Basic Chat with an IFA
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Commas are too small to make a big fuss about. IFAs used to make massive amounts on commission. When they stopped commission they started charging hourly rates which were grossly in excess of what they should have been considering what an easy job it is. A few flowcharts would cover the entire knowledge of an IFA. If IFAs won't charge reasonable amounts bring on the robos.0
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A few flowcharts would cover the entire knowledge of an IFA.
Except its been found that flow charts have a failure rate (around 25%) and there is no way you can get full knowlege onto a flow chart.
Who are haemorrhaging money hand over fist and many of whom cost the same or more than a general practitioner IFA.If IFAs won't charge reasonable amounts bring on the robos.0 -
You're entitled to your view but obviously run the risk that slapdash text can be misunderstood, whereas those operating in professional environments have to communicate with care and precision. Not being able (or willing) to differentiate between diametrically-opposed statements such as, say, "no funds offer what I want" and "no, funds offer what I want", could be expensive!Commas are too small to make a big fuss about.0 -
Thrugelmir wrote: »How long is a piece of string? The client should get the advice they personally need. Not some predetermined "package".
Who is talking about a package. The client may not want advice for whatever reason (it surely is their choice), they just want some guidance (point in the right direction). This forum is full of guidance but not advice and much of that guidance is really useful.
No disrespect intended but I can't help thinking that some people just want to complicate a simpler matter.0 -
This forum is full of guidance but not advice and much of that guidance is really useful.
Exactly - this is a discussion forum with contributors who's level of experience, knowledge and common sense range from "good" to "total idiot" (in my opinion
).
We are not providing advice as that is a regulated activity that normally has a fee associated with it and has ongoing liabilities if it turns out to be unsuitable advice for that person's individual circumstances.
All we are doing is spouting off via a keyboard rather than via mouth like we would if we all met in a pub.
What the "service" required here seems to be is a distillation of all the possible ideas that you might get on here, from one person over a coffee with a minimal fee paid.0 -
Except its been found that flow charts have a failure rate (around 25%) and there is no way you can get full knowledge onto a flow chart.
75% success rate just using a flow-chart - I find that quite impressive and it's only going to improve over time.
IFAs are going to become an endangered species.
If the OP is still looking for an expensive chat he might be [STRIKE]advised/[/STRIKE] guided to do this asap.0 -
Sailtheworld wrote: »IFAs are going to become an endangered species.
Where I worked IFAs used to come and see the top earners every few months touting for business. They totally ignored all the people earning £30-£40K who needed financial advice as much as anyone. I used to think surely an IFA could see them and still make enough money. It's a bit like expecting a premier league football agent to deal with non league players. They just seem to want to do a few deals and make a load from each one. They certainly aren't going to get out of bed for £100.0 -
Where I worked IFAs used to come and see the top earners every few months touting for business. They totally ignored all the people earning £30-£40K who needed financial advice as much as anyone. I used to think surely an IFA could see them and still make enough money. It's a bit like expecting a premier league football agent to deal with non league players. They just seem to want to do a few deals and make a load from each one. They certainly aren't going to get out of bed for £100.
I suppose the people earning £30k probably don't have anywhere near as much investible income as those earning £150k because more of their money is spent on necessities or cash savings. So they have rather less money that would be available to pay the IFA for his time and knowledge and liability, and even a discounted fee would be large in relation to the figures on which the advice would be given. So unfortunately they're not going to get the advice (at a price that's sensible from their perspective).
You had a job paying you and your colleagues a six figure salary, right? If another company had approached you saying they'd like you to come and work for them for £10k a year because they don't have a lot of revenue to pay you more, and you could probably live on it if you were careful. If you didn't have enough in the bank to give up your existing £100k a year gig to be charitable with the new company, you'd probably tell them to get stuffed - you're not going to give them a 90% discount from your going rate.
That's the same as the IFA who gets enough business income from the high earners to run his business profitably, and doesn't want to drop any of that work to pursue a small client who would need a discount. Similarly the football agent who can't give up a week to work a transfer deal with a non league club for minimal fee when that week would net him £millions from Ronaldo's people. Maybe he could do it in his spare time for free You do find IFAs on here from time to time, giving guidance for free.0 -
The whole positioning on financial advisers in the financial services industry gives rise to a handful of doubts/concerns.
More to follow...0
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