Anyone had any dealings with Welbeck?
Discussion
Hi Guys,
I guy from Welbeck cold called me the other week and I met him yesterday. Whilst I am just starting out in my career there isn't a huge amount they can do for me but I guess their interest is in what I can potentially earn in a few years.
Having had a quick poke about on the internet I can't find many people speaking of having used them or whether to avoid using them. I just found one article describing them as the 'Foxtons' of the financial advice world. Not particularly endearing.
Should I steer clear? I am not blessed with lots of spare time to go seeking out my own investments and that which I do have I like to spend either being active or in the pub. Thus an advisor is an attractive prospect and they suggest that their commission comes from their negotiating a discount with the product owners, rather than from my investment, which seems to be win/win for me. I am sceptical about this though.
Any advice would be great, even if it to spend some of my pub time sorting my future out myself. I have been reading the pension thread with interest this luchtime.
Cheers.
I guy from Welbeck cold called me the other week and I met him yesterday. Whilst I am just starting out in my career there isn't a huge amount they can do for me but I guess their interest is in what I can potentially earn in a few years.
Having had a quick poke about on the internet I can't find many people speaking of having used them or whether to avoid using them. I just found one article describing them as the 'Foxtons' of the financial advice world. Not particularly endearing.
Should I steer clear? I am not blessed with lots of spare time to go seeking out my own investments and that which I do have I like to spend either being active or in the pub. Thus an advisor is an attractive prospect and they suggest that their commission comes from their negotiating a discount with the product owners, rather than from my investment, which seems to be win/win for me. I am sceptical about this though.
Any advice would be great, even if it to spend some of my pub time sorting my future out myself. I have been reading the pension thread with interest this luchtime.
Cheers.
You got cold called by an F.A.??? Not a great basis for them advising you tbh.
Best way to get a decent IFA is through personal recommendation.
ETA cold calling in finacial services is a bit of a no-no these days. FSA wont be toally happy with Welbeck if they catch them doing this.
Best way to get a decent IFA is through personal recommendation.
ETA cold calling in finacial services is a bit of a no-no these days. FSA wont be toally happy with Welbeck if they catch them doing this.
Edited by scotal on Friday 5th October 16:44
scotal said:
You got cold called by an F.A.??? Not a great basis for them advising you tbh.
Best way to get a decent IFA is through personal recommendation.
ETA cold calling in finacial services is a bit of a no-no these days. FSA wont be toally happy with Welbeck if they catch them doing this.
Seconded, I would expect anyone caught doing to get a massive slap on the wrist.Best way to get a decent IFA is through personal recommendation.
ETA cold calling in finacial services is a bit of a no-no these days. FSA wont be toally happy with Welbeck if they catch them doing this.
Edited by scotal on Friday 5th October 16:44
Another, perhaps obvious point, if they need to cold call it does sort of suggest that they find it difficult to attract new clients through recommendation or possibly even worse that they cannot retain the ones they already deal with.
Forgive me,but as a noob, what does ETA mean?
Simon Pullan said:
...they suggest that their commission comes from their negotiating a discount with the product owners, rather than from my investment, which seems to be win/win for me. I am sceptical about this though.
Good! Be more sceptical!!!So... they get paid more by choosing which investment give THEM the biggest kickback... whilst they make no money whatsover if you make money, and still walk away being paid a lump sum if you lose it all.
Compared to investment advisors who will take no payment apart from a cut of what you make, if you make no money they don't either. If they become rich on you this means you become very rich.
Which so you think will have the same motivations as you?
che6mw said:
i get cold called by Wellbeck at least once a month. Bloody annoying sods. I am polite but firm and tell them to go away. Wouldn't trust an IFA as far as I could throw him/her unless they'd come personally recommended. Too much at stake to just have any old sod handling your money!!
Next time they call, ask where they got your number, I'd be very interested to hear their reply. I'm betting you "answered a survey" that you probably never remember taking.....
Seany88 said:
What about Hoodless Brennan and Montague Pitman? 2 companies i've recently been called by several times offering free advice and share dealing...
Again, they should not be cold calling. If they havent been recommended, dont use them. If you are naive enough to rust them on the back of a 'phone call, I have a sure fire investmenrt opportunity for you.... it involves the contents of youer bank account and my local Porsche dealer. please send me all your money NOW, and remember the value of an investment can fall as well as rise (particulaly if I wrap it around a tree.) 
scotal said:
Seany88 said:
What about Hoodless Brennan and Montague Pitman? 2 companies i've recently been called by several times offering free advice and share dealing...
Again, they should not be cold calling. If they havent been recommended, dont use them. If you are naive enough to rust them on the back of a 'phone call, I have a sure fire investmenrt opportunity for you.... it involves the contents of youer bank account and my local Porsche dealer. please send me all your money NOW, and remember the value of an investment can fall as well as rise (particulaly if I wrap it around a tree.) I asked them when I spoke to them last time. They said that they have a marketing department that looks for potential clients on the internet. Now this might seem plausible as I can be found quite easily on the internet, but they rang my work phone and that number isn't on the internet anywhere as far as I know. So I still don't know.
Also, are there really advisors that only make a cut of what you make? Surely anyone that good would only be dealing with large sums of money and little old me looking at a stocks and shares ISA would be shown the door very quickly.
Also, are there really advisors that only make a cut of what you make? Surely anyone that good would only be dealing with large sums of money and little old me looking at a stocks and shares ISA would be shown the door very quickly.
Edited by Simon Pullan on Monday 8th October 18:04
Edited by Simon Pullan on Monday 8th October 18:05
Yes there are...I do!
Hoodless Brennan are known as low cost self select PEP/ISA provider, can't speak for the other company as I am not familiar with them.
A good IFA is often hard to find, and recommendations from friends/colleagues can be really important.
Those that are fee based are often the way to go, though it is not ALWAYS best for the client working this way. Most of what I do is fee based. Ultimately, you get what you pay for.......
Hoodless Brennan are known as low cost self select PEP/ISA provider, can't speak for the other company as I am not familiar with them.
A good IFA is often hard to find, and recommendations from friends/colleagues can be really important.
Those that are fee based are often the way to go, though it is not ALWAYS best for the client working this way. Most of what I do is fee based. Ultimately, you get what you pay for.......
scotal said:
che6mw said:
i get cold called by Wellbeck at least once a month. Bloody annoying sods. I am polite but firm and tell them to go away. Wouldn't trust an IFA as far as I could throw him/her unless they'd come personally recommended. Too much at stake to just have any old sod handling your money!!
Next time they call, ask where they got your number, I'd be very interested to hear their reply. I'm betting you "answered a survey" that you probably never remember taking.....
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