Do you have a financial advisor?

[The_MAC]

In this country they are out to make money and aren't really bothered with trying to help you if you don't earn a decent salary or if you are heavily in debt... Just my experience...

That makes sense though, they only have that much time on their hands.

But, what I have observed is that FA's are keen to take up low-income professionals with the assumption that their income will grow, that way it's an "investment" from their side, you gain efficiency and their commission proportionally increases (it's a business after all)

 

[Spaj]

Used to, but not anymore, find their fee models excessive.

 

[utopianblaster]

Biggest problem with this industry is that there is no clear distinction between a financial advisor and a salesman.

I don't have an advisor currently, but I can see the benefit in having a sitdown with a genuine advisor once a year or so. Their payment should be for their time, with zero commission on any product they recommend.

Where do you find such a person, pray tell?

 

[nkd]

Financial advisors bad advice "pay your taxes". I haven't realised any returns on that investment.

 

[Pegging]

Where do you find such a person, pray tell?

There are advisers that work for a flat fee. Not hard to find.

 

[SauRoNZA]

I had one.

Ironically I didn’t let them go, but when I started asking hard questions about costs and subsequently didn’t get reasonable answers and moved my RA’s elsewhere suddenly the annual reviews and regular checkins dried up even though I still have other products with them.

 

[SauRoNZA]

Biggest problem with this industry is that there is no clear distinction between a financial advisor and a salesman.

I don't have an advisor currently, but I can see the benefit in having a sitdown with a genuine advisor once a year or so. Their payment should be for their time, with zero commission on any product they recommend.

100%.

Anyone working for the big brand whose products they are also pushing and nobody else’s isn’t looking after your interests but their own.

Sales people, not advisors.

 

[Nuke]

No. They can all F right off. What I decide to do I'll do all by myself, I don't need their sales talk.