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    Financial Advisers

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    Technician
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    Financial Advisers

    Post by Technician on Sat 24 Sep 2011, 9:59 am

    Hi All,

    Heard a terrible tale this morning of an old lady who had her own house, a small pension, but was soluble. She had been advised to sell up and live in a flat ( by a company operated by a financial adviser ). This he said would help her downsize and have a pot of money ( of course he would take his 'fee' ) , but also it meant she was paying towards maintainance of her flat by the property company ( so he pockets another 'fee' ). She got wind of all this and told them, just in time, to stuff it !!!

    Trouble is also brewing in the selling of pensions and the massive mark ups and fees by these advisors which seriously dent your pension pot.

    The question is how much do we need them???.

    I know some people will, but in my case when I retired I spent a lot of time doing my homework and working out my OWN investments ( I also popped into a private fianacial advisor for a 'free consultation session', but what he told me I already knew, and he as happy to set up his scale of charges to help me get rid of my money !!!, so of course I did not bother). I my case I have all my lump sum investments and and income from them each month. The capital is untouched.

    The best 'dollar' I spent was seeing an employment lawyer for an hour or two who ensured I left my employ with the best deal; as my employers wished me to sign a 'compromise agreement' (gagging order to you and me !!!) so I would not spill the beans. She ran rings round them and got me the best deal. Sometimes such professional advice is invaluable, but fianancial advisers....do you trust them ???

    Technician
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    papa_umau
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    Re: Financial Advisers

    Post by papa_umau on Sat 24 Sep 2011, 11:26 am

    An excellent question Technician !

    While I have always been an advocate of "every man to his own trade" and I believe that these "experts" probably know more about their chosen subject than I do, I think that we should always be wary of these people as - as you rightly say - they have to make a living too and they may very well charge you heavily for their services.

    I guess, as far as this is concerned, "you pays your money and you takes your choice" - as someone once said !

    We SHOULD be able to trust such people but sadly there are sharks in these types of business as much as there are sharks in many others.

    As far as conveyancing, ( property buying and selling ), is concerned, we up here in Scotland are forced by law to get a conveyancing solicitor to do the job as Scottish law feels that self-conveyancing leads to many pitfalls where the novice can get into trouble.

    I guess it all boils down to, ( if you live anywhere but Scotland ), this all depends on your abilities to know about these pitfalls and to be able to avoid them - or not.

    I often direct people to their local Citizens Advice Board, ( CAB ), when they are looking for such advice as even although some "CAB" services can often be better than others, if they cannot actually help with solid advice up-front they can usually redirect the citizen to people who can, for free.


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    Papa......


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    Hell's Granny
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    Re: Financial Advisers

    Post by Hell's Granny on Sun 25 Sep 2011, 4:23 pm

    Financial advisors come in two flavours, Independants and those in banks and Building societies.

    The bank and BS ones have a duty to sell the Comany's policies, so you won't get a good deal from them. Independants should be better, but in fact will steer you towards policies which will give them the most commission,

    Therefore, I don't trust them.

    Cheers, HG
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    papa_umau
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    Re: Financial Advisers

    Post by papa_umau on Mon 26 Sep 2011, 11:36 am

    Yes, HG, like when dealing with politicians a person dealing with a solicitor either needs to have long term knowledge of the way that that solicitor works or -if not - should look at every move they make with suspicion.

    It should not be like that, but sadly it is.

    In my case I have used the same solicitor for many years for many purposes and over the years I have come to trust him implicitly.


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