UK IFA's asking small investors to go.

[nong38]

A report in the telegraph today says that since IFA's have had to charge for their services rather than get commissions they are being more choosy about their clients and small investors are being asked to leave. So what is a small investor? To them, depnding on the size of the IFA it could be as low as 50K or as much as 150K.

18th months ago I was making changes to my ISA funds and I was basically be told in a rather nice way that I was to small to be with them, even though I had been with them for almost 20 years, since they started, I told them I had no intention of leaving my funds with them for ever but needed to wait for the financial recovery which I expected would be in the next 4 years, so in 2 and a half years time. In that time I need to have met my parameter, then I will be off.

Any of you that think you are in a similar position should take note, small fish are not required and whilst you may not think you are small fish, the choice is not yours.

[KittenKong]

Who needs an IFA?

I'm sure that with my level of investment any UK IFA would be delighted to have me on their books. But will I be contributing to their balance sheet? No, I wont.

[AyG]

Who needs an IFA?

I'm sure that with my level of investment any UK IFA would be delighted to have me on their books. But will I be contributing to their balance sheet? No, I wont.

Many wrap accounts are only available through an IFA.

It's not simply a matter of the level of investments. My UK IFA dumped me without warning following the RDR, on the basis that I was living outside the EU, rather than about the amount invested. (That said, he had also not received any money from me for a long time since I have always paid on a fee basis, not commission.)

And finally, certain investments are unavailable unless through an IFA or with an IFA's recommendation that one is a suitable investor.

So, I for one need an IFA.

[KittenKong]

Many wrap accounts are only available through an IFA.

....

And finally, certain investments are unavailable unless through an IFA or with an IFA's recommendation that one is a suitable investor.

Well, I've never come across anything I wanted to buy that wasn't available to me directly as an individual. Maybe I'm just lucky (or unlucky).

[AyG]

Many wrap accounts are only available through an IFA.

....

And finally, certain investments are unavailable unless through an IFA or with an IFA's recommendation that one is a suitable investor.

Well, I've never come across anything I wanted to buy that wasn't available to me directly as an individual. Maybe I'm just lucky (or unlucky).

Or simply aren't interested in buying hedge funds and certain private equity investments.