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Independent Financial Advisors - advice/experience sought


Rushian

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taken from a Red on another forum - know there are a few IFAs here - any advice?:

 

My mother, who is 74, widowed and not possessed of the finest critical faculties recently sought association with an 'Independent Financial Advisor'. The reason for her seeking his 'advice' isn't particularly relevant.

 

After two of his visits in the space of three days he formulated some heavy-duty (i.e. many pages) of advice for her. She phoned me as she didn't understand it; nor could she tell me how he was charging her other than that when she mentioned paying for his time he's mentioned something about commision. After my mother told him I'd had reservations, he chose to write to me independently. He avoided my question to her as to the % commission rate. He just said he 'preferred to work on commssion' than charge for hourly time.

 

By the time he'd turned up at my mother's yesterday, she'd decided she didn't want to do what he'd advised. Frankly, she'd got herself into a state about it. She'd already cancelled one meeting with him and had been trying to get me to tell him to do one for her - which of course I couldn't as I never engaged him. When he met her yesterday, she gave him a cake she'd baked for having caused him so much trouble - in view of the fact that she wasn't going to invest via him (something which I now happen to know he would have taken a mere 8% commission on).

 

Today she got a bill for his time. £1200. £250 per hour. Including a charge for writing to me (which of course he did because HE chose to). So desperate was my mother to be rid of the whole situation, she wrote out the cheque and posted it to him today. My mum is relieved it's all 'gone away'. Her friends think this man is marvellous, although none of them can tell you how much he actually charges....

 

So.... Aside from driving up to Liverpool and kicking this man's a*** from one side of the city to another, before drowing the fecker in the Bullens Road sewer, do I:

 

- ignore it;

- inform the local constabulary that there a man guilty of any one of a number of offences under the Theft Act 1968 (Obtaining Property by Deception, Obtaining a Money Transfer by Deception... or even Theft ? don't do criminal so this is all just a distant recollection);

- sue for conversion or breach of contract (that he charged hours when the terms were that he'd charge commission - which is of course, contingent in nature)

- none of the above.

 

Oh, and if anyone knows of a good firm of appropriately-sized solicitors with relevant expertise in Birkenhead I'd be grateful.

Edited by Rushian
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Oh, and if anyone knows of a good firm of appropriately-sized solicitors with relevant expertise in Birkenhead I'd be grateful.

 

Upon Will's recommendation I used Bermans for my flat purchase and they were very good.

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What a sly b*****d, little better than the old trick of knocking on pensioners doors and claiming to be from the gas board while a smack head accomplice goes through her purse. No actually its worse because the c*** who did this to your mum probably has no raging addiction other than his own lust for cash. I'd be murderously angry if it happened to my mum, its to your credit that you are going about it the right way.

 

What a pathetic excuse for a man that would do this. i tell you, i'd like 5 minutes in a locked room with a bloke like that.

 

Please let us know how it goes re the solicitors. Good luck.

Edited by Cardinal Fang
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Guest roger

This happens to old folk alot. They cant think clearly enough to go to 'safe' people. The guy concerned sounds like an a******.

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He has to supply an 'Initial Disclosure Document' before his first meeting. This outlines his charges and whether or not he sometimes charges fees in lieu of commission..

 

I know of no investment that pays 8% commission.

 

£250 per hour isn't unusual or outrageous either but he should have spelled out his fee structure in writing and got her agreement before undertaking any work.

 

The reams of paperwork is normal, nobody understands it it's mainly regulatory bollix and it's getting worse.

 

This guy doesn't stack up. Take RP's advice and let us know what you come up with.

Feel free to mail me through the site I'll be happy to help as much as I can although in truth Cobs is more actiive in this side of the business.

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Rushian, I could give my colleagues at the Globe a call if you'd like - I'm sure they'd be interested in any expose. email me via my profile with relevant contact details of the fella who orginally posted this.

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