2006-10-03 05:31:58 · 18 answers · asked by Charlie 1 in Business & Finance ➔ Personal Finance
Reading your replies its clear that the majority either mistrust or don't know what they do. Even more think that they will in some way rip you off. Sad really-as the IFA`s I know would rather starve than cheat any body, they just want paid for what they do.
(TIP get a deal were the fee is paid for out of the savings they make you, or the profit you make from the advice,works for me)
2006-10-03 23:44:53 · answer #1 · answered by Jim G 3 · 0⤊ 0⤋
Unfortunately, there is a lot of justified mistrust of Finance professionals. Pensions mis-selling, Endowment Mortgages - you probably know all the stories. So the public are wary.
I use an IFA. He was very persistent and got some of my mis-sold pension back for me. He's worked for other family members and business associates and we all trust him implicitly. Incidentally, he's a Muslim and we're a mixture of Jewish, Christian and infidel pagans (just thought I'd mention that, in the current climate)
I've known him for a long time and I trust him, not because he's an IFA, but because he's a decent, principled man. It has taken him years to build up his reputation and he deserves all the success he's had. If, for any reason I could no longer consult him, I am unlikely ever to use another IFA, he's taught me so much!
2006-10-03 05:49:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Because, unfortunately, the bad ones have made it hard for the good ones. There are many FAs who are more interested in selling a client an insurance or expensive investment product than they are in actually educating them and teaching them how to manage their own money. It's pretty sick what I've seen some FAs do to their client's money.
That's why I sarted my business. I think it's much better to educate people so they can make responsible decisions rather than just telling them what to do.
Most people don't need a FA, they just need a bit of knowldege and a start on the right path.
2006-10-03 05:37:55 · answer #3 · answered by personal_finance_101 3 · 1⤊ 0⤋
First of all it costs money that people don't want to pay.
Secondly unless you have mage bucks and need to invest in fancy offshore accounts you might as well make your own investment decisions. It is easy to choose between mortgage products, shares, tax-free ISAs and the like - you just need to look at the interest rate, charges and tax.
Thirdly people don't trust them as they are on commission to sell you dodgy investment funds.
Finally people can't be bothered or don't have a significant amount of money to make it worth their while.
2006-10-03 06:18:01 · answer #4 · answered by Arimaa Player 2 · 0⤊ 0⤋
Cos IFA's are a pain in the hoop. The amount of mistakes ive had to deal with because an IFA has forgotten to send something on or not requested something they need is the reason im changing career
2006-10-03 05:36:10 · answer #5 · answered by poli_b2001 5 · 2⤊ 0⤋
It is difficult to give someone your money and hope to keep any of it. The golden rule for people with money is to be careful.
One definition of a stock broker is "one who invests your money until it is gone."
Many wonder why, if the financial adviser is so good, then why isn't he/she rich and not working with my money?
The way to be successful with this line of work is to gradually get to know people and demonstrate your talent and honesty.
2006-10-03 05:35:45 · answer #6 · answered by ramnas06 2 · 2⤊ 0⤋
The two main reasons are
One. I can't afford it
Two. I don't need it.
Both of them are myth of course. There are plenty of very good fee only financial advisors - who are not interested in selling you products and interested in working and helping average individuals.
The best way to look for one is ask for referals.
Best wishes.
2006-10-03 05:36:16 · answer #7 · answered by JQT 6 · 2⤊ 0⤋
Been with our present day one about 10 yrs. have not discovered any draw back. they have time to respond to questions, take telephone calls, do 2 head to head for entire evaluation, extra in case you want it and the returns on investments are extra perfect then shall we do on my own. It took almost 2 yrs of diagnosis, references and interviewing advisers earlier we discovered a organisation we loved.
2016-12-04 04:16:17 · answer #8 · answered by ? 4 · 0⤊ 0⤋
They are out to earn as much commission as they can get and will sell you products which earn them the most not which are best for you.
Many of them are not independent but have allegiance to one particular finance company.
2006-10-03 07:49:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋
In many cases it can get qiute expensive. However, it may be worth it, if they can save the people a lot of money over the long term
2006-10-03 05:40:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋