| Independent Financial Advisers 09:23 - Jun 17 with 9823 views | monmouth |
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.
Any help gratefully received. |  |
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| Independent Financial Advisers on 18:06 - Jun 17 with 2369 views | trampie |
| Independent Financial Advisers on 17:59 - Jun 17 by jack247 |
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. |
Countless IFA firms found not to be offering the correct advice not just the odd one or two, but loads.
MP's involved, FCA involved, it's referred to as a scandal. |  |
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| Independent Financial Advisers on 18:08 - Jun 17 with 2368 views | Dyfnant |
| 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.
https://www.unbiased.co.uk |
You still have to be careful that they are really independent and can recommend any product, not from a smaller selection. There’s been plenty of cases recently where people have gone with an independent and then a short while later find their business has been sold out to a larger tied firm. Firms such as St James have been buying up business and have themselves increased the amount invested with them ten fold the last few years. |  |
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| Independent Financial Advisers on 18:13 - Jun 17 with 2357 views | jack247 |
| Independent Financial Advisers on 18:06 - Jun 17 by trampie |
Countless IFA firms found not to be offering the correct advice not just the odd one or two, but loads.
MP's involved, FCA involved, it's referred to as a scandal. |
Which in itself means it’s far from standard practice within their industry |  | | |
| Independent Financial Advisers on 18:14 - Jun 17 with 2353 views | trampie |
| Independent Financial Advisers on 18:13 - Jun 17 by jack247 |
Which in itself means it’s far from standard practice within their industry |
Common practice ? | |
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| Independent Financial Advisers on 18:20 - Jun 17 with 2338 views | jack247 |
| Independent Financial Advisers on 18:14 - Jun 17 by trampie |
Common practice ? |
If it was common practice, nobody would use IFAs | | | |
| Independent Financial Advisers on 18:23 - Jun 17 with 2327 views | trampie |
| Independent Financial Advisers on 18:20 - Jun 17 by jack247 |
If it was common practice, nobody would use IFAs |
You did not really have a choice if you was a steelworker of a certain age. | |
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| Independent Financial Advisers on 18:41 - Jun 17 with 2304 views | Wingstandwood |
| 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. |
Are there any ETF brokers you'd recommend especially if they provide an online service in which investments can be monitored?
I assume a 'spread-fee' charge comes with ETF's, I know EToro does ETF's but it has a reputation for high spread-fee charges.
When you said government securities do you mean gilts and bonds?
Do you know anything about CFD's? In the future I would like to buy that particular financial product (Berkshire Hathaway) in unleveraged form, can they be held for as long as the buyer likes just like with share(s) purchasing? |  |
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| Independent Financial Advisers on 18:43 - Jun 17 with 2298 views | jack247 |
| Independent Financial Advisers on 18:23 - Jun 17 by trampie |
You did not really have a choice if you was a steelworker of a certain age. |
www.unbiased.com
That wasn’t a normal scenario where people go to them to sort out their finances without any external pressure to make a quick decision.
The point you are missing is that the vast majority of IFAs do their jobs responsibly. Monmouth is a very intelligent poster, but his opening post perfectly sums up the incorrect perception a lot of people have about them.
It’s like saying politicians or police officers are crooked. Some are, they make the headlines. The vast majority aren’t. | | | |
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| Independent Financial Advisers on 18:47 - Jun 17 with 2284 views | trampie |
| Independent Financial Advisers on 18:43 - Jun 17 by jack247 |
www.unbiased.com
That wasn’t a normal scenario where people go to them to sort out their finances without any external pressure to make a quick decision.
The point you are missing is that the vast majority of IFAs do their jobs responsibly. Monmouth is a very intelligent poster, but his opening post perfectly sums up the incorrect perception a lot of people have about them.
It’s like saying politicians or police officers are crooked. Some are, they make the headlines. The vast majority aren’t. |
You are missing the point, its all relative [like most if not everything in life].
How do IFAs [police and politicians] compare to the population at large for being crooked is the key question ??? | |
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| Independent Financial Advisers on 18:54 - Jun 17 with 2273 views | jack247 |
| Independent Financial Advisers on 18:47 - Jun 17 by trampie |
You are missing the point, its all relative [like most if not everything in life].
How do IFAs [police and politicians] compare to the population at large for being crooked is the key question ??? |
I have no idea and neither do you. As I have said, financial services are very heavily regulated. Most IFAs have portfolios of clients, which they grow through recommendations. It’s not worth ripping people off if it’s going to ruin your reputation and future business. I’d guess it’s a lot lower than you think.
Back to the previous point. The steelworkers pension was not a normal scenario. They make their money from people who go to them voluntarily. If the industry was rotten, people just wouldn’t do that. | | | |
| Independent Financial Advisers on 18:55 - Jun 17 with 2271 views | monmouth |
| Independent Financial Advisers on 18:43 - Jun 17 by jack247 |
www.unbiased.com
That wasn’t a normal scenario where people go to them to sort out their finances without any external pressure to make a quick decision.
The point you are missing is that the vast majority of IFAs do their jobs responsibly. Monmouth is a very intelligent poster, but his opening post perfectly sums up the incorrect perception a lot of people have about them.
It’s like saying politicians or police officers are crooked. Some are, they make the headlines. The vast majority aren’t. |
It was no offence, I just don't trust anybody! :)
That's why I specified fee based tbh, I was talking about commission based sharks...and I know they used to exist as I've seen them up close and personal, and it wasn't a minority, unless I saw a skewed sample. I also saw quite a few that lacked competence. I could say the same for product providers too. This was over ten years ago though and I am well behind the times, which is why I want a chat, and want to find one of the many reliable and knowledgable ones that I'm sure exist. I could probably do a decent job for myself, but my tax knowledge and grasp of product ranges is undoubtedly out of date, and the sheer volume of choice f*cks my brain. As perch alluded to as well, I can't afford a disaster (well nobody can, can they), so am ubercautious about what and whom I believe. | |
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| Independent Financial Advisers on 18:59 - Jun 17 with 2261 views | trampie |
| Independent Financial Advisers on 18:54 - Jun 17 by jack247 |
I have no idea and neither do you. As I have said, financial services are very heavily regulated. Most IFAs have portfolios of clients, which they grow through recommendations. It’s not worth ripping people off if it’s going to ruin your reputation and future business. I’d guess it’s a lot lower than you think.
Back to the previous point. The steelworkers pension was not a normal scenario. They make their money from people who go to them voluntarily. If the industry was rotten, people just wouldn’t do that. |
Have you read Shakys link and post 'decades of mis-selling' ? | |
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| Independent Financial Advisers on 19:05 - Jun 17 with 2247 views | jack247 |
| Independent Financial Advisers on 18:55 - Jun 17 by monmouth |
It was no offence, I just don't trust anybody! :)
That's why I specified fee based tbh, I was talking about commission based sharks...and I know they used to exist as I've seen them up close and personal, and it wasn't a minority, unless I saw a skewed sample. I also saw quite a few that lacked competence. I could say the same for product providers too. This was over ten years ago though and I am well behind the times, which is why I want a chat, and want to find one of the many reliable and knowledgable ones that I'm sure exist. I could probably do a decent job for myself, but my tax knowledge and grasp of product ranges is undoubtedly out of date, and the sheer volume of choice f*cks my brain. As perch alluded to as well, I can't afford a disaster (well nobody can, can they), so am ubercautious about what and whom I believe. |
Don’t worry, I’m not taking offence, I’m not an IFA 
I hadn’t realised, but as Sherpa pointed out, it’s all been fee based for a while. Incompetence is a different issue and a real concern. I think you’re more likely to run into an incompetent IFA than unscrupulous one these days.
As I’ve said earlier, they grow their business through recommendations. If anyone here comes up with any they would swear by, give it a go, if not, use unbiased.com (might be .co.uk) | | | |
| Independent Financial Advisers on 19:10 - Jun 17 with 2237 views | jack247 |
| Independent Financial Advisers on 18:59 - Jun 17 by trampie |
Have you read Shakys link and post 'decades of mis-selling' ? |
No, but I can imagine what it says and would probably agree with a lot of it.
I’m not saying there weren’t a lot of sharks in the industry when it was much less regulated, I’m saying it’s very difficult for those guys to prosper now and the vast majority have left town. | | | |
| Independent Financial Advisers on 19:36 - Jun 17 with 2192 views | trampie |
| Independent Financial Advisers on 19:10 - Jun 17 by jack247 |
No, but I can imagine what it says and would probably agree with a lot of it.
I’m not saying there weren’t a lot of sharks in the industry when it was much less regulated, I’m saying it’s very difficult for those guys to prosper now and the vast majority have left town. |
It was written just 12 months ago. | |
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| Independent Financial Advisers on 19:42 - Jun 17 with 2176 views | jack247 |
| Independent Financial Advisers on 19:36 - Jun 17 by trampie |
It was written just 12 months ago. |
And judging by the title, it referred to previous decades.
I’ve stuck to the same point throughout this conversation, you’ve altered yours when unable to respond to the previous post.
Crack on if you think the financial services industry is bent. I’m not going to be able to convince you otherwise.. | | | |
| Independent Financial Advisers on 19:50 - Jun 17 with 2159 views | trampie |
| Independent Financial Advisers on 19:42 - Jun 17 by jack247 |
And judging by the title, it referred to previous decades.
I’ve stuck to the same point throughout this conversation, you’ve altered yours when unable to respond to the previous post.
Crack on if you think the financial services industry is bent. I’m not going to be able to convince you otherwise.. |
Buyer beware. | |
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