Liversidge v Lewis: The full correspondence
In today's money box you mentioned behind the Commission as "one of the best kept secrets in the industry." My clients certainly will not recognize that description because they pay them is set out in the documents we provide the client's consent. They know exactly what they pay and what they get in return. Since most of our business comes from referrals by existing customers happy as they seem to be very satisfied with the agreement.
In addition to those benefits we contractually provide - ongoing reviews, personal meetings at their own homes, free fund and product switches etc - we also provide a vast amount of complementary advice and service for which we make no charge whatsoever at the point of use. When clients call or email to take up our time for a bit of advice here and there about this and that, we don't put them on a meter and send them a bill. Likewise we don't bill them for handling the thousand-and-one jobs incidental to managing their ongoing finances - all sorts of things from notifying address changes to obtaining probate values when a client dies. In my experience this is the case with the vast majority of IFAs.
We play fair - more than fair - for the trail we get.
I think it really is a shame Paul that once again you cannot resist slipping in the odd word or phrase designed to slander the personal finance industry and engender mistrust. The sad fact is that a lot of people who want something for nothing and that proportion of the population is growing thanks to the ongoing campaign of disinformation run by you and others like you. You purport to be a consumer champion but in reality all you are propagating is financial short-sightedness in the buying public, and a false belief that they can expect advice and ongoing service for free. I'll cite a real and recent example that illustrates the dangers which can result from that delusion: Every week I do a free financial advice spot on Radio Leeds. Judging by the feedback it's very popular and a great many listeners contact me direct. I probably spend a couple of hours a week answering generic queries by phone and email as a result of each show. Most don't turn into clients but a few do. About three weeks back I gave an hour in my office here to one such listener talking him through his pension options. Last week he wanted another meeting and some complex advice on a number of pension and investment related matters. It would obviously involve a significant amount of work and a substantial amount of liability to us should we get it wrong, so obviously we ensure we don't get it wrong by thoroughly fact-finding every client, conducting appropriate research and then spelling out the advice in a report. I explained what was involved priced up the work on a fixed fee basis at £550. Not a lot considering we would be advising on investments worth over £100k and he would in any case be looking at receiving a tax-free cash sum that could be as much as £70,000. At this point however he suddenly decided my advice wasn't worth having and actually stated, straight out, that he wasn't paying for advice and he would just commute as much pension as possible and take the maximum tax-free cash. Off he went. Well, it was his choice, but he is relatively young, has a large final salary pension pot, and by taking a higher pension instead of extra tax-free cash he would get an effective gross rate of return of 11.11% index linked by RPI, so that probably wasn't the best option. Without spending time doing a full fact-find however I would not ‘know my client' as the FSA requires and would not be able to advise him. Unlike you though Paul, I am not on a taxpayer-funded salary and I have to be paid somehow for the work I do. Funnily enough my staff expects to be paid too, likewise the utility companies, our landlord and our other suppliers, not to mention our friends the FSA. I also chip into something called the Financial Services Compensation Scheme and the Money Advice Service; all for the public benefit, all out of my pocket and all of which you and your ilk give us no credit for.
Age Earned Income Credit Runs Out - News
I also chip into something called the Financial Services Compensation Scheme and the Money Advice Service; all for the public benefit, all out of my pocket and all of which you and your ilk give us no credit for. Whilst on the subject of things we get
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If you are trying to figure out your filing requirements then you will first need to determine your filing status. This will usually depend on if you are married or not. Income tax filing for married couples is called, married filing jointly.
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Age Earned Income Credit Runs Out - Bookshelf
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