Financial Services

If we were content with a modest rate of return on savings eg internet savings bank we would not need to bother with the tortured bureaucracy developed by the old boys system which is the financial services sector. They could return to their fairground tents and rekindle their expertise with three walnut shells and a pea .
Rather brassed-off with IFA/FSA/FOS etc
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Replies

  • PalPal Forumite
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    One for the discussion board I think.
  • Joe_BloggsJoe_Bloggs Forumite
    4.5K Posts
    @MCQ
    You may have a point but I could not offer an opinion unless you hand over your cash. Prestidigitation is a lucrative occupation especially when mixed with hypnotic skills. Take Paul Daniels I wish somebody would.

    Have you recently invented a time machine or is your real time clock two weeks behind. Some emails are sorted according to this time and you may find that urgent correspondence is never read by the recipient.
  • dunstonhdunstonh Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Not much there to discuss really.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jdmchughjdmchugh Forumite
    20 Posts
    There might not have been much to discuss in my thought but I wonder why you bothered sending such a pointless reply. Perhaps you are an FSA. regards anyway McQ
  • DiggingOutDiggingOut Forumite
    770 Posts
    He is an IFA. And there isn't much to discuss because you have the option of doing exactly what you suggest and then you don't have to have any dealings with IFAs, etc. No one will force you into an IFA's office.

    For those who want to use their services, some of them do a very good job.

    Can't believe I'm saying this, I'm the ultimate IFA skeptic. But some of them really do the best for their clients rather than just maximise their own commissions.
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • Joe_BloggsJoe_Bloggs Forumite
    4.5K Posts
    I prefer the trick where they take a coin from behind your ear.

    I am stupid and have recently confirmed it but it would be nice if financial advisors were paid a proportion of the profits from their advice rather than take from the capital at the start.

    Fair pay for excellent advice. No pay for poor advice.
    My bet is they would tell everybody something different in some kind of arbitrage scheme.

    This is no way a criticism but my own warped thoughts.

    I would also like camelot to pay me the lottery jackpot and take my £1 stake from it.
  • dunstonhdunstonh Forumite
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    The FSA is the financial services authority.  You cant be an FSA.  I am an IFA but I saw nothing in that post for discussion.  It was a remark but it contained little information that could lead to a discussion.

    Many people dont know the difference between the insurance agent, tied advisor, mortgage advisor or IFA.  Get a bad bank advisor and the others get a bad reputation too.   Some are regulated, some are not (or will be soon).  
    I  prefer the trick where they take a coin from           behind your ear.

    I am stupid and have recently confirmed it but it would be nice if financial advisors were paid a proportion of the profits from their advice rather than take from the capital at the start.      

    IFAs usually have a range of commission options and you can tell the IFA that you want them to be paid ongoing rather than upfront.   Not all providers will accomodate it but most will but if you instruct the IFA on the basis that the remuneration should include as much trail commission as possible at the expense of initial commission, then the IFA will advise you on that basis.  Tied advisors dont usually have that flexibility and would be paid up front.

    Personally, i take everything on trail wherever i can.   It builds value for my business, gives me an income stream during quiet periods (not that i can remember a quiet period) and it ensures that if financial services goes down the fee based route and in turn gets virtually killed off for doing so, then at least i have a source of income to compensate for the loss of business.  

    Most though do seem to take everything up front but thats because they are old farts coming to the end of their time or they are in multi advisor firms and have no stake in the firm or future trail/renewal fees.

    It is unfair to blame the whole financial services sector for a bad experience from one individual.  If your car goes wrong, do you blame the manufacturer, the saleman, the mechanic, the recovery firm, the petrol supplier, the petrol station etc etc.  If you do get bad service from one of those, you dont blame the other areas but change the one in the chain that gave you bad service.  
    Can't believe I'm saying this, I'm the ultimate IFA skeptic. But some of them really do the best for their clients rather than just maximise their own commissions
    Yep. Some do, some probably do not. If you dont like the service then find another IFA. There are certainly enough IFAs out there.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jdmchughjdmchugh Forumite
    20 Posts
    Dear DD---I do know what an IfA is but I was being a tad naughty in using the less complimentary description of an IFA ie Fellow of the Society of A*******.

    You really do spend a lot of time replying to matters in which there is little to discuss . Thanks to others.Regards McQ.
  • DiggingOutDiggingOut Forumite
    770 Posts
    I had an old guy on the verge of retirement who spent lots of time understanding my situation and gave me great advice. He took commission on trail.

    He then retired, sold out to another firm, and I had a younger guy who didn't listen very well and gave lousy advice for me, good for him. Lost me as a client very quickly. >:(
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • Joe_BloggsJoe_Bloggs Forumite
    4.5K Posts
    This has in my view become a productive thread.      Often good advice and information is contained in a thread that does not reflect the information that it contains. Is there a way of partially renaming this thread to reflect its evolving content ?

    I think you would have to obtain the consent of all contributers to make a change.    

    Some books have two titles. The latter 'sub' title may be an after thought.

    What in the hell is trail !
    Is it a caravan thing  ?

    Understanding how your financial advisor is paid may well be a  deciding factor whether you  consult one or not.




         


                                   
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