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financial advisor opinions

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  1. #11

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    I met with a so-called IFA a couple of years ago for lunch, only because he nagged and nagged to meet up. So, I finally relented.
    After listening patiently to his proposals, I declined. From that point he turned really nasty and rude.
    Since then, I refuse to even speak to any of those so-called IFA's
    Also be careful of your "relationship manager" at the bank, he or she is practically an IFA too


  2. #12

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    Mar 2006
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    Hong Kong.
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    Quote Originally Posted by Rob2020:
    I met with a so-called IFA a couple of years ago for lunch, only because he nagged and nagged to meet up. So, I finally relented.
    After listening patiently to his proposals, I declined. From that point he turned really nasty and rude.
    Since then, I refuse to even speak to any of those so-called IFA's
    Also be careful of your "relationship manager" at the bank, he or she is practically an IFA too
    The problem is that neither the bank relationship managers nor most of the so-called IFAs are actually independent advisors - rather, they are glorified salespeople, mostly compensated through commissions from the vendors. As a result, many of them push unsuitable (or even fundamentally flawed) products on their 'clients' - this is the case in many places around, but particularly prevalent in HKG due to combination of factors (culture, poor regulation, etc.).

  3. #13

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    IFA's in Hong Kong i feel are just sales people looking for the next meal. They will try to sell you everything under the sun, even if its not right for you.

    The successful ones are trying to get with the rich people who can pick and choose the real winners from the shysters and the other ones are just trying to pay their bills at your expense. The approach is throw enough dirt on the wall and some of it will stick.


  4. #14

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    Jun 2005
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    Quote Originally Posted by shri:
    Try The Expatriates guide to property, careers, travel and entertainment in Asia or HKExpats.com - the site FOR Hong Kong expats BY Hong Kong expats - Powered by vBulletin

    Lots of rich well to do expats and their spouses who could use a good 'from out of town' financial advisor.
    Wonders never cease! I remember the days when any post on this site linking to either of those was instantly deleted (or even just fed into the spam trap). I should mention though that the second of those two sites is really not as described - it's a small and not very active site populated by a few mainly British long-term residents of, generally, quite limited means.

  5. #15

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    Well, anywhere but here.

    Given that we're in a leadership position, it is our duty to send people who're not satisfied with our forums to sites which will serve them better.





    >> second of those two sites is really not as described

    Shh!

    jaykay, PDLM, MovingIn07 and 3 others like this.

  6. #16

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    Feb 2008
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    Quote Originally Posted by PDLM:
    IFAs are amongst the most hated people in all expat communities that I am aware of.

    Have you considered getting a real job?
    (snigger)
    Mark, you'll have to get used to lightening up a bit in these forums.
    Yes, IFAs here do fall into those two extreme types, much like real estate agents and insurance advisors. Those that studied for years to get their license though are worth their weight in gold. They first get jobs with established firms for experience with a mind to setup their own. Hell, some even get siphoned off to Singapore (apparently there's some sort of shortage over there).

  7. #17

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    Feb 2009
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    Interesting Panorama report into UK pensions

    In one HSBC pension plan, £120,000 paid in over 40 years would result in fees and commissions totalling £99,900.

    The company said its pension product is competitive.
    Interestingly a familiar name to expats here (which we can't post) came up as well in the programme with a company owned by an individual who also owns the anonymous company. (It nailed a 10% fee on a partially sighted man nearing retirement for switching his pension)

  8. #18

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    Quote Originally Posted by fth:
    (It nailed a 10% fee on a partially sighted man nearing retirement for switching his pension)
    Do I understand correctly that you are suggesting that failing eyesight should be a valid reason for the unilateral variation of contract terms?

  9. #19

    Join Date
    Mar 2006
    Posts
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    It blows me away that this is the case here in HK as my IFA in Canada is essential.

    My one very, very bad financial decision was when my IFA for a lot of years and good friend passed away and I took a large financial windfall and put it a freaking Canadian Registered Retirement Savings Plan (RRSP) which was about the stupidest freaking idiotic move I have ever made in my life.

    It felt good going in but after in and when my wife found our current IFA he quite quickly pointed out that I was now going to have pay full taxes on it at the highest income bracket as I have two corporate pensions and govt plans which never cease. RRSPs might be good for those with limited means. Now I am in a complex move of trying ways to get MY money out and be tax neutral which in Canada is not easy. I need my IFA to help.

    IFA advice evaluated my pension options and the pension manager in my former company was blown away as a team of experts called her on a conference call before I signed my pension documents. Her take was no one ever did that before. These experts were from the HUB Insurance group who were called in by my IFA - no cost. I maxed my pension for cash and they came up with a way to ensure that my wife would not be destitute if I died as it is a single life - me. In fact she'd be well off if I was dead as they gave me a great insurance/savings plan. So far I am ahead of the game and my wife can wish me dead for a tax free windfall.

    The last bastions of not checking backgrounds and doing pre-employment checks seem to be insurance agents and assumably IFAs. If they did a better job at that perhaps these guys would be held in higher esteem as in Canada. My IFAs forced me to look at my stuff whereas I'd always want to forget it.

    Last edited by Football16; 20-10-2010 at 06:28 PM.

  10. #20

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    Quote Originally Posted by PDLM:
    Do I understand correctly that you are suggesting that failing eyesight should be a valid reason for the unilateral variation of contract terms?
    I am not trying to justify their behaviour at all. Just that it would appear that sharp/dodgy practice is not just a hong kong phenomenon.