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Basic Chat with an IFA

edited 30 November -1 at 12:00AM in Savings & Investments
68 replies 4.1K views
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  • bowlhead99bowlhead99 Forumite
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    fred246 wrote: »
    This thread really made me laugh. IFAs really are the opposite of fair days work for fair days pay men. To have a little chat lasting a few minutes they want 0.5% of your pension. There have been loads of threads and they keep saying that's the 'going' rate. So someone with a £600000 pot is expected to pay £3000 for a little chat.

    Perhaps you are missing the thrust of the responses in this thread.

    IFA's don't want a 'little chat lasting a few minutes' with a pricetag of several thousand pounds.

    They either want the opportunity to do actual work and take on actual liability - for real money - or not to have the chat at all.
  • CharjohndewCharjohndew Forumite
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    Sorry to jump on the back of this but lots of responses are saying about if you had a small query there are enough people on here to point you in the right direction. I am after a small bit of advice just from people who have been there done that life experienced rather than detailed ifa advice. Do you have to post on a particular forum thread? Thanks in advance
  • MalthusianMalthusian Forumite
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    Sorry to jump on the back of this but lots of responses are saying about if you had a small query there are enough people on here to point you in the right direction. I am after a small bit of advice just from people who have been there done that life experienced rather than detailed ifa advice. Do you have to post on a particular forum thread? Thanks in advance

    Post a new thread.

    There are a few "megathreads" on particular topics but if in doubt it is always better to post a new thread so your query doesn't get lost.
  • badger09badger09 Forumite
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    Sorry to jump on the back of this but lots of responses are saying about if you had a small query there are enough people on here to point you in the right direction. I am after a small bit of advice just from people who have been there done that life experienced rather than detailed ifa advice. Do you have to post on a particular forum thread? Thanks in advance

    Best to start your own thread - and give it a short, meaningful title.

    If its about Savings & Investments - use this section of the board. If its about tax - use the Cutting Tax section.

    Some questions will span several sections - just pick one that's appropriate. We won't bite. Well, most of us won't:D
  • newatcnewatc Forumite
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    6022tivo wrote: »
    Like this is impossible...

    I have money scattered around in places I think are best, I have schemes ongoing.
    I use salary sacrifice to stick 70% ish into my pension. I pay no tax.

    I just want to sit with an IFA for an hour over a coffee in a cafe and go thought my stuff and thought process without ongoing commitment, pressure to sign up to managed funds or anything like that.

    Happy to pay? £100 + vat?? Fair?

    So... I have contacted two local IFA with what I want. One hasn't replied, the other has said the same spiel as their website (Copy and paste).

    Basically, the first visit is free when you fill out a form and hand over your life on paper, then the second visit is a chargeable visit with funds and services offered they think are good for me with fees listed etc, and annual reviews (No commitment though)....

    Like is it really not too much to ask, to have a natter and a charge, then nothing else?


    Am I really asking too much?

    Doesn't seem to be beyond the wit of man (or IFA industry) to come up with a service which is guidance only which meets that criteria thought I would expect it to be more costly than £100.

    I note that HL fund research/comments are guidance only not that I'm suggesting that IFA guidance would relate to specific funds.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • 6022tivo6022tivo Forumite
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    A few of my questions have been answered in here to be honest, so thanks to all involved.

    Pension and IHT was a concern and was answered.
    Also gifting was a concern.

    It also opened my eyes to my life and what I want out of it (Which is not much tbh).

    Quite happy to squirrel it away or give it to my youngest to make his life easier. Before or beyond my death.

    Whoever commented about my life and hobbies/work/charity. You are very right. I don't know what to do, and thoughts of a business/charity work to keep me busy I'm finding hard to get my head round or to fit in to what I can do....
  • fred246fred246 Forumite
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    bowlhead99 wrote: »
    IFA's don't want a 'little chat lasting a few minutes' with a pricetag of several thousand pounds.

    They either want the opportunity to do actual work and take on actual liability - for real money - or not to have the chat at all.

    No IFAs preferred it when they got trail commission. This meant that after a single meeting with a customer they could receive money every year with no more contact. Now they have to arrange a meeting and fiddle with a few things to justify their ludicrous fees. They'll only work if they can charge an enormous fee for their first meeting and then they won't work unless you agree to 'annual reviews' with silly fees. Just ditch the parasites and watch your investments fly. Best thing I ever did was take over my own investments.
  • eskbankereskbanker Forumite
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    fred246 wrote: »
    No IFAs preferred it when they got trail commission.
    The importance of punctuation!

    Spot the difference between:

    No IFAs preferred it when they got trail commission

    and

    No, IFAs preferred it when they got trail commission

    :)
  • bigadajbigadaj Forumite
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    Fred often eats, shoots and leaves.
  • ThrugelmirThrugelmir Forumite
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    newatc wrote: »
    Doesn't seem to be beyond the wit of man (or IFA industry) to come up with a service which is guidance only which meets that criteria thought I would expect it to be more costly than £100.

    How long is a piece of string? The client should get the advice they personally need. Not some predetermined "package".
    "The human understanding when it has once adopted an opinion ... draws all things else to support and agree with it." - Francis Bacon (1561 – 1626)
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