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Financial advice - daylight robbery?

Discussion in 'Personal' started by springmorning, Nov 10, 2017.

  1. springmorning

    springmorning New commenter

    Looking towards retirement, my husband and I have been taking some advice from a financial advisor and have been horrified at the charges on every investment. Are all financial advisors similar? I am guessing they must be because they say you can compare their charges with others. We don't feel confident in taking out investments ourselves, but feel it's all wrong - us going about trying to save on all the little things then having to hand out hundreds/possibly thousands of pounds over the course of an investment. I know they have to make a living but it really seems excessive - and he did turn up in a rather nice little Audi sports car :( The other side of it is that making the wrong decision could cost us a lot more. Where is the happy medium? Any thoughts please?
     
  2. FrankWolley

    FrankWolley Star commenter

    Maybe post this on the retirement section?

    FWIW have you tried to get advice through your Union?
     
  3. Duke of York

    Duke of York Star commenter

    As it's Friday night, I wouldn't mind betting she's down the pub spending her seance earnings.
     
  4. Crowbob

    Crowbob Established commenter

    How big is the investment if you are likely to spend 1000s on fees?
    He is doing something that you aren't confident to do. That comes at a premium.
     
  5. Jude Fawley

    Jude Fawley Lead commenter

    Herbert Scraggle (The Happy Medium) was last seen holding a séance in Port Sunlight.
     
  6. magic surf bus

    magic surf bus Star commenter

    Financial advisors will take a percentage for their services of course. They're selling their expertise.

    Their cut will seem relatively more if you go for low risk investments too, because they'll generally earn you less than high risk investments when the market is favourable.

    We tried stocks and shares ISAs through an advisor but they weren't doing well and so in the run up to the Brexit referendum we bailed out, making a small loss. We'd have earned more from high street cash ISAs, but you live and learn. In the end we've blown the lump sums on a camper van, which will give us far more enjoyment than some piddly dividends. I reckon the best way to get a return on savings these days is use them to set up a small business that you enjoy running and which keeps your brain active.
     
  7. Sundaytrekker

    Sundaytrekker Star commenter

    Whichever option I looked at for my teacher’s AVCs it was going to cost me charges to set up. For the rest of my money I have shopped around for the best savings accounts I can find and will move money as interest rates change.

    I may miss out or I may not but I don’t want to pay financial advisor’ s commissions and charges.

    If my OH had time and willingness to use one, I’d be happy with the camper van option too!
     
    magic surf bus likes this.
  8. Duke of York

    Duke of York Star commenter

    We all had to suffer daylight robbery when the clocks went back to keep Scottish farmers happy. They ought to have a different time zone for Scotland.
     
    nomad and artboyusa like this.
  9. Mangleworzle

    Mangleworzle Star commenter

    I've heard they use it in big sheds so the haggis can sunbathe.
     
  10. silkywave

    silkywave Occasional commenter

    Maybe you could find something offshore ?
     
  11. elder_cat

    elder_cat Occasional commenter

    When I first left HM Forces I ending up taking a job as a 'Financial Advisor'.:oops:

    But I'm cured now.:)
     
    nomad likes this.
  12. nomad

    nomad Star commenter

    They do.

    Cross the border going north and you need to put your watch back about 35 years.
     
    elder_cat likes this.
  13. smoothnewt

    smoothnewt Lead commenter

    I have a stocks and shares ISA with BestInvest which is managed for me. It is worth it as it seems to be very well managed and it is not something I could do myself with any skill or knowledge.
    I guess it depends on the quality and expertise you are getting for your money.
     

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