Professional Finance people no better than amateurs

A question about : Professional Finance people no better than amateurs

shortfall on endowment mortgages with Aviva

Just to remind everyone that you should be very aware to treat any advice from any finance advisor (salesman) or whatever with a large pinch of salt.

Endowments have hit the headlines again, some 70,000 people will find out that their endowments will not cover their mortgages.

now presumably we're talking about a 25+yr investment and still these professionals cannot get it right - aren't we told that investments are for the long term so how long is long enough!

we're also told that previous performance is no indication of future perfomance.

taking those two points into account why do advisors then use projections with ludicrous rates of growth from historical data that we've been told not to trust?

just a thought

fj

Best answers:

• So, is there any point to these threads you post up every other day or so saying that IFA's are a bunch of crap, or are you just trying to make yourself look like a fool with a chip on his shoulder?
• This forum appears to be no longer about savings and investments but posting threads that are purely designed to create argument which a small minority get off on.
• Agree with the OP, there are alot of greedy salesmen out there taking advantage of the less savvy. Be careful and dont let them con you.
• I am inclined to agree with the op
• Just investing long term doesn't mean you're guaranteed a decent return.
  Firstly you have to invest wisely. Secondly it all depends on the economic situation. If you had invested mostly in gilts 25 years ago you'd probably be quids in now, but equities are still at low values so cashing in now wouldn't give great returns in all probability.
• 1) No link to the news article
  2) No recanting of facts
  3) Topic title irrelevant to actual content
  /thread
• I am with HSBC premier now (not for my mtg though which is a lifetime tracker so i left it ;-) and they never bother me with sales calls asking me to invest in stuff. All they do is remind me by post abt fixed rate stuff maturing, and once when I forgot my reg saver had matured and I hadn't signed up for another.
  Unless I have fraud on a card, all I want from my bank is silence- I can check their latest offers online when i use internet banking.
• I still say that, to the clueless and intellectually challenged. As should you. But not to most.
  Not everyone is cut out for DIY investing, it is clear to see from some of the posts we get.
• I must say that in any system that is commission driven there is always the temptation to "advise" what`s the most lucrative for the "adviser" rather than the client ------------- and some DO.