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#1101490
Soapy Dave these guys are so hypocritical.

They have had great jobs and better protection than durex thanks to the unions I love so much the unions they hate.

Now they come here and retire and suggest anyone younger than them should go and do a crap job and be happy, and oh let’s bring this up to cheer dimbo jimbo up, pay respect to your elders for the scab uk they created and the scab spain they are trying to create. Moaning constantly about shit service shit food and shit wine in their 7 Euro meal deal that keeps wages here low

Tossers
#1101530
soapydave wrote:
Mon Oct 30, 2017 6:59 pm
I never had a financial advisor ,I could,nt afford one ,as I had no funds to fund a private pension,
I,m sure some of you are on another planet and not in the real working world,
but fair play to those that have a private /works pension they have been very fortunate ,just don't call the unfortunate that don,t....................
there are those that have , and those that have not,sometimes thru no fault of there own, :evil:


Throughout the UK, there used to be thousands of financial advisers who would/could give FREE financial advise. I used to employ them myself up and down the country, and they could have provided you and others with private pensions for as little as £15 to £20 per month. OK, it wouldn't have produced a fortune, but it would have been better than nothing.

Unfortunately, the advisers would often come back into the office and report that the prospective client felt that it was more important to save up more than that to have their annual holiday, and didn't really care about the long holiday that would stretch into years when they stopped working.

And to Mrs Nelson, I never belonged to a union, so I have nothing to thank them for. I am where I am through my own labours, often working 15 hour days, 5 or 6 days a week. Through my own endeavours I have been fortunate enough to have retired 3 times; started new businesses after getting bored after the 1st two retirements, and have unfortunately been retired for the last 6 years due to health issues.
#1101548
I never suggested old boy was a union man did I.

However these unskilled plastic tories did well due to union influence whether they were in a union or not. If factory A had good conditions and good pay thanks to a sensible union, factory B would either follow suit without union persuasion or Lose out to a more popular rival.

How many are going to chose to work for less, you owe the unions so much.
#1101549
Until fairly recently, financial advisers could be paid either by fees, by commission from the insurance/investment companies or a combination of both. There was until recently thousands of financial advisors who were tied to a particular insurer or any one of the many others that were around. Their commission was generated from the premiums that the clients paid for their policies.

The vast majority of the good tied advisers often spent many hours advising clients and potential clients, unpaid, because those people could not see the benefit of the advice given.

My advisers were all salaried, and their clients could chose between paying a fee and we would pass on any commission paid to us, or go fee-free and we would retain the commission. Our clients seemed to be very happy with those arrangements. And it meant that clients were not pressured into buying a product regardless of whether it was suitable for them, and the advisers brought in far better business.
#1101568
soapydave wrote:
Thu Nov 02, 2017 7:52 am
so it was,nt free advice as you stated then, pay a fee or commission on the premiums ,I knew someone was paying for the advice directly or in directly loaded on the premiums.
as I said no such thing as a free lunch, and that sayings been around well before you and me,................n that's my last word on this.


You misunderstand how it worked. Regardless of whether you chose to pay an adviser a fee or you received free advice and the adviser was remunerated by a commission taken from the policy premiums, you as the client paid the same premiums.

The only difference would be that some fee paid advisers also kept the commission, or in some cases didn't take commission and the insurers made more profit.

However, you have chosen to ignore my main point; that you could have received FREE financial advice from many sources. Whether that was from the main players in the field such as Abbey Life, Allied Dunbar, Prudential, or Royal London, or alternatively, virtually every branch of every bank and building society offered FREE financial advice to just about anybody that was able to breathe - children not necessarily included.
#1101605
Mrs Nelson wrote:
Fri Nov 03, 2017 11:42 am
I get it, It’s like the estate agents,

You don’t pay them, their service to you is free, and they get paid by the builder who has added a ten percent imaginary hike to ones house. :wink:

We came here on a big boat, but it wasn’t a bannana boat.


No, it's nothing like estate agents because the details are totally transparent, just for a starter.

The commission paid to advisers forms a minute percentage of the overall premium, and in some cases is spread over the lifetime of the policy. The insurance/investment companies do, in many cases, pay a lump sum commission to an adviser, but it is in effect a loan to the adviser and assumes that the client will maintain payments, certainly for two or three years. If they don't, the companies will claw back the commission or a proportion of it.

But you need to take into consideration that an adviser may have invested many days in preparing his advice to a potential client, and if they are paid by commission only and the client chooses not to proceed, then that time goes unpaid for. No difference to you going to a gig, spending an hour or two setting up and then the bar-keeper tells you to pack up because they have decided not to provide entertainment that evening, and as you hadn't performed, he wasn't paying you anything.

I used to charge fees upfront; my initial fee was a minimal £500 for attending a first meeting which a potential client would be informed of when making the appointment. Stopped time wasters.

After that, most of my clients paid an hourly rate for all work that was conducted originating from that meeting, and that work could sometimes take a week or more to complete because it often involved highly complex arrangements. A company pension or a retirement plan structure for high net worth individuals are not things that can be done in an instant, when you could be dealing with commercial properties, banks, lawyers, setting up complex trusts let alone all the paperwork that needed to completed. And making sure that it was all conducted in a totally legal manner.

Anybody can be an estate agent; I was required to be qualified to talk to my clients about these matters, and I needed to have working knowledge of many different areas such as tax, law, trusts and much more as well as having a thorough understanding of all the financial instruments that were available.

And I am still welcome in all my former client's homes. Not something that can be said about many estate agents.
#1101616
Mrs Nelson wrote:
Fri Nov 03, 2017 4:18 pm
Suggesting the service is free is a bit of a lie is it not ?

Kev


It's as much of a lie as saying that NHS treatment is free, which for the majority of the UK's citizens is not true because it's funded from all the taxes and NIC that we pay. And even those who have never worked a day in their life, they or somebody on their behalf will have paid some sort of tax during the lifetime.
#1101629
soapydave wrote:
Fri Nov 03, 2017 8:09 pm
ok then! I know I said it was my last word,..........your just egging me on,
but ok you, ve just wrote the above ...................bollocks it was free :lol: £500 for first appointment,thats hardly free ,another shister in the financial sector,what happen when a well known company went tits up and other pension companys went down the pan did you give the clients there money back or were you laughing all the way to the bank on your commissions? :lol: as kev would say suckers :lol:


It really pees me off when another poster just selects the bits of someone else's post to try and score a point. What's even worse is when that other poster is incapable of understanding what has been written. Why have you chosen to ignore the paragraphs immediately above the one that you quoted, where I said:
The commission paid to advisers forms a minute percentage of the overall premium, and in some cases is spread over the lifetime of the policy. The insurance/investment companies do, in many cases, pay a lump sum commission to an adviser, but it is in effect a loan to the adviser and assumes that the client will maintain payments, certainly for two or three years. If they don't, the companies will claw back the commission or a proportion of it.

But you need to take into consideration that an adviser may have invested many days in preparing his advice to a potential client, and if they are paid by commission only and the client chooses not to proceed, then that time goes unpaid for. No difference to you going to a gig, spending an hour or two setting up and then the bar-keeper tells you to pack up because they have decided not to provide entertainment that evening, and as you hadn't performed, he wasn't paying you anything.[/


You have also chosen to ignore my other posts where I said that you could have got free advice from one of the 5000 Abbey Life advisers, the roughly 3,500 from Allied Dunbar, let alone tried to avoid tripping over or bumping into one the advisers in the banks and building societies, all of whom would have given free advice. Plus all the other firms that direct sales forces.

That's how I started back in the 1980s, giving free advice to anyone who would listen. Once I had established a regular clientele, I expanded my repertoire and started offering more specialised advice. It was at that point that I decided that I needed to charge a fee, so that I could concentrate on running an effective practice that would be for the benefit of my clients. When I retired I had over 2000 personal clients, so I must have been doing something right.

Furthermore, all of my firm's clients were referred to the business by others, such as existing clients, solicitors or accountants. Our corporate clients would often recommend us to their suppliers or customers as well.

However, the advisers who worked for me gave the clients the option of paying a fee, paying via commission or a combination of the two. I rebated any commission on my own personal clients' products or instructed that they were re-invested within the product.

But I am merely repeating myself, if you had only bothered to read all my posts on this thread.
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