The real benefit of our academy

[Topplayersleave]

Have you ever sold an “investment” that is now the subject of an Accelerated Payment Notice or Follower Notice?

No, as a company we are very suspicious about most unfamiliar types of investment schemes
We tend to stick to the normal boring stuff. An Accelerated Payment Notice usually follows various types of tax avoidance schemes, many do not have authorisation from HMRC and are usually "recommended" by unscrupulous unregulated advisers. I use the word advisers loosely.

We wont advise on any unregulated investments, and never have. If it's not got the ok from the FCA and HMRC and if it isn't a well established investment and investment fund we steer well clear of it.

However, clients can create a tax problem for themselves sometimes by encashing various investments in full, or making large withdrawals from it

 

[Topplayersleave]

Now I remember why I got out of the financial services industry and became a postie

Good move mate, it's a bloody nightmare

I have an extremely bright niece, I mean EXTREMELY BRIGHT. She is so clever academically it's untrue.
It was always my hope that she'd come and work with me and eventually take over from me and have a ready made client bank, but now, I couldn't possibly be so cruel

 

[Topplayersleave]

By the way Wendy are losing...…...Yippee

 

[Nick Jansky]

However, clients can create a tax problem for themselves sometimes by encashing various investments in full, or making large withdrawals from it

Or by their regulated and qualified IFA having completely fucked up over Enhanced Protection following pension A Day, leaving us to pick up the pieces. Your “profession” is not highly regarded in the professional world, still woefully under regulated and full of charlatans & sales people.

 

[Tom Bott]

and have a ready made client bank,

You mean customer ?

 

[Topplayersleave]

You mean customer ?

Yes, customer
I said customer last time and somebody said
"Surely you mean clients"

So I called them clients for his benefit

 

[Topplayersleave]

Or by their regulated and qualified IFA having completely fucked up over Enhanced Protection following pension A Day, leaving us to pick up the pieces. Your “profession” is not highly regarded in the professional world, still woefully under regulated and full of charlatans & sales people.

Financial Services is the most heavily regulated in the World

Far more regulated than many other industries that allow the charlatans to regulate themselves

You are also mixing up qualified regulated IFA's with these Charlatans who are not regulated

Pension freedoms have encouraged these criminals to target the pension savings of many unsophisticated investors

And here's another fact, there are more accountants in jail than financial advisers

Mistakes have been made in many industries, Accountancy included.

And there are just as many bent, unqualified tax advisers out there as there are people working in financial services

 

[Tom Bott]

Financial Services is the most heavily regulated in the World

What went wrong in 2008 then ?

 

[Tom Bott]

So I called them clients for his benefit

So you just tell people what you think they wish to hear ?

Are my life savings of £ 250 K going to be safe with, your 'best advice' - Of course they are sir, what could possibly go wrong.

We invest all our client/customers money in blue chip companies like SWFC. Who have clearly stated 3 years ago that they are going to the PL.

10% commision for you, kerching.

 

[Topplayersleave]

So you just tell people what you think they wish to hear ?

Are my life savings of £ 250 K going to be safe with, your 'best advice' - Of course they are sir, what could possibly go wrong.

We invest all our client/customers money in blue chip companies like SWFC. Who have clearly stated 3 years ago that they are going to the PL.

10% commision for you, kerching.

No such thing as commission.
Clients pay for investment advice in the same way they'd pay you for tax advice
And even in the 1970's commissions weren't ever 10% and never have been

You ask whether your money is safe but I do not know how to answer that

What do you call safe ?
In a bank maybe ?

Interest rates at a maximum of 0.25% and inflation at 3% = Not safe

All other markets such as Equities, Foreign Equities, Property, Commodities, Technology, Biotechnology, Bonds and especially unregulated investments = Not safe

Stuffing money under mattress = Stupidly unsafe

So yes, seeking the advice from a good IFA with good knowledge of the investment markets, good knowledge of investment products available and how they work, an understanding of what the money is required for and when it will be needed plus a thorough understanding of clients/customers attitude to risk is a good idea.
And I've never had a customer/client lose money in the medium or long term........NEVER

2008 came about as a result of GREED
GREED on behalf of everyday people borrowing money that they could not repay and a United States, European and UK banking system not only allowing them to do it but encouraging it.

Years and years of banking and Government corruption finally falling down around their ears. And we are on our way to it happening again. Such is the greed in every section of Western society

Nothing to do with IFA's or their recommendations

 

[Tom Bott]

No such thing as commission.

Sorry I used the term commission, I meant fees.

Which? said the estimates given in SJP’s marketing literature suggested customers pay a 5% initial fee plus 1.59% a year ongoing for a low risk portfolio and 2% or above for higher risk.

So a 6.6% initial fee with no guarantee of growth for the client/customer

No such thing as commission

Which? added there were further ‘questionable claims’ by some of the advisers, with one saying: ‘there’re no charges, there’re no fees, the only thing is, if you do anything, that’s when I would get paid.’

Anyway this is far off topic, maybe start a seperate thread about the wonders of IFA's.

I'm out.

 

[Topplayersleave]

Sorry I used the term commission, I meant fees.

Which? said the estimates given in SJP’s marketing literature suggested customers pay a 5% initial fee plus 1.59% a year ongoing for a low risk portfolio and 2% or above for higher risk.

So a 6.6% initial fee with no guarantee of growth for the client/customer

Which? added there were further ‘questionable claims’ by some of the advisers, with one saying: ‘there’re no charges, there’re no fees, the only thing is, if you do anything, that’s when I would get paid.’

Anyway this is far off topic, maybe start a seperate thread about the wonders of IFA's.

I'm out.

You're under the illusion that SJP advisers are independent
They're not,

I can only speak for our company. We are desperately trying to make a profit whilst giving clients the options on how to pay for advice.
3% is the MAXIMUM amount our company will take and only then if a client does not want to pay for services via an invoiced bill

0.5% ongoing adviser fees is the MAXIMUM we would charge and again only if the client did not want to make this payment via a traditional invoiced fee

And our FCA Fees are £6,000 per annum PER ADVISER
Our Financial Services Compensation Scheme Levy was £6,600 last year and will be more than that this year as the FCA drag up more mis selling scandals that IFA's had nothing to do with
Then there's the Financial Services Ombudsman, The Pensions Ombudsman, Compliance Consultancy Firms to pay.

With all the regulatory fees our advisers have to clear £1,500 per month before they make one penny

And regarding investments, saying their is no guarantee of return is a bit like saying that the human race will never evolve from this point on ever again

There are no guarantees that an investment fund will perform as it has done in the past, and it may suffer from sudden shocks and jolts from time to time, but all investment funds given a period of time to work will outperform inflation, some are better than others, but all investment funds with a good spread of different asset classes will outperform inflation by a considerable amount given enough time.

Anybody taking out an investment that would panic and withdraw money at the first sight of one of these hiccups has no business investing money in the first place and should remain in a bank account where only inflation and interest rate risk will kill it.

 

[Silent Blade]

I am an Independent Financial Adviser with my own business that does extremely well thank you
I am also an investment fund analyst

Yes, for SWFC

 

[Sean Thornton]

Yes, for SWFC

Is this like McNulty being a doctor?

 

[Davalon]

Life Assurance salesmen and trainees in the banks sell pensions
Independent Financial Advisers correct the fuck ups that these people make
We are also qualified just as much as Accountants regarding taxation, we have to be when dealing with investments
Plus a bit of Legal expertise when it comes to Wills & Trusts

What qualifications do you hold pertinent to your job?

 

[Davalon]

Many financial advisers are or have been accountants.
To give advice about investments and how it affect somebody's tax situation is vital.
To give advice about pensions and how it affects somebody's tax situation is also vital
To give advice to a company (of various types) about their company pension scheme and other employer and employee benefits involves a lot of taxation work
Estate Planning to reduce Inheritance Tax also requires a good knowledge of the taxation system
Long Term Care Planning to avoid the State taking somebody's assets in the event of them needing long term care involves a lot of tax planning

To advice a client on how to make withdrawals from pensions and investments involves a lot of taxation advice, if you create an additional tax liability for a client you can quite rightly expect to be in trouble.

So yes, financial advisers do have to pass exams and continuously study in the area of taxation

That's all pretty basic tax advice in truth.

 

[Nick Jansky]

Financial Services is the most heavily regulated in the World

Far more regulated than many other industries that allow the charlatans to regulate themselves

You are also mixing up qualified regulated IFA's with these Charlatans who are not regulated

Pension freedoms have encouraged these criminals to target the pension savings of many unsophisticated investors

And here's another fact, there are more accountants in jail than financial advisers

Mistakes have been made in many industries, Accountancy included.

And there are just as many bent, unqualified tax advisers out there as there are people working in financial services

There are many, many times more accountants than there are financial advisors so there would be more in jail.

I agree that the accountancy/audit industry is woefully under regulated.

Very few tax advisors have been jailed, but I know quite a few who should be.

Nothing personal and no offence intended, but it has always boiled my piss when IFAs regard themselves as tax experts - they aren’t, and it’s a prime example of a little knowledge being a dangerous thing. As I said, the best ones recognise this and work with qualified tax people.

I don’t do any tax planning at all - my firm specialises in digging people out of serious shit with HMRC (often caused by accountants or IFAs) or managing their risk to prevent the shit flying in their direction in the first place. And we also assist with litigation against said accountants & IFAs, which is the most enjoyable part of the job.

 

[Topplayersleave]

That's all pretty basic tax advice in truth.

Yes, I made it sound pretty basic, you didn't really want to read every aspect of the various types of taxation did you ?

I use an accountant myself, I am a director of a limited company with a number of employees including myself.
My accountant does a great job, but he doesn't do anything that I cannot do myself if I really wanted to.
He is very efficient, I quite like the bloke, we are now pretty good mates and it frees up a bit more time for me if I use him.

 

[Topplayersleave]

There are many, many times more accountants than there are financial advisors so there would be more in jail.

I agree that the accountancy/audit industry is woefully under regulated.

Very few tax advisors have been jailed, but I know quite a few who should be.

Nothing personal and no offence intended, but it has always boiled my piss when IFAs regard themselves as tax experts - they aren’t, and it’s a prime example of a little knowledge being a dangerous thing. As I said, the best ones recognise this and work with qualified tax people.

I don’t do any tax planning at all - my firm specialises in digging people out of serious shit with HMRC (often caused by accountants or IFAs) or managing their risk to prevent the shit flying in their direction in the first place. And we also assist with litigation against said accountants & IFAs, which is the most enjoyable part of the job.

No offence taken
I've enjoyed our discussions in a warped kind of way, but I think we'd better leave this subject for now before it gets pulled for wandering off topic a little bit too much