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  1. #1
    Senior Member
    Join Date
    Nov 2002
    Posts
    23,531

    Financial Advisor

    Ever used a financial advisor? Would you recommend it?

    Or is it just for the rich? [img]/forums/images/graemlins/70402-thinking.gif[/img]


    Every obstacle is an opportunity in disguise.

  2. #2
    Senior Member
    Join Date
    Nov 2000
    Location
    Canada Eh!
    Posts
    11,704

    Re: Financial Advisor

    Never used one but I have heard it is important to use a reputable "independent" financial advisor if you do go that route. If not you may find someone trying to sell you their company's products which may or may not get you the best rate of return on your investment.

    I think my uncle uses one and he has really helped him out quite a bit it seems. He has managed to do quite well for himself with the advice and services offered to him by his advisor.
    It's Better to Burn Out Than to Fade Away.


  3. #3
    Senior Member
    Join Date
    Nov 2002
    Posts
    23,531

    Re: Financial Advisor

    Any idea what their average rate is?


    Every obstacle is an opportunity in disguise.

  4. #4
    Senior Member
    Join Date
    Apr 2004
    Location
    North London, England
    Posts
    944

    Re: Financial Advisor

    [ QUOTE ]
    Ever used a financial advisor? Would you recommend it?

    Or is it just for the rich? [img]/forums/images/graemlins/70402-thinking.gif[/img]

    [/ QUOTE ]

    Got myself a really good financial advisor this year, it cost me a few 's but it save me 10 times as much in the end due to his valuable advice and help. The best thing i've done in years.

    There are so many way to save money out there that many of us are not aware of, especially if you are a house owner like myself. My major big savings came when I changed my mortgage to one of a much better rate.

    Also if you all want to gain some really good insight on how to save yourself alot of money do check out this site http://www.moneysavingexpert.com/ it's great for good deals and solid financial advice even if you live outside of the UK.

  5. #5
    Administrator
    Join Date
    Nov 2001
    Location
    40/74
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    40,996

    Re: Financial Advisor

    [ QUOTE ]
    Ever used a financial advisor? Would you recommend it?

    Or is it just for the rich? [img]/forums/images/graemlins/70402-thinking.gif[/img]

    [/ QUOTE ]
    Yes we use one. Highly recommend it unless you are in the field of finance and regularly watch the market. It is not just for the rich but for those who wish to build wealth.

    We have gotten advice that has saved us thousands in the past just by making a few changes in our portfolio.
    If you don't fight for what you deserve, you deserve what you get.
    We are > Fossil Fuels --- Bill McKibben 350.org

  6. #6
    Senior Member
    Join Date
    Jan 2003
    Posts
    35,230

    Re: Financial Advisor

    mi kno aff a latt aff dem financial advisor wen inn money chubble soo mii nah trust dem. all mi doo iss buy a good index fund ann keep contributinn to itt ann mi will bee won aff da few dat will beat da market inn da lang runn

  7. #7
    Senior Member
    Join Date
    Aug 2004
    Posts
    3,153

    Re: Financial Advisor

    Nunya I don't know where you live... as different "regulations" apply to the financial sector.

    I am in London and I am doing my final exam as a Financial Advisor. I am already a Mortgage Advisor. It is most definately a good idea to have a Financial Advisor. The regulations and legal/tax laws, rules and directives are too complex for you to understand them all.

    Financial Advisors here in the UK normally charge around 250 per person for "Admin Fee" to get you started/committed and around 1% - 3% of your total investment depending on what you are investing in.

    A Finincial Advisor not only save you money, they must/should be able to help you:
    1. Avoid/reduce the amount of income taxes you pay
    2. Avoid/reduce the amount of inheritance taxes you pay
    3. Avoid/reduce the amount of capital gains taxes you pay
    4. Avoid/reduce the amount of interest you pay on loans
    5. Increase your overall financial wealth
    6. Make sure you get all the tax breaks and government benefits you are entitled to
    7. Advise on WILLS
    8. Provide suitable investment products that will benifit your individual circumstances and not the other way round
    9. Refer you to someone else if they don't have an investment product that suits your individual needs.

    Their job is to leave you financially better off and not the other way round - of course this is not a free service.

    <font color="red">Choose an Independent Financial Advisor, not a "tied agent" - one that is representing a company. Tied agents have limited access to investment, the market and life products while an "independent agent" has access to the ENTIRE market of investment and life products; hence he will more have our interest at heart and not that of the company for which he works.</font>

    The Financial sector in the UK is now heavily regulated by the FSA and they clamp down hard on any Financial Advisor, Mortgage Advisor or company that mislead/fail their clients.

  8. #8
    Senior Member
    Join Date
    Nov 2002
    Posts
    23,531

    Re: Financial Advisor

    [ QUOTE ]
    Yes we use one. Highly recommend it unless you are in the field of finance and regularly watch the market. It is not just for the rich but for those who wish to build wealth.

    We have gotten advice that has saved us thousands in the past just by making a few changes in our portfolio.


    [/ QUOTE ]

    By portfolio I take you mean investment securities? Is this the only area that you FA advises you? I ask because I notice you mentioned having knowledge of and or watching the market...

    Wouldn't that be an investment advisor as opposed to a financial advisor?


    Every obstacle is an opportunity in disguise.

  9. #9
    Senior Member
    Join Date
    Nov 2002
    Posts
    23,531

    Re: Financial Advisor

    [ QUOTE ]
    ...
    Financial Advisors here in the UK normally charge around 250 per person for "Admin Fee" to get you started/committed and around 1% - 3% of your total investment depending on what you are investing in...


    [/ QUOTE ]

    So the FAs would recommend investments? What if you don't want to invest? What if all you want is someone to direct you in how to better handle your money?

    Would they dismiss you because they won't be making as much off you?


    Every obstacle is an opportunity in disguise.

  10. #10
    Administrator
    Join Date
    Nov 2001
    Location
    40/74
    Posts
    40,996

    Re: Financial Advisor

    [ QUOTE ]
    [ QUOTE ]
    Yes we use one. Highly recommend it unless you are in the field of finance and regularly watch the market. It is not just for the rich but for those who wish to build wealth.

    We have gotten advice that has saved us thousands in the past just by making a few changes in our portfolio.


    [/ QUOTE ]

    By portfolio I take you mean investment securities? Is this the only area that you FA advises you? I ask because I notice you mentioned having knowledge of and or watching the market...

    Wouldn't that be an investment advisor as opposed to a financial advisor?

    [/ QUOTE ]Our guy has given us advice on investment securities, estate planning and tax implications of varying type of investments(eg housing &amp; financial stuff)
    If you don't fight for what you deserve, you deserve what you get.
    We are > Fossil Fuels --- Bill McKibben 350.org

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