How much money do you need for retirement/pension?
Discussion
V8 Fettler said:
Derek Chevalier said:
I am not against a cut down version for savvy 'regular' customers, but worry that there will be a subset of people that think they are savvy, aren't really and make a mistake which could be hard to recover from.
Had a quick look at your chat with the other chap (and forgive me if I got the wrong end of the stick as I skim read), but I think it's important that people recognise that advisers aren't responsible for delivering market beating returns. They (consumers that need advice) will then seek out the advisers that add genuine value (planning) rather than those that claim to be experts in managing money and charge 2%pa for the privilege.
If an IFA can't add financial value, why would you employ him?Had a quick look at your chat with the other chap (and forgive me if I got the wrong end of the stick as I skim read), but I think it's important that people recognise that advisers aren't responsible for delivering market beating returns. They (consumers that need advice) will then seek out the advisers that add genuine value (planning) rather than those that claim to be experts in managing money and charge 2%pa for the privilege.
https://seekingalpha.com/article/4108688-investor-...
My point being that an adviser can get access, and therefore give you (broadly) market matching returns for a relatively low cost these days - it's effectively a commodity (both for adviser to access and to provide it).
But were you to engage with a decent adviser I would expect/hope they spend the majority of time not waffling on about investments and instead spend the time to understand your objectives (surprisingly how many people invest without thinking what they are investing for, whether they are saving too little/too much, taking the wrong amount of risk) and optimise tax etc based on that (both accumulation and decumulation).
But more than that by building a plan it can/does provide a customer clarity, peace of mind (e.g. if I get made redundant and retire 2 years early, will I be OK) and focus (maybe to really spend time investigating where the monthly budget is going to see if more can be put towards the retirement pot).
sidicks said:
V8 Fettler said:
Where have I said that? Are you still under the delusion that others have an interest in whatever it is you that you do?
I simply misunderstood your previous comment:V8Fettler said:
I'm probably fortunate that I don't have to rely on your "help".
V8Fettler said:
I've paid for professional advise and professional services for decades, but only where it increases financial value.
What financial value is added when you pay a solicitor for advice?V8Fettler said:
Are you still trying to help?
Ae you still trying to be obtuse?I thought you weren't going to "help" anymore, but there you are, pointlessly dissecting away.
Derek Chevalier said:
V8 Fettler said:
Derek Chevalier said:
I am not against a cut down version for savvy 'regular' customers, but worry that there will be a subset of people that think they are savvy, aren't really and make a mistake which could be hard to recover from.
Had a quick look at your chat with the other chap (and forgive me if I got the wrong end of the stick as I skim read), but I think it's important that people recognise that advisers aren't responsible for delivering market beating returns. They (consumers that need advice) will then seek out the advisers that add genuine value (planning) rather than those that claim to be experts in managing money and charge 2%pa for the privilege.
If an IFA can't add financial value, why would you employ him?Had a quick look at your chat with the other chap (and forgive me if I got the wrong end of the stick as I skim read), but I think it's important that people recognise that advisers aren't responsible for delivering market beating returns. They (consumers that need advice) will then seek out the advisers that add genuine value (planning) rather than those that claim to be experts in managing money and charge 2%pa for the privilege.
https://seekingalpha.com/article/4108688-investor-...
My point being that an adviser can get access, and therefore give you (broadly) market matching returns for a relatively low cost these days - it's effectively a commodity (both for adviser to access and to provide it).
But were you to engage with a decent adviser I would expect/hope they spend the majority of time not waffling on about investments and instead spend the time to understand your objectives (surprisingly how many people invest without thinking what they are investing for, whether they are saving too little/too much, taking the wrong amount of risk) and optimise tax etc based on that (both accumulation and decumulation).
But more than that by building a plan it can/does provide a customer clarity, peace of mind (e.g. if I get made redundant and retire 2 years early, will I be OK) and focus (maybe to really spend time investigating where the monthly budget is going to see if more can be put towards the retirement pot).
sidicks said:
V8 Fettler said:
When do you think I last paid a solicitor with my own money?
I thought you weren't going to "help" anymore, but there you are, pointlessly dissecting away.
So if you purchased a property you wouldn't pay a solicitor? Ok.I thought you weren't going to "help" anymore, but there you are, pointlessly dissecting away.
sidicks said:
V8 Fettler said:
Behavoural nudges?! That's a new one on me, does it score well at IFA bingo? So is an IFA supposed to add financial value or not?
There is value in being informed. Sorry you don't appear to understand that.Barga said:
sidicks said:
What's wrong with paying for advice and/or services?
IFA's love a %age whether it be contributions or fund and usually both,if they truly believe that they add value then they should give the option of %age of growth!
sidicks said:
V8 Fettler said:
There is certainly good value in being given good information that increases financial value, but why pay for poor professional advice?
The advice / information IS the value. What you do with it is up to you.Barga said:
6% is laughable my parents have been getting 14% since the last 22 years!
I would like to know if you had the £1m pension pot and went for drawdown ay 6% and the fund was growing at 3% how many years before it gets to zero?
Interestingly if you started with £1m and got 14% return AND withdrew 60k PA you would end up with £35m after 30 years!!I would like to know if you had the £1m pension pot and went for drawdown ay 6% and the fund was growing at 3% how many years before it gets to zero?
sidicks said:
The advice / information IS the value.
Or at least, it should be.Regrettably "advice" appears to be the area of Financial Services which has been most abused by "advisers" who have focused more closely on their own interests (commissions and fees) than the interests of their their clients. The silver-tongued adviser can be a dangerous creature.
rockin said:
sidicks said:
The advice / information IS the value.
Or at least, it should be.Regrettably "advice" appears to be the area of Financial Services which has been most abused by "advisers" who have focused more closely on their own interests (commissions and fees) than the interests of their their clients. The silver-tongued adviser can be a dangerous creature.
Barga said:
sidicks said:
What's wrong with paying for advice and/or services?
IFA's love a %age whether it be contributions or fund and usually both,if they truly believe that they add value then they should give the option of %age of growth!Gassing Station | Finance | Top of Page | What's New | My Stuff