Norm_uk

DV & P have a seperate dept. for insurance which is from what I know nothing like the investements and savings dept.

Am happy to hear you had a good experience. I have heard good and bad about virtually every company in this industry which leads me to believe it's the person you deal with more often than the company printed on their business card. Certainly the company helps make the people better but even the best companies have toe rags that slip through the cracks occassionally.

N.

Meow

Qualifications DO matter, especially when dealing with complex issues like SIPPS and QROPS. Someone new to the industry, or has not taken proper examinations, simply cannot have the depth of knowledge to handle these issues.

In the UK the minimum requirement for anyone to give any advice is the Certificate of Financial Planning (Formerly Financial Planning Certificate). This consists of several exams and even then a person is restricted and must be monitored. Whilst there is no requirement for these, or equivalent, in the UAE, anyone without them cannot be considered professional or even serious about their work.

To give advise on complex pension issues UK advisers generally have to have Advanced qualificiations. The same ought to apply here, so you can at least expect your IFA to have such exams.

Some so-called advisers out here claim to be qualified as they have the Financial Advisers International Qualification (FAIQ). This is a CII (Chartered Insurance Institute) exam but is unbelievable basic. It consists of up to 100 multiple choice questions. I took it over three years ago and finished in 10 minutes (yes I passed with flying colours).

Qualifications are not the only guide to an adviser's expertise, but would you trust an unqualified accountant or doctor? Why deal with someone who doesn't underatnd your potential tax implications on returning to the UK? It's your financial future so don't trust it to someone without appropriate knowledge.

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Meow

How on earth can that be dealt with seperately? Proper financial planning covers ALL areas so anyone should expect an adviser to be able to handle all matters and advise holistically.

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Millhouse

FPC is only three exams isn't it? (was when I did it, although I only sat 2 of them before realizing it wasn't for me...!)

In fairness, the FPC isn't exactly challenging... 3 relatively exams, compared to the 17 exams + 2.5 years work experience I had to do to become an Accountant.

That said, I'm not really sure qualificants matter too much anyway - I know plenty of excellent accountants who are not fully qualified... I also know a number of terrible ones who are!

It's a bit like my engineering degree - there is no way on this earth I would be of any use in the field of elecrtical engineering despite having a very good degree.

Meow

It's about discipline and someone wanting to learn. Surely the three FPC/ five CFP exams are better than someone with nothing or that ridiculous FAIQ? They are the basic requirements in the UK and are still not enough IMO. That said, rather more than the zero qualifications required in the UAE. That, with negligible compliance and regulation, are what leads to so many people being given poor and inappropriate advice. Someone who has Advanced CII qualifications and has worked in the UK, in a highly regulated environment, for many years, has got to be a better bet than someone who was selling double glazing a few months ago.

Of course, if you prefer to deal with a commission hungry salesman with no expertise, that's entirely your choice...

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Millhouse

I think that we agree on this point...

The point I'm trying to make is that qualifications don't necessarily translate into competence, or necessarily the right balance between advice and hunger for commission.

Meow

No, not necessarily, but is a good starting point. You need someone with experience too. I maintain that a certain qualifications are essential when it comes to very technical products such as SIPPS and QROPS. Too many sales people 'sell' them without understanding the implications.

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shiva

and just to put a spanner in the works.

All the information required to make knowledgable decisions regarding your finances is publicly available and laregly for free so if one were so inclined there is no specific need to seek advice at all. I would also say that anyone who doesnt do their homework both before and after seeing an advisor is asking for trouble.

as you were...



oh and i find that responding as below ends the hounding calls pretty quickly

shiva

or you could always try this one

Madam Medusa

that is absolutely brilliant shiva..."cute little mexican midget", just tooooo funny...

MM, xx

Timmy Molloy - London Boy

OK so say I decide to do an offshore investment, I still need someone to execute this for me.

Your point in flawed

shiva

no not really there are inumerable ways of investing yourself without the need for a thrid party and its inherent commissions.

heck if your inclined you can even put together stupidly complex funds yourself and in fact when you look at the statistics most self run funds actually outperform those available in the so called market with the "fund managers" who historically tend to underperform in the market.

there are plenty of performance lists available freely and they make for some good reading because less than about 10% of proffesional investment managers actually outperform a simple index tracker which can be self managed.

shiva

start here

http://www.fool.co.uk/

Timmy Molloy - London Boy

I was talking about in the main. You could buy or sell a house, but likelyhood is you wouldnt want to do all the work on your Jack Jones

Millhouse

This is very true, but in this example the majority of your advisors interests are (broadly) aligned with yours...

e.g. The estate agent will only get paid on actually closing the deal - although I accept that the estate agent is incentivised to try and get you to accept any offer - but you can control this.

The case of the FA is that your interests are not aligned, the best products for him to sell almost defiantly are not the best for you to have and it's hard for you to actually control what is being presented to you.