What sort of a return can I get on £650k?
Discussion
EddieSteadyGo said:
V8 Fettler said:
A contractor (rather than employee) would be a better description of an IFA.
You have a great knack for consistently getting the wrong end of the stick.... he wasn't giving you a description of an IFA.... 
DonkeyApple said:
I don’t mean an actual, legal employee!!! I’m talking about the mindset to hold when looking to engage one. 
.
If DA wasn't describing the mindset required to engage/employ an IFA then what was he describing?.
V8 Fettler said:
Unfortunately, most people don't have the ability to select a good IFA or meaningfully review recommendations from an IFA. A punter should reasonably expect that an IFA is competent and acts in the punter's best interests. However, as we know, "...very many IFAs are xxxxx idiots. Grubby little salesmen who only aren’t selling windows because they attended a good school and managed just enough to avoid being an estate agent or job recruiter."
Which is why you interview a series of them as if you are seeking an employee. Taking that common sense attitude to the scenario really does filter out the lower quantiles of simple one size fits all tied product vendors. I think it is fair to say that if you are accumulating the wealth at a level that would benefit from an IFA then you have the brains to interview a sufficient number of them to find one of the good ones. The real issue is that the industry works very well on the fact that very many of the people with brains seemingly chose not to use them when seeking to invest their wealth that they have derived from having brains in the first instance.
Grandad Gaz said:
So, how do you know if an IFA is useless if you know nothing about finances yourself?
It's a bit like getting a plumber in to install a heating system in your house. Do you follow his advice or not?
Whatever your line of work is, over the years you will have built up the ability to spot an industry incompetent or shyster. While this is partly based on personal knowledge of that industry an awful lot is just based on the acquired wisdom to spotting the worthless via their demeanour, attitude, how they respond to questions and how they attempt to steer you. It’s this latter skill that will serve people well but only if they opt to use it. Just like searching for an employee, you might not know the specifics of the job that they are interviewing for but your looking for the person with the right attributes and attitude and you need to go through a series of applicants to weed out the unsuitable. It's a bit like getting a plumber in to install a heating system in your house. Do you follow his advice or not?
I would hazard that once you spoken to half a dozen you will already have attained a good sense of which ones might be good and which very clearly aren’t.
V8 Fettler said:
I would expect a good IFA to use his expertise to provide good advice to punters, an element of that advice will involve crystal ball gazing, just as there is in many other professional fields e.g. designing tall buildings to withstand high winds.
An entirely nonsense analogy.V8 Fettler said:
A good IFA will understand his clients and the various investment sectors, unfortunately - as we know - "...very many IFAs are xxxxx idiots. Grubby little salesmen who only aren’t selling windows because they attended a good school and managed just enough to avoid being an estate agent or job recruiter."
No point in trying to discuss complex issues with someone so blinkered and ignorant about the topic under discussion. I’m out.dingg said:
Sidicks
He was quoting Donkeyapple who you must agree knows his onions
Food for thought
Every industry has its pretty uniform % of Windows lickers, alsorans, clock watchers, sub normals and plums. But few industries have the ability to decimate your wealth or wealth potential when you make the error of choosing one of them through not being bothered to take the time to invest in weeding them out. He was quoting Donkeyapple who you must agree knows his onions
Food for thought
DonkeyApple said:
Every industry has its pretty uniform % of Windows lickers, alsorans, clock watchers, sub normals and plums. But few industries have the ability to decimate your wealth or wealth potential when you make the error of choosing one of them through not being bothered to take the time to invest in weeding them out.
aye - if anyone's going to be losing my money - it'll be me , rather than someone getting paid to do so - then I'll only have to put up with the missus telling me 'I told you! did you learn nothing in 2000 ?'(I had a good run in the tech boom but got a kick in the nuts in the subsequent fall - which she still harps on about)
A lot more disciplined now , but still like a high risk/reward scenario
Mr Pointy said:
I was chatting over the fence to my neighbour & she said she & her husband had been to see an IFA. They wanted 5% on signing on, 3% a year & 6% if you transferred out. Beatification must be very expensive.
I made her promise not to go with them.
Sounds expensive, but I guess we have no idea for what amount of money they are asking for advice. Paying for advice on a fixed fee / hourly basis would be more appropriate, more akin to other specialist providers of advice.I made her promise not to go with them.
dingg said:
Sidicks
He was quoting Donkeyapple who you must agree knows his onions
Food for thought
I see. I’m not sure I fully agree, although I have much less knowledge of the IFA world than DA. There is at least a minimal amount of technical capability required to become an IFA and the exams though fairly basic, do require some effort, compared to the other jobs mentioned in DA’s post.He was quoting Donkeyapple who you must agree knows his onions
Food for thought
Amazing that it's taken PH 20 years to accept that 'very many' "financial advisers" are a waste of time and money.
To the OP: I spent a few months in 2017 trying to get a poxy 10% annual return from spare funds. 'Finance professionals' look at you as though you're mad when you say you need 10%. Seriously. They think you're kidding.
To the OP: I spent a few months in 2017 trying to get a poxy 10% annual return from spare funds. 'Finance professionals' look at you as though you're mad when you say you need 10%. Seriously. They think you're kidding.
Edited by joyless lobotomised parrot on Monday 21st May 17:05
sidicks said:
Mr Pointy said:
I was chatting over the fence to my neighbour & she said she & her husband had been to see an IFA. They wanted 5% on signing on, 3% a year & 6% if you transferred out. Beatification must be very expensive.
I made her promise not to go with them.
Sounds expensive, but I guess we have no idea for what amount of money they are asking for advice. Paying for advice on a fixed fee / hourly basis would be more appropriate, more akin to other specialist providers of advice.I made her promise not to go with them.
Your neighbour has described the services of St James Place. Definitely not IFAs.
joyless lobotomised parrot said:
Amazing that it's taken PH 20 years to accept that "financial advisers" are a waste of time and money.
No such ‘acceptance’ has been made, as it would be a stupid thing to say.joyless lobotomised parrot said:
To the OP: I spent a few months in 2017 trying to get a poxy 10% annual return from spare funds. 'Finance professionals' look at you as though you're mad when you say you need 10%. Seriously. They think you're kidding.
Yea, risk free of course...
joyless lobotomised parrot said:
Oh well, at least no-one's suggested the OP "buy" an annuity!! 
Presumably because it would be entirely irrelevant to the question asked by the OP.Just because you were a useless and ill-informed insurance salesman, doesn’t mean that all the other insurance salesman / financial advisors are the same. HTH,
Edited by sidicks on Monday 21st May 14:27
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