Financial Advisors

[Cyclops]

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]

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.

[cardiff55]

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.