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Financial advisors
FITZ90_2
Posts: 1 Newbie
What are the true advantages of seeing a financial advisor? Can they make better use of any savings & investments to justify any fee that has to be paid?
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Can you go DIY to an equal or better standard than a professional is all it boils down to? i.e. decorating, servicing your car, doing your accounts etc
If not you you pay someone to do it or you risk bodging it up. If you can then you can go DIY, albeit typically not from a whole of market approach in some areas (as some things require an IFA to be involved as the products are only retailed that way).
If you do seek advice, dont use a tied rep (FA) but use an IFA. FAs offer absolutely no advantage over an IFA.
It is also worth noting that in some areas, using an IFA is cheaper than DIY.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.0 -
What are the true advantages of seeing a financial advisor? Can they make better use of any savings & investments to justify any fee that has to be paid?
Financial Advisors are professionals. They have access to loads of data (as do we all with the invention of the internet). They however, know how to decipher all the jargon and more importantly the small print!
They know all about tax implications etc.
If your planning on sticking your money away short-term i.e. in ISA's, savings accounts etc, I wouldn't go to an IFA. If your planning pensions or more complex and longer term investments, go and see someone who knows how the system works - An IFA.
As dunstonh says - Use an IFA NOT an FA (sales person) tied to a bank etc.John :beer:
Life's too short.........0 -
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Yes it was thanks Paul.
Some of you are comparing tied agents with IFAs. You are also comparing salesforces with advisers. If you see a tied agent, you should expect to be sold to. If you see a salesforce adviser (of any type) you should expect a sales type presentation. Also, things have changed a lot over the years and you shouldnt measure the quality of advisers today against those of 10-20 years ago.
Avoid tied agents and avoid salesforces and you eliminate most of the problem areas.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.0
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