals or to help someone understand genuine risks

I'll accept the liability risk metric, but that still doesn't not justify a percentage fee IMO 

Regards

Tet

The issue is that in the world of personal finance, the word 'advice' has a legal meaning.
Personal financial advice can only be given by a regulated advisor, who will be liable for any poor advice they give.

Everything else, including posts on this forum, are general advice, pointers, guidance, links to other sites.
If you call your pension provider, investment platform etc ( or look at their websites , including MSE's) that is all you will ever get.