MilitaryForums.co.uk

On the subject of finance..........

Some time ago I spoke to a former Bootneck turned Independent Financial Advisor oppo of mine about using his services as an IFA.

He went quiet for a moment then said that he'd put me in touch with a colleague of his. Why? Because he didn't want to sully our friendship!

It says a lot about my oppo (turning away a good commision) but is says a lot more about how many people feel they get shafted by some IFAs.

If you need advice just remember that they may be independent but they have a choice of which product is best for them as well as for you. Always ask to see the commisions they are paid for the products they recommend and see two or more IFAs before you hand over any dosh.

A very touchy subject, it is rather like handing your money over to a person to put on a horse for you. The only person that can't lose is the IFA, as they say the bigger the return offered the bigger the risk. The only thing you can do is ask what they proposed to invest it in then run a check on those bonds or firms have been performing like over the last few years and make enquires in their financial state. Try doing as many checks on them as you can, also try ringing up other firms and say that you interested in investing in these companies or bonds and do they think they are a good idea if you decided to use their offices for the transaction. Also remember that all IFA should now hold a Government licence

Firstly IFA's don't hold a government licence, they are authorised indefinitely (like accountants). Hopefully that will change though for IFA's to hold practising certificates (like solicitors).

Some IFA's have messed it up for the vast majority and taken large commissions where its not reflective of the work involved.

1st January 2013 - clients will not be able to pay IFA's by way of commission for investment related products............thankfully!

A good IFA will agree upfront with a client a fee for advice and implementation separately. This means that their advice process is clear and transparent, and not dependant on a product sale. This will reflect the value they bring, the expertise requires, the risk involved, and profit (much like most businesses!).

Brian

Sound advice given above.

One thing i'd add is that if someone in the Armed Forces has been sold Paymetn Protection Insurance when taking out a loan, credit card, mortgage, or hire purchase agreement, they should definitely look into claiming it back. Most, if not all, standard PPI policies will not cover people who face the possibility of being sent to a conflict zone. You may be paying thousands of pounds for a useless policy.

Also, the likelhood of someone in the military being made redundant is - i understand - pretty minimal.

I have put a post in the 'Advertise your Business' thread. I have a firm of solicitors who specialise in reclaiming PPI for our clients. As my brother served on the HMS Liverpool for several years, I have worked for a number of his colleagues in reclaiming PPI for them.

Any quesitons - get in touch.

Joe
ACSL Ltd

hello, im just curious if anybody can help me? i need some information regarding the RAF and bankruptcy, is it possible to be declared bankrupt whilst serving and what are the consequences of this within the force? any information would be greatfully recieved

Thanks

Bankruptcy is frowned upon in Forces as this make you a security risk