Lord Financial, Anyone heard of them?
Discussion
I keep getting called by this company and being asked to attend a meeting. I have clearly stated if it turns in to a high pressure sales pitch i won’t be hanging around.
They seem to be a financial advise company covering investment, mortgages, pensions etc.
Don’t want to water my time going there if they are just going to waste my time. Google doesn’t reveal much.
Stu
They seem to be a financial advise company covering investment, mortgages, pensions etc.
Don’t want to water my time going there if they are just going to waste my time. Google doesn’t reveal much.
Stu
If they were any good they wouldn't need to cold call. But according to this they've been going at least 13 years: https://www.linkedin.com/pub/mark-holman/15/742/11...
Simpo Two said:
If they were any good they wouldn't need to cold call. But according to this they've been going at least 13 years: https://www.linkedin.com/pub/mark-holman/15/742/11...
Pretty much what i was thinking but all sales firms of a young age i assume need to build a client base and sales callas is a way of doing it? Cant hurt to go along and see what happens I guess.Cheers for the link.
Stu
K12beano said:
A search of the FCA register ( fca.org.uk) will tell you about firm, dates (and therefore history), individuals and anything you need to know about any disciplinary action
If it's a firm in Gresham Street, they've only been in their current legal/authorised form since 2013.
It is, interesting. Ill have a look. Thanks.If it's a firm in Gresham Street, they've only been in their current legal/authorised form since 2013.
Stu
I always thought 'real time' promotion in financial services was banned (unless you've 'opted in' to be called). According to the FCA they have this to say -
http://www.fca.org.uk/firms/being-regulated/meetin...
My opinion would be if they can't get this simple aspect of abiding by the rules right then I wouldn't trust them with much else.
http://www.fca.org.uk/firms/being-regulated/meetin...
My opinion would be if they can't get this simple aspect of abiding by the rules right then I wouldn't trust them with much else.
Are these the bozos who are prattling on about property investment and passive income? I've had a few unsolicited calls in the last few months touting this stuff. Seems they got hold of some internal numbers at my employers and are now randomly calling people at our desks. It's no way to run a business and certainly no way for anyone to find an investment adviser.
Well I suppose if you're in the market for financial advice/an IFA then you could turn up, see what they have to say and eat as much free food as possible. But yes, of course, it will be a sales exercise. They are there to make money, not dispense free lunches!
How would I do it?
Persuade X people to turn up.
Ply them with food and drink whilst giving presentations telling them how good I am.
Casually fix up date to visit them for 'fact find'.
At that visit, waft authorisation forms under prospect's nose 'so I can get current values'
I go home and copy/paste a report for them.
Send invoice for 1% of their savings.
Of course I am being very cynical and probably wrong, so please sign up and tell me how many bits I got right
NB: No offence to any PH IFAs is implied or intended!
How would I do it?
Persuade X people to turn up.
Ply them with food and drink whilst giving presentations telling them how good I am.
Casually fix up date to visit them for 'fact find'.
At that visit, waft authorisation forms under prospect's nose 'so I can get current values'
I go home and copy/paste a report for them.
Send invoice for 1% of their savings.
Of course I am being very cynical and probably wrong, so please sign up and tell me how many bits I got right
NB: No offence to any PH IFAs is implied or intended!
stuno1 said:
So they have been operating for 13 years but only registered with FCA for a year? Is it possible to register the same firm with a different ref to wipe clean any previous complaints etc?
Surfice to say i wont be going to the meeting.
Stu
I think the linkedin profile is misleading.Surfice to say i wont be going to the meeting.
Stu
The firm has clearly been going since April 2013.
However, that chap on linkedin has most likely been an IFA since 2001.
Nevertheless check out Oliver Charles Cox.
He appears to be the most in charge as a director and compliance etc...
A very quick google says that he founded a bunch of Heating Companies which have subsequently ceased trading.
Although that may have been a side-business.
He claims on Linkedin to have been an IFA since 2001 too but at a place called MBC IFM Ltd aka MBC Consulting.
It looks like a whole bunch of LORD employees were previously at MBC IFM.
MBC IFM ceased to be FCA/FSA regulated in 2009.
Although perhaps it is connected to Equus IFM aka Fairstone Financial Management since that is the website listed for Lord on Linkedin.
So there is certainly an open question about WTF these guys have all been up to 2009-2013.
Whatever - they are a bunch of IFAs.
Do you need one?
Are they expensive? (answer: most likely yes).
Do they offer expertise in the area you need?
What is the right way to choose an IFA for you? - probably not sitting by the phone waiting for a random one to call you...
Just my 2p.
walm said:
I think the linkedin profile is misleading.
The firm has clearly been going since April 2013.
However, that chap on linkedin has most likely been an IFA since 2001.
Nevertheless check out Oliver Charles Cox.
He appears to be the most in charge as a director and compliance etc...
A very quick google says that he founded a bunch of Heating Companies which have subsequently ceased trading.
Although that may have been a side-business.
He claims on Linkedin to have been an IFA since 2001 too but at a place called MBC IFM Ltd aka MBC Consulting.
It looks like a whole bunch of LORD employees were previously at MBC IFM.
MBC IFM ceased to be FCA/FSA regulated in 2009.
Although perhaps it is connected to Equus IFM aka Fairstone Financial Management since that is the website listed for Lord on Linkedin.
So there is certainly an open question about WTF these guys have all been up to 2009-2013.
Whatever - they are a bunch of IFAs.
Do you need one?
Are they expensive? (answer: most likely yes).
Do they offer expertise in the area you need?
What is the right way to choose an IFA for you? - probably not sitting by the phone waiting for a random one to call you...
Just my 2p.
Good digging that man! I have already declined to meet them based on my research alone. Your research backs up my decision.The firm has clearly been going since April 2013.
However, that chap on linkedin has most likely been an IFA since 2001.
Nevertheless check out Oliver Charles Cox.
He appears to be the most in charge as a director and compliance etc...
A very quick google says that he founded a bunch of Heating Companies which have subsequently ceased trading.
Although that may have been a side-business.
He claims on Linkedin to have been an IFA since 2001 too but at a place called MBC IFM Ltd aka MBC Consulting.
It looks like a whole bunch of LORD employees were previously at MBC IFM.
MBC IFM ceased to be FCA/FSA regulated in 2009.
Although perhaps it is connected to Equus IFM aka Fairstone Financial Management since that is the website listed for Lord on Linkedin.
So there is certainly an open question about WTF these guys have all been up to 2009-2013.
Whatever - they are a bunch of IFAs.
Do you need one?
Are they expensive? (answer: most likely yes).
Do they offer expertise in the area you need?
What is the right way to choose an IFA for you? - probably not sitting by the phone waiting for a random one to call you...
Just my 2p.
Stuart
stuno1 said:
walm said:
I think the linkedin profile is misleading.
The firm has clearly been going since April 2013.
However, that chap on linkedin has most likely been an IFA since 2001.
Nevertheless check out Oliver Charles Cox.
He appears to be the most in charge as a director and compliance etc...
A very quick google says that he founded a bunch of Heating Companies which have subsequently ceased trading.
Although that may have been a side-business.
He claims on Linkedin to have been an IFA since 2001 too but at a place called MBC IFM Ltd aka MBC Consulting.
It looks like a whole bunch of LORD employees were previously at MBC IFM.
MBC IFM ceased to be FCA/FSA regulated in 2009.
Although perhaps it is connected to Equus IFM aka Fairstone Financial Management since that is the website listed for Lord on Linkedin.
So there is certainly an open question about WTF these guys have all been up to 2009-2013.
Whatever - they are a bunch of IFAs.
Do you need one?
Are they expensive? (answer: most likely yes).
Do they offer expertise in the area you need?
What is the right way to choose an IFA for you? - probably not sitting by the phone waiting for a random one to call you...
Just my 2p.
That is seriously good value research for "2p". Stunning work Stuno!The firm has clearly been going since April 2013.
However, that chap on linkedin has most likely been an IFA since 2001.
Nevertheless check out Oliver Charles Cox.
He appears to be the most in charge as a director and compliance etc...
A very quick google says that he founded a bunch of Heating Companies which have subsequently ceased trading.
Although that may have been a side-business.
He claims on Linkedin to have been an IFA since 2001 too but at a place called MBC IFM Ltd aka MBC Consulting.
It looks like a whole bunch of LORD employees were previously at MBC IFM.
MBC IFM ceased to be FCA/FSA regulated in 2009.
Although perhaps it is connected to Equus IFM aka Fairstone Financial Management since that is the website listed for Lord on Linkedin.
So there is certainly an open question about WTF these guys have all been up to 2009-2013.
Whatever - they are a bunch of IFAs.
Do you need one?
Are they expensive? (answer: most likely yes).
Do they offer expertise in the area you need?
What is the right way to choose an IFA for you? - probably not sitting by the phone waiting for a random one to call you...
Just my 2p.
No, Oliver Cox does not own heating companies. I have worked for him before and know the exact position of the company.
Lord Financial has been going for a few years now, they show on the FCA register as being active from 2013 as they went directly authorised rather than appointed representatives of another company due to their success. Just because a company changes their name doesn't mean they have gone under or they are covering their complaints. LORD was established by their current directors and hasn't been known under any other name, MBC was a previous IFA the directors worked at prior to LORD Financial.
Lord Financial invite you to a financial review, where you don't have to do anything apart from listen. if you interested in what the adviser has to say you can let him research your investments and provide a recommendation, which you don't have to take at all. And remember, a financial adviser can only move a pension if it makes the person better off - They earn their money and put people in better positions. People moan about their fee but you pay accountants and solicitors so what's the difference with a financial advisor?
Please do not comment if you do not know the company, your 'research' is completely wrong and will show a negative impact on the company for genuine clients doing their research.
Lord Financial has been going for a few years now, they show on the FCA register as being active from 2013 as they went directly authorised rather than appointed representatives of another company due to their success. Just because a company changes their name doesn't mean they have gone under or they are covering their complaints. LORD was established by their current directors and hasn't been known under any other name, MBC was a previous IFA the directors worked at prior to LORD Financial.
Lord Financial invite you to a financial review, where you don't have to do anything apart from listen. if you interested in what the adviser has to say you can let him research your investments and provide a recommendation, which you don't have to take at all. And remember, a financial adviser can only move a pension if it makes the person better off - They earn their money and put people in better positions. People moan about their fee but you pay accountants and solicitors so what's the difference with a financial advisor?
Please do not comment if you do not know the company, your 'research' is completely wrong and will show a negative impact on the company for genuine clients doing their research.
matt9898 said:
No, Oliver Cox does not own heating companies.
Fair cop.Different Oliver Cox.
My bad.
matt9898 said:
Just because a company changes their name doesn't mean they have gone under or they are covering their complaints.
No one, other than you, suggested that. Good job impugning your buddy!matt9898 said:
LORD was established by their current directors and hasn't been known under any other name...
So why does his linkedin profile for LORD give the web address as http://www.equusifm.co.uk/ which links to "Fairstone Financial Management"...?Seems odd to give free advertising to your competitors...
matt9898 said:
MBC was a previous IFA the directors worked at prior to LORD Financial.
That's what I said.matt9898 said:
Lord Financial invite you to a financial review, where you don't have to do anything apart from listen. if you interested in what the adviser has to say you can let him research your investments and provide a recommendation, which you don't have to take at all. And remember, a financial adviser can only move a pension if it makes the person better off - They earn their money and put people in better positions.
Sure - but many IFAs run a perfectly good business through word-of-mouth recommendations rather than cold-calling and high pressure sales presentations.We have every right to be skeptical.
matt9898 said:
People moan about their fee but you pay accountants and solicitors so what's the difference with a financial advisor?
Up to the end of 2012 you needed the equivalent of an A-Level to be an IFA.Source: https://www.unbiased.co.uk/ifa-qualifications
So there is absolutely NO WAY they deserved a fee on a par with accountants and solicitors who require a degree (and usually two) to practice.
Since then it has indeed improved as you now need at least a degree equivalent (ibid).
However, given their incredibly poor reputation for mis-selling, churning and general pocket-lining shenanigans - I still don't feel IFAs are (in general) as valuable as an accountant or solicitor. But that is just... like... my opinion, man.
matt9898 said:
Please do not comment if you do not know the company, your 'research' is completely wrong and will show a negative impact on the company for genuine clients doing their research.
Comment... as they say... is free.I am not naming and shaming. I just reported my 5 mins on google.
I made one mistake on the heating company red herring.
The rest is completely accurate very far from "completely wrong".
I said "there is certainly an open question about WTF these guys have all been up to 2009-2013" which you have answered.
And I think I can say with a fair level of confidence that your overly-defensive strawman-laden post will have done Lord Financial and your friend more harm than my roughly-based-on-facts post (worth 2p) ever did.
TL;DR - still find your own IFA in my opinion.
Simpo Two said:
matt9898 said:
And remember, a financial adviser can only move a pension if it makes the person better off
That's reassuring to know. What happens if the new fund is worth less after a few years than it would have been if left where it was?You can't blame an IFA if he recommends a cheaper fund (under strict regulated TVA) that fits your risk profile and it subsequently under-performs.
(Well you can but that is more bad judgement than strictly bad.)
However, you CAN blame them if they take you out of a "gold-plated" defined benefit pension and shift you into a regular private pension which is what was happening before the new regs.
walm said:
It's all about transfer value analysis which makes standard assumptions about future performance.
You can't blame an IFA if he recommends a cheaper fund (under strict regulated TVA) that fits your risk profile and it subsequently under-performs.
(Well you can but that is more bad judgement than strictly bad.)
However, you CAN blame them if they take you out of a "gold-plated" defined benefit pension and shift you into a regular private pension which is what was happening before the new regs.
Not strictly true, it isn't all about TVAS, but by in large, yes. You can't blame an IFA if he recommends a cheaper fund (under strict regulated TVA) that fits your risk profile and it subsequently under-performs.
(Well you can but that is more bad judgement than strictly bad.)
However, you CAN blame them if they take you out of a "gold-plated" defined benefit pension and shift you into a regular private pension which is what was happening before the new regs.
For many people, the performance isn't important. For instance, a client in terminal illness may wish to be able to pass over an entire find within a DC pension to his/her estate instead of a set (say) 50% survivor's income. Transferring out in the event the lifetime allowance is going to be breached (more likely with a DB scheme) may be important.
So, lots of reasons why a transfer out might be a good idea. Even more though, I readily concede, why it isn't. One size doesn't fit all.
Walm...
Lords linkedin web address is linked to EquusIFM which then leads to Fairstone as LORD were appointed reps of Equus (now known as Fairstone), the obviously have failed to remove the link.
People do run business through word of mouth and I do agree it gets peoples back up by being cold called - I guess that's they way they want to run their business. At the end of the day IFA's are there to make money as well as provide a service.
Again I agree the qualifications were too low, but now the compliance and qualification level is tougher and the research they do is on par with accounts etc. IFA's do have a stereotype of churning and in it for the money but that's not every IFA - They do care about their clients.
Simpo Two -
Yeah I will back up my comments.
If IFA's are found to be churning pensions and miss selling it can lead to serious fines from the FCA or even their licensing revoked - Its hardly something many are prepared to do when they can make honest money?
Solar panel selling? don't thing so, I'm not the one stuck on here all day.
Lords linkedin web address is linked to EquusIFM which then leads to Fairstone as LORD were appointed reps of Equus (now known as Fairstone), the obviously have failed to remove the link.
People do run business through word of mouth and I do agree it gets peoples back up by being cold called - I guess that's they way they want to run their business. At the end of the day IFA's are there to make money as well as provide a service.
Again I agree the qualifications were too low, but now the compliance and qualification level is tougher and the research they do is on par with accounts etc. IFA's do have a stereotype of churning and in it for the money but that's not every IFA - They do care about their clients.
Simpo Two -
Yeah I will back up my comments.
If IFA's are found to be churning pensions and miss selling it can lead to serious fines from the FCA or even their licensing revoked - Its hardly something many are prepared to do when they can make honest money?
Solar panel selling? don't thing so, I'm not the one stuck on here all day.
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