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I'm sure a lot of you on here have used one, is it worth seeing one to help you figure out what best to do with your money? any recommendations?
I'm sure a lot of you on here have used one, is it worth seeing one to help you figure out what best to do with your money? any recommendations?
Blue Matt.
Blue Matt.
Simple
Walt disney world holidays
It depends what you want advice on and how complicated your financial circumstances are. If it's pensions you are thinking about find the thread that the boss started a couple of weeks ago
I was always put off financial advisors when their plans were implemented which showed shortly after they had been implemented something like: Original Investment £10K; value now £8K; advisor's commission £2K. :frown:
There was a member on here a few weeks ago who said he dealt with mortgages but I cannot recall his name. I want to speak to him myself.
I don't know if he advises on other financial matters but he probably does or knows someone trustworthy.
If anyone knows who it was could they let me know?
Don Corleone
31-08-20, 11:00
I was always put off financial advisors when their plans were implemented which showed shortly after they had been implemented something like: Original Investment £10K; value now £8K; advisor's commission £2K. :frown:
True, they also say it’s not a short term investment as it can take quite a few years for your investment to earn back the money you’ve paid out in fees! I’m a bit cynical about financial investments and financial advisors, every time I’ve invested a sum of money over a period of years I haven’t lost out but more or less just got back the money I’ve put in whilst the advisor made a few thousand
A managed ISA is as good and safe as just about anything.
a fiend of mine who can afford it buys the full allocation for him and his partner every eyar and has done for 10 yeas. There are now all worth a considerable sum, and his average profit per annum is about 10%
i only wish I could afford that kind of money in the first place.
Re-sign Carl Dale
31-08-20, 11:10
Hi. I’m an IFA - I specialise in retirement planning, investments and estate planning (Wills, LPAs etc).
The thread that Mike started on pensions a couple of weeks back is worth reading (my only contribution to this forum in several years!).
Cyclops makes a good point - there are no commissions, but advice fees need to be considered. For amounts of less than £20k+ then I suggest that it is better to have a chat and get some free guidance rather than specific advice, otherwise the costs are likely to outweigh the benefits. The more £ you have, the better value you will get for taking professional advice
https://lowndesonline.co.uk/
Ask for Steve I can't recommend them enough.
SLUDGE FACTORY
31-08-20, 13:12
Hi. I’m an IFA - I specialise in retirement planning, investments and estate planning (Wills, LPAs etc).
The thread that Mike started on pensions a couple of weeks back is worth reading (my only contribution to this forum in several years!).
Cyclops makes a good point - there are no commissions, but advice fees need to be considered. For amounts of less than £20k+ then I suggest that it is better to have a chat and get some free guidance rather than specific advice, otherwise the costs are likely to outweigh the benefits. The more £ you have, the better value you will get for taking professional advice
if a will is in place which contains a provision for a trust , and the donor writes to the solicitor administering the trust , which isn't yet in place and asks for a few alterations to that trust but wants the share of the estate to remain one third each , does that mean a simple letter to the solicitor instructing this will suffice or a new will needs to be drawn up ?
Re-sign Carl Dale
31-08-20, 13:55
If the Trust needs changing it can only be done by altering the Will, which becomes the “Trust Deed” on death.
If the person has died, the Trust / Will can still be amended - but needs to be done within 2 years of death.
Re-sign Carl Dale
31-08-20, 13:56
if a will is in place which contains a provision for a trust , and the donor writes to the solicitor administering the trust , which isn't yet in place and asks for a few alterations to that trust but wants the share of the estate to remain one third each , does that mean a simple letter to the solicitor instructing this will suffice or a new will needs to be drawn up ?
If the Trust needs changing it can only be done by altering the Will, which becomes the “Trust Deed” on death.
If the person has died, the Trust / Will can still be amended - but needs to be done within 2 years of death.
Said it before “Why ain’t all financial advisors rich” ???
SLUDGE FACTORY
31-08-20, 15:24
If the Trust needs changing it can only be done by altering the Will, which becomes the “Trust Deed” on death.
If the person has died, the Trust / Will can still be amended - but needs to be done within 2 years of death.
Thank you
life on mars
31-08-20, 15:52
Said it before “Why ain’t all financial advisors rich” ???
Perhaps they just like to help others ?
Perhaps they just like to help others ?
Ya, like car sales people :hehe::hehe:
Re-sign Carl Dale
31-08-20, 16:05
Perhaps they just like to help others ?
Spot on - I absolutely love my job. I earn a good living, but if someone gave me £10 mill tomorrow I wouldn’t give up the business.
life on mars
31-08-20, 16:15
Spot on - I absolutely love my job. I earn a good living, but if someone gave me £10 mill tomorrow I wouldn’t give up the business.
I’ve always found financial advisors very helpful and thoughtful with their advise , they can save you a ton of money, point you the right direction , especially if you use a recommended one.
Said it before “Why ain’t all financial advisors rich” ???
I've seen my financial advisors isa's he has £1.5 million in both of them 1 for him 1 for his wife.
light up the darkness
31-08-20, 18:05
If you want advice about investing in SE Asia or Financial management out of Hong Kong I can put you in touch with my uncle Chinh
He has accounts in several different countries (including Crete for some reason) and associated passports and moves money around quicker than a fiddlers elbow. He can move your money quickly and confidently using electronic services without involving any other parties. When he gets out of prison in about 8 years time you can meet him in person
If you want advice about investing in SE Asia or Financial management out of Hong Kong I can put you in touch with my uncle Chinh
He has accounts in several different countries (including Crete for some reason) and associated passports and moves money around quicker than a fiddlers elbow. He can move your money quickly and confidently using electronic services without involving any other parties. When he gets out of prison in about 8 years time you can meet him in person
you have pm
Hi. I’m an IFA - I specialise in retirement planning, investments and estate planning (Wills, LPAs etc).
The thread that Mike started on pensions a couple of weeks back is worth reading (my only contribution to this forum in several years!).
Cyclops makes a good point - there are no commissions, but advice fees need to be considered. For amounts of less than £20k+ then I suggest that it is better to have a chat and get some free guidance rather than specific advice, otherwise the costs are likely to outweigh the benefits. The more £ you have, the better value you will get for taking professional advice
I'm an IFA too, and to debunk the comments made above about taking 20%, that is just ludicrous. there is no commission now, but a fee, similar to what accountants and solicitors charge. The fee is agreed with clients before proceeding with any investment or a charge is agreed for providing advice.
I'm an IFA too, and to debunk the comments made above about taking 20%, that is just ludicrous. there is no commission now, but a fee, similar to what accountants and solicitors charge. The fee is agreed with clients before proceeding with any investment or a charge is agreed for providing advice.
Bear in mind that I worked this out decades ago when commission was commission. But I take your point that a 20% fee (aka commision) is ridiculous.
It's more like 30%.
I'd also like to add that I've mystery-shopped financial advisors for their parent companies, complete with two recorders for the conversation and a script.
I knew exactly what should have been said/advised.
And many simply didn't/couldn't do their job, took short cuts and gave bad advice.
Excuse me if I have a jaundiced view of the 'profession'.
Re-sign Carl Dale
31-08-20, 20:14
I'd also like to add that I've mystery-shopped financial advisors for their parent companies, complete with two recorders for the conversation and a script.
I knew exactly what should have been said/advised.
And many simply didn't/couldn't do their job, took short cuts and gave bad advice.
Excuse me if I have a jaundiced view of the 'profession'.
Totally agree that there has been some really bad practice over the years. Cardiff55 like me will have seen clients who have been advised some things that look questionable.
Thankfully things are much better now, and infinitely more transparent - fees are explicit and agreed. However- as the British Steel pension fiasco a couple of years back shows - there are still some cowboys. There were several unsavoury incidents of unsuitable advice and then putting the advice company into administration to avoid mis-selling claims.
Thankfully this is an every reducing tiny minority, and bad apples are few and far between.
If you are sharing your life goals and opening up your financial world to a stranger, then a personal recommendation is a great starting point, as is a “gut feel” after any initial meeting an IFA.
Totally agree that there has been some really bad practice over the years. Cardiff55 like me will have seen clients who have been advised some things that look questionable.
Thankfully things are much better now, and infinitely more transparent - fees are explicit and agreed. However- as the British Steel pension fiasco a couple of years back shows - there are still some cowboys. There were several unsavoury incidents of unsuitable advice and then putting the advice company into administration to avoid mis-selling claims.
Thankfully this is an every reducing tiny minority, and bad apples are few and far between.
If you are sharing your life goals and opening up your financial world to a stranger, then a personal recommendation is a great starting point, as is a “gut feel” after any initial meeting an IFA.
Luckily, like you, I am one of the ones who likes to sleep well at night with no worries.
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