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Sorry lads and lasses, I asked this a while ago but can't find the thread or where I put the suggestions.
I need some advice on pensions and retirement investment very soon, but I don't trust any of these type of sharks. I tend to believe they are totally in it for themselves not their client. Anyone know one that they would have any faith in? I remember a couple of people did. Presumably these were fee based rather than commission based.
I had 3 private pensions to sort out a few years ago & can highly recommend this company. They are based in Cardiff where I was living at the time, but they do service the local areas as well.
I dealt with Craig Palfrey, a really decent person. If you look on here:- https://www.vouchedfor.co.uk/IFA-financial-advisor-mortgage/cardiff you will find him as the first on the list. Also if you click through on his profile you will see you can get an hours free consultation with him through the site.
Hope this helps & any other questions about Penguin then ask away
Colin
Prediction league winner 2016-2017 aka llanedeyrnjack
1
Independent Financial Advisers on 10:05 - Jun 17 with 7268 views
Big problem here is finding a decent person in this field, far too many big headed individuals and as you say, in it for themselves.
My advice is keep away from any bank based financial advisors or ones from a bank background....you'd be better off asking auntie Dorothy than going down that route.
Well I'm not an IFA but I do dabble in investment strategy, and I would urge extreme caution over the next 10 years or so.
I follow US markets mainly but the UK is normally fairly highly correlated, and my key thesis currently is that we are very near and most likely past a major turn higher in term interest rates.
That is very bad news for equities and long term bonds (sovereigns and corporates) that the vast majority of investment advisors will recommend and that funds are loaded up with.
Longer term and when a upturn in the interest rate cycle is confirmed, commodities should outperform but the safest bet is to stay invested in short term (<6 month) government securities.
And you can easily manage this sort of thing yourself via ETFs.
Independent Financial Advisers on 11:27 - Jun 17 by Shaky
Well I'm not an IFA but I do dabble in investment strategy, and I would urge extreme caution over the next 10 years or so.
I follow US markets mainly but the UK is normally fairly highly correlated, and my key thesis currently is that we are very near and most likely past a major turn higher in term interest rates.
That is very bad news for equities and long term bonds (sovereigns and corporates) that the vast majority of investment advisors will recommend and that funds are loaded up with.
Longer term and when a upturn in the interest rate cycle is confirmed, commodities should outperform but the safest bet is to stay invested in short term (<6 month) government securities.
And you can easily manage this sort of thing yourself via ETFs.
These people in the financial sector are just professional gamblers, nothing more to it than that.
Continually being banned by Planet Swans for Porthcawl and then being reinstated.
Most will push the product that they get the most commission from you must be very naive to think they would not.
How long or should I say short is the course to get an IFA license would you say?And to get on the course all you need is a few quid course fee absolutely zero qualifications.
[Post edited 17 Jun 2018 13:41]
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Independent Financial Advisers on 13:29 - Jun 17 by Phil_S
Not to the statement made it’s not
The statement you made is bollocks, I don't want to copy someone else's words but it would be very naïve to think that they don't peddle the products that make them the most coin in lots of cases, some of them have been done for far worse than that.
I seen a 30 for 30 documentary the other day where a guy that had lost a lot of money being badly advised said the real baddies you need to look out for in life are the ones that wear suits.
[Post edited 17 Jun 2018 14:18]
Continually being banned by Planet Swans for Porthcawl and then being reinstated.
Compound interest according to Albert Einstein is the eighth wonder of the world. Warren Buffet reckons to buy shares you should be in it for the long term i.e. the markets may fall but the dividends (or distribution) can still be reinvested (accumulation) year on year. And? A market like the FTSE 100 has always historically bounced back and returned an higher value!
Look at 12:08s in the video see how much $10,000 Dollars would be worth today?
THE RETURN ON $10,000 BLEW MY MIND! I'm not saying "put your money into an index fund" but if you go elsewhere IMO diversification is a safer option i.e. never put all your eggs into one basket i.e. buy many companies instead of just one or two. And like with the fall of Aberdeen Technology Fund never put all your money into one sector. Just my anecdotal opinion BTW.
Argus!
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Independent Financial Advisers on 14:13 - Jun 17 with 6937 views
Independent Financial Advisers on 10:27 - Jun 17 by moonie
Depends on your pot and how risk averse you are .
My old fella ,thirty yrs ago, lost serious money with Aberdeen Trust after he was misled .
Be careful and take your time
Personally, I d go safety route
Same with a close family member of mine, albeit with a different fund based entirely in the property sector that suffered during the credit crunch/subprime mortgage crisis.
Many of the companies in the portfolio were in high-risk smaller cap companies outside of FTSE 100/FTSE 250 where some prices would never bounce back. In crashes, bear markets, market corrections the larger cap indices FTSE !00 companies have always bounced back, the buyer investor however must be prepared to hold (not panic sell) and wait for an upturn.
Argus!
0
Independent Financial Advisers on 14:54 - Jun 17 with 6860 views
Independent Financial Advisers on 13:55 - Jun 17 by Wingstandwood
Compound interest according to Albert Einstein is the eighth wonder of the world. Warren Buffet reckons to buy shares you should be in it for the long term i.e. the markets may fall but the dividends (or distribution) can still be reinvested (accumulation) year on year. And? A market like the FTSE 100 has always historically bounced back and returned an higher value!
Look at 12:08s in the video see how much $10,000 Dollars would be worth today?
THE RETURN ON $10,000 BLEW MY MIND! I'm not saying "put your money into an index fund" but if you go elsewhere IMO diversification is a safer option i.e. never put all your eggs into one basket i.e. buy many companies instead of just one or two. And like with the fall of Aberdeen Technology Fund never put all your money into one sector. Just my anecdotal opinion BTW.
If you had invested in the FTSE 100 in 1825 the index would not have returned to the same inflation adjusted levels until 1999.
That is the long term!
In practice people tend to invest for retirement with horizons of perhaps 20-40 years, and that is certainly within the range where timing considerations matter.
Independent Financial Advisers on 13:19 - Jun 17 by trampie
Why do you say that ?, IFA's amongst a lot of the public have a bad reputation, lots have gone to jail as can be confirmed by a quick google.
Of course it’s bollocks. IFAs have a duty to recommend what is best for the customer, not just a moral duty, they can get in a world of trouble, as well as ruin their reputation, if they are proven to have recommended in their own interests (I.e. to get the most commission). It’s a heavily regulated industry.
Like in any commission based industry, there is always going to be the odd bad apple who doesn’t do that. It makes better headlines than the vast majority who do their job properly. The gullible then lap that up and assume all IFAs are sharks.
Independent Financial Advisers on 15:47 - Jun 17 by jack247
Of course it’s bollocks. IFAs have a duty to recommend what is best for the customer, not just a moral duty, they can get in a world of trouble, as well as ruin their reputation, if they are proven to have recommended in their own interests (I.e. to get the most commission). It’s a heavily regulated industry.
Like in any commission based industry, there is always going to be the odd bad apple who doesn’t do that. It makes better headlines than the vast majority who do their job properly. The gullible then lap that up and assume all IFAs are sharks.
Notwithstanding the fact commission is now banned for investment products and full disclosure of fees and charges has been mandatory since the retail distribution review in 2012.
But still, some on planet swans know more because their mate down the pub told them so.
Lots of well known IFA firms stopped from being able to continue to transfer pensions [too late for many].
Research found that in lots of cases people should not have been advised to transfer their pension but they were, why ?...………..I will leave others to join the dots.
Lots of links across the net involving this recent and on going scandal.
[Post edited 17 Jun 2018 16:38]
Continually being banned by Planet Swans for Porthcawl and then being reinstated.
Independent Financial Advisers on 16:37 - Jun 17 by trampie
Steelworkers pension scandal.
Lots of well known IFA firms stopped from being able to continue to transfer pensions [too late for many].
Research found that in lots of cases people should not have been advised to transfer their pension but they were, why ?...………..I will leave others to join the dots.
Lots of links across the net involving this recent and on going scandal.
[Post edited 17 Jun 2018 16:38]
You will always be able to find examples to suit this kind of agenda. It would be easy to use examples of badly built houses to illustrate the construction industry is rotten. For every person that got ripped off, I’d bet a lot of money there were a lot who were given the correct advice.
I’ve looked at transferring my occupational pension twice and been told by two different IFAs to leave it as it is. I also reviewed my protection policies a year or so ago and was advised the ones I had were fine.
IFAs doing their job properly doesn’t make the news though.
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Independent Financial Advisers on 18:05 - Jun 17 with 6676 views
ABI: 'decades of mis-selling' made IFA qualifications necessary By Jack Gilbert
Citywire 05 Jul, 2017
The public lost trust in advisers after 'decades of mis-selling' the director general of the Association of British Insurers (ABI) has said, explaining why IFAs had been forced to gain more qualifications.
Asked why IFAs had to achieve higher levels of qualifications through the retail distribution review (RDR), Huw Evans said: ‘To help the very rich manage their money.’
He added: 'And because sadly we had decades of problems with mis-selling that have resulted in people wanting to feel confident that the people advising them have significant number of qualifications.'
He added more should be done to allow individuals to make financial decisions of their own.
‘As human beings we are equipped to be able to take decisions, we take them all the time, we understand trade-offs and we can make judgements,’ he said.
‘We need to give people more ability to take judgements for themselves and if we take all the decisions away from people they will take the steps away from the engagement they need.'
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