Financial Advice

Until now, most of us haven’t had to put our hand into our pocket for financial advice. Essentially, it’s been paid for from trailing commissions.    However, this has all changed, in the interests of “transparency”.     So it wasn’t a surprise when at the most recent “catch up” with a financial advisor, the subject of fees was raised.

This was the first time that I’d met the advisor concerned, he being the latest in a series of different individuals I’d met at the organisation I’ve dealt with over the years.   Some of what he said was valid, but he certainly wasn’t up to the standard of at least one of his predecessors (who was very good), and on one aspect, he was unclear (to give him the benefit of the doubt) or otherwise just wrong.

But it was the proposal for an annual fee that concerned me most.  The figure mentioned seemed very high indeed for the limited services I need (an annual review and occasional advice if there are changes to the rules).    I gave it 24 hours, then sent him an email to the effect that the fee deal on offer didn’t seem to align with my requirements.

I accept that in this era of “regulatory  overload”, advisors are tightly constrained in what they can offer, and so perhaps my hope for an “economy offer” was unrealistic.   I’ve had a number of “financial plans” prepared over the years, and frankly, in most cases they involve shoe-horning my affairs into some sort of template.

The time may come, I suppose, when I will have to pay for advice but my thinking for the time being is that I can leave things in the “set and forget” mode at least for now.    I’m sure that it won’t be difficult to find an advisor if an when I need one.   I already have a couple of names!