r1200gs
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Post by r1200gs on Dec 16, 2019 9:40:18 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans.
I really can't think of a better place to get a personal recommendations than here.
Anybody?
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Nomad
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Post by Nomad on Dec 16, 2019 10:05:38 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans. I really can't think of a better place to get a personal recommendations than here. Anybody? I spoke with several would-be advisers earlier in the year. While they appeared knowledgeable and honest, none would act for me on an hourly fee basis, and (rightly or wrongly) I decided against paying anyone a substantial 5-figure sum p.a. on a percentage basis for advising me. I put the funds into Vanguard LS and a few other well-regarded equity and bond funds, and crossed my fingers...
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r1200gs
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Post by r1200gs on Dec 16, 2019 10:21:43 GMT
Maybe I should be doing the same, I just don't trust myself any more.  |
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Post by spareapennyor2 on Dec 16, 2019 10:46:13 GMT
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r00lish67
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Post by r00lish67 on Dec 16, 2019 11:24:23 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans. I really can't think of a better place to get a personal recommendations than here. Anybody? IMHO, skip the financial advisor for the reasons already stated (potentially incompetent, certainly expensive). If you can get your head around P2P, I'm sure you can do this: 1) Spend a few hours leafing through Monevator2) Potentially purchase Tim Hale's smarter investing (though confess I didn't) 3) Invest in low-cost index trackers appropriately for your age/requirements. (Where's hazellend ? Practically mandatory contribution required here?  )
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m2btj
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Post by m2btj on Dec 16, 2019 11:56:53 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans. I really can't think of a better place to get a personal recommendations than here. Anybody? I have used the services of the same IFA for more than 15 years. Ex City, straight talking, honest & has ensured my portfolio has seen good steady growth. PM should you require details.
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r00lish67
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Post by r00lish67 on Dec 16, 2019 12:06:54 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans. I really can't think of a better place to get a personal recommendations than here. Anybody? I have used the services of the same IFA for more than 15 years. Ex City, straight talking, honest & has ensured my portfolio has seen good steady growth. PM should you require details. Re: "has ensured my portfolio has seen good steady growth" - against what baseline though? We are currently 10 years into one of the least volatile bull markets ever seen. Any equity investment not returning a really good return in this period has not been a great investment in the context. Not saying it's the same, but I had the same line from my Dad when I was trying to encourage him to ditch his nasty Scottish Widows closet index tracker (2.00% p.a Charges  ) . He said "but it's grown every year, nice and steady". Well, yes, steady indeed and undeniably upwards - but much less than a comparable 60/40 index tracker over 5 years. The only difference was Scot Widows caning it in the background.
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m2btj
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Post by m2btj on Dec 16, 2019 12:51:43 GMT
I have used the services of the same IFA for more than 15 years. Ex City, straight talking, honest & has ensured my portfolio has seen good steady growth. PM should you require details. Re: "has ensured my portfolio has seen good steady growth" - against what baseline though? We are currently 10 years into one of the least volatile bull markets ever seen. Any equity investment not returning a really good return in this period has not been a great investment in the context. Not saying it's the same, but I had the same line from my Dad when I was trying to encourage him to ditch his nasty Scottish Widows closet index tracker (2.00% p.a Charges ) . He said "but it's grown every year, nice and steady". Well, yes, steady indeed and undeniably upwards - but much less than a comparable 60/40 index tracker over 5 years. The only difference was Scot Widows caning it in the background. You make some very valid points! I've had some poor advisors going back to the Wild West days of the financial services industry. Back in the 80's they were pretty much unregulated & had one goal....place your cash with the highest commission earning funds they could find. I was then running a business & didn't really have the time or knowledge to check & balance as I should have....it certainly cost me! Today's Fintech & the development of other online services makes it far easier to build an informed personal portfolio without the services of an IFA. I did think about investing with Neil Woodford a few years ago & am glad I chose not too! Any good IFA should ensure a portfolio is built solely to your own financial needs & goals. If those needs & goals are simple don't bother with them!
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michaelc
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Post by michaelc on Dec 18, 2019 23:09:38 GMT
Having lost a fortune with LENDY and at a loss to know what to do with money in the bank, I think I need help. My only experience of financial advice some years ago was they were a bunch of incompetent charlatans. I really can't think of a better place to get a personal recommendations than here. Anybody? IMHO, skip the financial advisor for the reasons already stated (potentially incompetent, certainly expensive). If you can get your head around P2P, I'm sure you can do this: 1) Spend a few hours leafing through Monevator2) Potentially purchase Tim Hale's smarter investing (though confess I didn't) 3) Invest in low-cost index trackers appropriately for your age/requirements. (Where's hazellend ? Practically mandatory contribution required here? ) I'm quite sure you posted that in good faith and perhaps its helped you in the decision making process but the first article that caught my eye and in an area I now know a little about was this one. monevator.com/ratesetter-high-interest-offer/Granted he does say that it isn't without risk which presumably most of his ideas are but the fact he mentions p2p in general but doesn't say that no less than four significant (in the p2p world) platforms have either gone bust or shut down fairly recently put me right off reading any further.
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r00lish67
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Post by r00lish67 on Dec 19, 2019 0:12:48 GMT
IMHO, skip the financial advisor for the reasons already stated (potentially incompetent, certainly expensive). If you can get your head around P2P, I'm sure you can do this: 1) Spend a few hours leafing through Monevator2) Potentially purchase Tim Hale's smarter investing (though confess I didn't) 3) Invest in low-cost index trackers appropriately for your age/requirements. (Where's hazellend ? Practically mandatory contribution required here? ) I'm quite sure you posted that in good faith and perhaps its helped you in the decision making process but the first article that caught my eye and in an area I now know a little about was this one. monevator.com/ratesetter-high-interest-offer/Granted he does say that it isn't without risk which presumably most of his ideas are but the fact he mentions p2p in general but doesn't say that no less than four significant (in the p2p world) platforms have either gone bust or shut down fairly recently put me right off reading any further. I did indeed post it in good faith. Frankly, I find it odd to have to defend them, as that site is widely regarded as one of the de facto leading sites for UK DIY investing and is regularly rated in the top 5 of all UK investing websites. So I'm hardly alone in finding it a great resource. But to your specific point. You make it sound like they're rather off-hand with the risk, but just to take a snippet from the link you refer to:
The risks are higher.
Firstly and crucially, there’s no Financial Services Compensation Scheme coverage for peer-to-peer lenders. If you lose money, the authorities will not bail you out like they would for up to £85,000 with a High Street bank savings account.
That’s important because even though no savers have yet lost a penny with RateSetter, that’s not a guarantee they will not do so in the future.
The economic situation could change markedly, say, or RateSetter could get its sums wrong on bad debt.
In the most likely (in my opinion) worst-case scenario, the Provision Fund would not be able to cover all the bad debts. This would mean some loss of interest.
According to RateSetter, as of August 2018 the loss rate experienced to date is 2.29%.
It currently projects this to rise to 3.33%. (Loans take a while to go bad.)"
Frankly IMO even just that snippet alone is more of a comprehensive warning than I've typically seen opined here or in "p2p review" sites which seem markedly more over-positive in nature. To then further expect them to monitor and catalogue all P2P platform performance as a 99% focused equity investment site seems like rather a high bar to set to me.
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michaelc
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Post by michaelc on Dec 19, 2019 0:47:57 GMT
I'm quite sure you posted that in good faith and perhaps its helped you in the decision making process but the first article that caught my eye and in an area I now know a little about was this one. monevator.com/ratesetter-high-interest-offer/Granted he does say that it isn't without risk which presumably most of his ideas are but the fact he mentions p2p in general but doesn't say that no less than four significant (in the p2p world) platforms have either gone bust or shut down fairly recently put me right off reading any further. I did indeed post it in good faith. Frankly, I find it odd to have to defend them, as that site is widely regarded as one of the de facto sites for UK DIY investing and is regularly rated in the top 5 of all UK investing websites. So I'm hardly alone in finding it a great resource. But to your specific point. You make it sound like they're rather off-hand with the risk, but just to take a snippet from the link you refer to:
The risks are higher.
Firstly and crucially, there’s no Financial Services Compensation Scheme coverage for peer-to-peer lenders. If you lose money, the authorities will not bail you out like they would for up to £85,000 with a High Street bank savings account.
That’s important because even though no savers have yet lost a penny with RateSetter, that’s not a guarantee they will not do so in the future.
The economic situation could change markedly, say, or RateSetter could get its sums wrong on bad debt.
In the most likely (in my opinion) worst-case scenario, the Provision Fund would not be able to cover all the bad debts. This would mean some loss of interest.
According to RateSetter, as of August 2018 the loss rate experienced to date is 2.29%.
It currently projects this to rise to 3.33%. (Loans take a while to go bad.)"
Frankly IMO even just that snippet alone is more of a comprehensive warning than I've typically seen opined here or in "p2p review" sites which seem markedly more over-positive in nature. To then further expect them to monitor and catalogue all P2P platform performance as a 99% focused equity investment site seems like rather a high bar to set to me. On the plus side, I've never come across that website before so better late than never. On the minus side, that entire warning snippet could and probably would have been posted prior to the current severe problems p2p finds itself in. IMO no self respecting analyst or journalist should consider discussing p2p without mentioning those _huge_ issues.
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iRobot
Member of DD Central
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Post by iRobot on Dec 19, 2019 12:46:01 GMT
IMHO, skip the financial advisor for the reasons already stated (potentially incompetent, certainly expensive). If you can get your head around P2P, I'm sure you can do this: 1) Spend a few hours leafing through Monevator2) Potentially purchase Tim Hale's smarter investing (though confess I didn't) 3) Invest in low-cost index trackers appropriately for your age/requirements. (Where's hazellend ? Practically mandatory contribution required here? ) I'm quite sure you posted that in good faith and perhaps its helped you in the decision making process but the first article that caught my eye and in an area I now know a little about was this one. monevator.com/ratesetter-high-interest-offer/Granted he does say that it isn't without risk which presumably most of his ideas are but the fact he mentions p2p in general but doesn't say that no less than four significant (in the p2p world) platforms have either gone bust or shut down fairly recently put me right off reading any further. I think this is another example of where context is everything - or at least carries more significance than being given allowance to. Specific to the article mentioned: - The author isn't recommending P2P per se, rather he is suggesting a 'one-off' activity in a platform to take advantage of an introductory bonus
- the sum is capped at an 'up to £1000' - this isn't an open invitation to 'pile in'
- the article is awash with references to risk - way more than I would have expected to see
- the author does cover an incredibly important point about restricting exposure to these types of investments to low single-digit percentages of net worth
Generally - and within the wider context of P2P. - The situation with COL, LY and FS isn't "huge"
- Those three platforms combined loan books amount to £248.5mm and took several years to accumulate
- RateSetter alone originated £776.8mm in just the last 12 months
- The wider UK P2P industry originated in excess of £3,700mm in the last 12 months
Of course, that may be cold comfort to those individuals with sums tied up in any of those three platforms (at this stage I don't think it is quite fair to lump in MT with the others) but if they had read that Monevator article and taken on-board the comment on minimal exposure as a % of Net Worth, I suspect a very high number of them would be enjoying a much brighter outlook than may otherwise be the case.
Personally, I'd promote the article as one of the better examples of 'doing P2P right' rather than dwell on the absence of specific references to failings at the highest-risk end of the market.
As a (loose) parallel, articles discussing whether or not to invest in FTSE100 or Fortune500 shares don't dwell on the failings of penny-stocks.
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Post by Deleted on Dec 24, 2019 17:01:41 GMT
PM me if you want my ifa. We have done very nicely over past 10 Years beating the trackers all that time. Depending on where you live he might take you on. He has offered to help relations via Skype in the past.
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)
) . He said "but it's grown every year, nice and steady". Well, yes, steady indeed and undeniably upwards - but much less than a comparable 60/40 index tracker over 5 years. The only difference was Scot Widows caning it in the background. 
