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    The pitfalls of financial advice.

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    papa_umau
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    The pitfalls of financial advice.

    Post by papa_umau on Tue 15 Apr 2014, 11:44 am

    Spot the hidden costs of financial advice

    Three in four financial advisers fail to spell out their charges to clients


    Financial advisers have ignored instructions from the City watchdog to disclose their charges more clearly, leaving customers facing unexpected costs and unable to compare services.

    Three in four investment advisers failed to provide the required information about their charges, the Financial Conduct Authority found. The regulator's study, published last week, coincided with figures showing financial advice firms grew profits by 14pc in 2013.

    The report said: "Widespread" failings on disclosure of costs were most prevalent among wealth managers and private banks. The FCA warned that some investors could have been misled.

    Read more on this by Nicole Blackmore of The Daily Telegraph HERE




    Well, there you have it folks: It appears that we cannot even trust the experts that are supposed to look after our savings, never mind trying to do it ourselves.


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    Technician
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    Re: The pitfalls of financial advice.

    Post by Technician on Thu 17 Apr 2014, 9:14 am

    Hi all,

    Thanks for that Paps. I think each individual needs to look at their own circunstances. I have not trusted these b***ers for years, ever since I found out how much commission they fleeced off me for insurance years ago. Then it was so called 'free' advice.

    Of course paying a 'fee' is supposed to make the service better, but I studied the options with care before my retirement. There was a private financial adviser quite close to my place of work at my university, and before I retired (about 4-5 months ) I poped in to see what they could offer. I got fed the biggest load of crap I had heard in years. In the end I decided to do my homework and look at my own options and types of investments I may want.

    Granted, not everyone has the time or inclination to do this. It takes patience and a lot of searching, but its not beyond the capabilities of the average guy or gal. I have invested a good deal, and I do not take risks with my money.

    Of course I could put it into fancy funds ( as outlined by the 'advisors' ) and get perhaps a little more return, but I do not, so I get a little less but know its safe ( by the way look at the financial safe saving limits and where you are covered, ie, up to 85,000 and what banks own what). More than that I have not been subjected to the rip off fees and know EXACTLY where my money is and what its doing.

    Hope that helps

    Technician
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    zathrus
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    Re: The pitfalls of financial advice.

    Post by zathrus on Thu 17 Apr 2014, 9:15 am

    What is the world coming to I wonder ?

    As each day passes we find that we can trust fewer and fewer people.

    Is this just the human condition or is it ever going to get better ?
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    zathrus
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    Re: The pitfalls of financial advice.

    Post by zathrus on Thu 17 Apr 2014, 9:26 am

    Hi Technician. You wrote just as I was sending a response to Paps, so now, as you have made me think I must reply to you too.

    You have a lot of good ideas there mate but there is only one flaw in your argument:

    Very few ordinary folk have your intelligence and experience to work on and if that is the case and they are reading this site you become just another well-meaning advisor.

    I guess it is all about trust and if we are to trust every person that tries to tell us that they have our best interests at heart we are going to finish up being victims every time.

    Yeah, I know that is a cynical way to look at things but if I look back I find that I too have been taken for a ride a few times by trusting these so-called "advisers".
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    papa_umau
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    Re: The pitfalls of financial advice.

    Post by papa_umau on Fri 18 Apr 2014, 11:05 am

    Well said Zathrus !


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    Re: The pitfalls of financial advice.

    Post by Technician on Thu 24 Apr 2014, 8:50 am

    Hi all,

    Thanks for the feedback guys. I can see your points, it is trust after all...I just don't trust em !!. I don't think everyone is 'thick' or unable to do this themselves, but then again many people just would not want the hassle !

    Technician
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    papa_umau
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    Re: The pitfalls of financial advice.

    Post by papa_umau on Thu 24 Apr 2014, 11:39 am

    I think that that is the main point here !

    This kind of advice is growing and is popping up in just about every little shop that has closed on the high-street.

    Most people are either not comfortable enough to play the markets or to invest in anything without advice, and that is where these chancers step in.

    At one time our own banks used to have such skilled people at our beck and call but now, as the banks are shrinking and laying off staff all over the place this service is not available any more from the banks that we have dealt with for most of our lives.

    Maybe the best thing to do with our hard-earned savings is just to stick them into a tin-box under the bed ?


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