Flying_Monkey
Recyclist
- Location
- Odawa
zimzum42 said:
Err, probably because that's nothing like what I would want to do. It's like me saying to you: why not live in Slough rather than Africa? I mean what's the difference...
Lotto win....your very first action.....
- Thread starter stevenb
- Start date
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Err, probably because that's nothing like what I would want to do. It's like me saying to you: why not live in Slough rather than Africa? I mean what's the difference...
pzycoman
New Member
- Location
- Huffing a kitten
Flying_Monkey said:
Its nicer in Africa ?
walker
New Member
- Location
- Bromley, Kent
Pay off my mortgage, buy a new car and bike, buy up 4 more properties.
Take a year long trip around the world
Take a year long trip around the world
trustysteed
Guest
Abscond from the UK quicker than you can say 'Its you!'
Nortones2
Guru
- Location
- Burbage, Derbyshire
One thing that I would NOT do is give any IFA any chance to screw commission out of investments! Maybe, fee-based advice, but I'd still be wary. No way the parasites are going to recommend something that gives them a nice instant bribe from crooked financial institutions. You might think I am a teeny bit cross about IFAs? I certainly am. No names, no pack drill though! Any other thoughts on how to get advice without being mugged? Trying to get the planning in early
Bigtallfatbloke
New Member
never trust a high street IFA..or worse a tied or multi tied 'adviser'...especially if they are employed by a big bank...they are all heavily targeted on commission sales....whatever they say to the contrary. There are honest advisers, and generally the advisers themselves are decent people. The problem is that the fatcat bosses pile on so much pressure to satisfy their own greed that the advisers are squeezed between a rock and a hard place. In th eeyes of their employers 'Advisers' are only as good as their last target period performance.
There is a difference between genuine advice, and the sale of investment, pension or life products. Advice does not always mean such a product is the right solution, yet invariably advisers will recommend a package which generates them a good commission...after all it's how they earn a crust.
Fee's are better, at least you know where you stand...to a degree...but most advisers would rather work on commission as the pay off is greater. It is also possible to agree a mixture of fee and commission with an adviser...either way it must be done up front and in writing before any advice is asked for.
There is a lot of info on the net these days. In fact many advisers do little than re gurgitate it to PC illiterates...who (it just so happens) tend to be the retired generation with lumpsums.
Seperating taxation and financial planning advice from investment selection in your mind is a good idea to a degree (although they are interlinked). The advice is basic common sense....use of tax allowances, correct family protection, IHT trusts etc...The selection of investments is basically a matter of a making a desicion based on a full risk analysis in keeping with a clients views/aims etc...and ensuring the correct(suitable) balance of assets/wrappers/risk category and providers.
The key to good advice and product selection is to 'KNOW YOUR CLIENT'...which is why a thorough fact finding meeting (or meetings) is crucial.
Beware the bank based 'advisers' who spend 30 minutes filling in a fact find then 2 hours harking on about the benefits of some packaged investment bond (which just happends to pay their employers 5-7% commission up front).
Good advice will cost. There is no such thing as a free lunch. It is only fair to expect to pay. However it is imho only fair to expect results in keeping with what you agreed with your adviser, and to be made FULLY aware of ALL risks before setting out. It is also fair to say that you should have recourse against your adviser. In practice though these people have their arses covered in the small print at all times.
Catch 22...if you cant find a trustworthy bloke, then bone up on the stuff yourself...even go as far as to sit the Financial planning certificate exams and advise yourself.
perhaps the best way to get value for money advice is to have a long detailed serious chat with the adviser first, question him/her like crazy...before you go through the formal process...then get them to rebate as much commission as you can into the products you go with or refund it to you as cash. Most IFA's will bend on commission and use any reduction to reduce or totally wipe out any initial charge (bid /offer) on investment products. Not many will give up the on going trail commission as well though unless you are operating on an agreed fee and retainer.
...I still say you are right not to trust so called 'advisers'.
I am not an expert...but I know what I know.
...sorry...the question...right...yep....erm...well first I'd probably piss at least 500 quid up against the wall...then pay off all family debts and go on a world tour until I got bored.
There is a difference between genuine advice, and the sale of investment, pension or life products. Advice does not always mean such a product is the right solution, yet invariably advisers will recommend a package which generates them a good commission...after all it's how they earn a crust.
Fee's are better, at least you know where you stand...to a degree...but most advisers would rather work on commission as the pay off is greater. It is also possible to agree a mixture of fee and commission with an adviser...either way it must be done up front and in writing before any advice is asked for.
There is a lot of info on the net these days. In fact many advisers do little than re gurgitate it to PC illiterates...who (it just so happens) tend to be the retired generation with lumpsums.
Seperating taxation and financial planning advice from investment selection in your mind is a good idea to a degree (although they are interlinked). The advice is basic common sense....use of tax allowances, correct family protection, IHT trusts etc...The selection of investments is basically a matter of a making a desicion based on a full risk analysis in keeping with a clients views/aims etc...and ensuring the correct(suitable) balance of assets/wrappers/risk category and providers.
The key to good advice and product selection is to 'KNOW YOUR CLIENT'...which is why a thorough fact finding meeting (or meetings) is crucial.
Beware the bank based 'advisers' who spend 30 minutes filling in a fact find then 2 hours harking on about the benefits of some packaged investment bond (which just happends to pay their employers 5-7% commission up front).
Good advice will cost. There is no such thing as a free lunch. It is only fair to expect to pay. However it is imho only fair to expect results in keeping with what you agreed with your adviser, and to be made FULLY aware of ALL risks before setting out. It is also fair to say that you should have recourse against your adviser. In practice though these people have their arses covered in the small print at all times.
Catch 22...if you cant find a trustworthy bloke, then bone up on the stuff yourself...even go as far as to sit the Financial planning certificate exams and advise yourself.
perhaps the best way to get value for money advice is to have a long detailed serious chat with the adviser first, question him/her like crazy...before you go through the formal process...then get them to rebate as much commission as you can into the products you go with or refund it to you as cash. Most IFA's will bend on commission and use any reduction to reduce or totally wipe out any initial charge (bid /offer) on investment products. Not many will give up the on going trail commission as well though unless you are operating on an agreed fee and retainer.
...I still say you are right not to trust so called 'advisers'.
I am not an expert...but I know what I know.
...sorry...the question...right...yep....erm...well first I'd probably piss at least 500 quid up against the wall...then pay off all family debts and go on a world tour until I got bored.
Dayvo
just passin' through
- Location
- 59° 50′ 5.55″ N, 10° 47′ 41.89″ E
slow down said:
Why don't you just buy the company and reverse the job descriptions of everyone there, so the cleaner becomes the managing director and vice-versa!
Or just mercilessly sack all the ones you didn't like, and treat all the others to something!
papercorn2000
Senior Member
I'd put it all on red!
Rhythm Thief
Legendary Member
- Location
- Ross on Wye
In all seriousness, I'd buy a house for cash. Nothing too flash, just somewhere like where we live now only with a garden.
Then I'd (delicately) try and pay off the mortgages of my family and some of my friends.
Then I'd put some in a high interest account to give me an income of around £500 a week (which is what I earn now).
Then I'd give up work (having first worked my notice) and go on a cycle touring holiday for weeks on end.
I might revive some old hobbies that I no longer have time for. I'd love to get back into brewing my own beer, but this time with more than just some plastic buckets, a boiler and a mashing bag.
I'd probably treat myself to some interesting guitars and a nice road bike. Wouldn't bother with a new car though, they bore me to tears.
If I'm being absolutely honest, I probably would buy a big bag of weed to celebrate my win.
In short, If I won a lot of money I'd just do the same things as I do now, only more so.
Oh, and I might be tempted to buy my own articulated lorry, park it outside the house and watch it rot. (I've had a bad day at work ...)
Then I'd (delicately) try and pay off the mortgages of my family and some of my friends.
Then I'd put some in a high interest account to give me an income of around £500 a week (which is what I earn now).
Then I'd give up work (having first worked my notice) and go on a cycle touring holiday for weeks on end.
I might revive some old hobbies that I no longer have time for. I'd love to get back into brewing my own beer, but this time with more than just some plastic buckets, a boiler and a mashing bag.
I'd probably treat myself to some interesting guitars and a nice road bike. Wouldn't bother with a new car though, they bore me to tears.
If I'm being absolutely honest, I probably would buy a big bag of weed to celebrate my win.
In short, If I won a lot of money I'd just do the same things as I do now, only more so.
Oh, and I might be tempted to buy my own articulated lorry, park it outside the house and watch it rot. (I've had a bad day at work ...)
laurence
Veteran
- Location
- in the aeroplane over the sea
i'd be off to the Pegoretti factory
L
L
red_tom
New Member
- Location
- East London
domtyler said:
More liquid than cash? Krugerrands?
Twenty Inch
Guru
- Location
- Behind a desk
Melvil said:
If they are wasting money on administration, how can they be said to be running themselves?
I've worked for a big international charity, and now work for a big national one. There is very little waste in the charity world. Most businesses waste far more than we do.
laurence
Veteran
- Location
- in the aeroplane over the sea
you can't win if you're a charity... you need to look professional, but then people accuse you of wasting money on looking good.
the last charity i worked at we produced some lovely brochures for our project and then got grief from people for spending too much. the design work was done for free and printing was done at cost, so we wasted no money. had we sent out some photocopied sheets of paper we'd have been accused of not spending the time and money on doing the job properly.
at my current charity we often spend our own money to buy things for events, etc. wasting money is seriously frowned upon.
L
the last charity i worked at we produced some lovely brochures for our project and then got grief from people for spending too much. the design work was done for free and printing was done at cost, so we wasted no money. had we sent out some photocopied sheets of paper we'd have been accused of not spending the time and money on doing the job properly.
at my current charity we often spend our own money to buy things for events, etc. wasting money is seriously frowned upon.
L
