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11 Apr 21, 08:44 AM |
#1
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Imagineer
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Genuine independent financial advice
I've spoken to three IFA and they all say "put your money in stocks/shares/bonds". One even had the gall to say "you don't have much to invest - if you had £500k I could help you better" which I think was his way of saying "I won't make a worthwhile profit on you"
Anyway not ONE of them asked me anything about me and my life. It may be that, for ME, it would be better to do something else with it Buy a property to let Buy a property to do up and sell on Buy farmland Buy bitcoin Buy fine wine/antiques/collectables Keep it in a sock under the bed - who knows? Maybe I should Something else I haven't thought of As soon as I even mention one of these they lose interest (because they would be losing the interest ha ha) Where can I find someone who will give me genuine advice and isn't trying to make money off me? Happy to pay said person for their time and expertise |
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11 Apr 21, 08:55 AM |
#2
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VIP Dibber
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I am following this thread with interest as I am in the same boat.
I will be receiving a large sum of money within the next few weeks and I am totally at a loss what to do with it. Obviously I will pay the mortgage off but other than that I have no clue. My parents were given bad advice from a financial advisor a few years ago and it cost them a lot of money so I am very wary of them. Banks offer no interest but it's secure, buying a house to rent out just seems a load of hassle and investing in stocks and shares just seems a bit risky. Aaarrggghhh, what to do? |
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11 Apr 21, 09:14 AM |
#3
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Thread Starter
Imagineer
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ansi41 if we find one maybe we can share the appointment and costs!
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11 Apr 21, 09:59 AM |
#4
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Imagineer
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The areas you mention are, in the main, unregulated so IFA’s cannot advise on them. If you want to invest in those areas then you can but you won’t be able to get regulated advice or the protections that go with it.
The comment about the amount you have available is fair. Regardless of the amount available, the regulatory/record-keeping/compliance requirements are the same. Unfortunately there is a threshold below which it is not commercially viable to provide advice.
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11 Apr 21, 10:57 AM |
#5
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VIP Dibber
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Of course they are looking to make money off you because that is how they derive their income. I am sure you do not expect to work for free either. Obviously you want to find a good IFA just as you would want to find a good electrician or plumber. There are fairly strict regulations around the giving of financial advice these days so no need to assume the worst of an IFA.
Of the examples you give, I would say at least two are not “investments” but rather are business ventures. You don’t buy farmland as an investment, you buy it because you want to and have the capacity to work it and earn from it. This is not an IFAs area of expertise. Similarly a buy to let property is primarily a business venture with a secondary element of investment. IFAs provide advice on financial products in the market, rather than lifestyle choices. I would expect them to gather basic information about you such as ages, whether you need income or are after capital growth, what access you would need to the funds (i.e. withdrawals), when you may need the money back etc. |
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11 Apr 21, 11:02 AM |
#6
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Imagineer
Join Date: Mar 14
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Following too as it’s a mindfield
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11 Apr 21, 11:03 AM |
#7
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Imagineer
Join Date: Oct 09
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I would suggest, now that your confidence in IFAs has been compromised, you would need to rely upon recommendations from a friend or colleague who has already gone through the process and built the trust that you crave.
People often buy farms to avoid inheritance tax as they qualify for 100% agricultural property relief, providing you farm and can evidence all the assets comprising the farm are integral to the business. (Other rules apply also) Disney332
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11 Apr 21, 11:09 AM |
#8
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Imagineer
Join Date: May 10
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Good points from Claudette. It is import they understand your risk profile, no one can advise unless they know how much risk you are prepared take with your funds.
I have little faith in most FAs, when my parents died it took me many months to unravel the appalling mess that their financial advisor who they believed was their 'friend's had made. Even having to pay for unnecessary trusts to be unravelled and agree legally that I would not sue for poor advice before they would do it! I now trust no one, we have a broad spread of assets, we monitor things very carefully, do have an FA but watch everything and do a lot of research ourselves. This is your money, don't just hand it over. |
11 Apr 21, 11:26 AM |
#9
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Thread Starter
Imagineer
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Even if its unregulated is there any way I can get advice on how each of these options would suit?
All investment is a risk, regulated or not |
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11 Apr 21, 11:34 AM |
#10
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Imagineer
Join Date: May 10
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Sorry but you are actually wrong, some investment has no risk, a bank account, savings account, isa etc up to FSA limit has no risk. Unregulated advice is very dangerous, that's why we have an extensive regulation system in this country.
No one will give you that advice I don't believe unless you pay them. I suggested you take a whole day and read extensively then ask for help when you have some idea where you want to go. |
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