using financial advisors

[bankruptpete]

I see what you mean about the name! Everyones got to have a first post chezsteven and can certainly confirm I am fully retired and not on the Siddalls bankroll!

[bankruptpete]

YET

[cooperlola]

[:D]

Tip : nip into the lounge and play a few rounds of the word games, then you won't look like a newbie any more!!

[bankruptpete]

If I keep these responses up I will soon be catching you up...

[mint]

bankruptpete

i am sure you are nothing like your name as you seem to know pretty well what you are doing with ALL your money. 

chezstevens, i also thank you for your input.

from all the answers i have received so far, i think i am more confused if anything.  i think i WILL have that free first consultation with siddalls after all and i will then check their answers against those of other people and companies.

i am so grateful to all you guys who have given me advice.  as we will both be retiring, what we have got will have to last us - i hope, for a good few years!

i heard someone on the radio the other day who was saying what an incredible century we have lived through (i think he meant the last one).  he said that when the century started, we were worried about how long we had before we died but that when the century ended, we were worried about how long  we were going to live!  rang a huge chord with me, i can tell you

i will proceed with all due care and attention.  can't afford too many mistakes at our age because we do not have all that much time left to rectify any errors!

[cooperlola]

I'm sure you'll find no harm in taking Siddall's free advice as the investments angle seems to be their thing.  But I would still get an accountant (at least at first) for the French tax things, and a notaire in France for your will etc.  Just a word of encouragement though, I thought I would drown in papers when I was still in the UK but it's funny how it sorted itself out.  All the experts who have given me advice here have been utterly charming and have put all our worries to rest.  Now at the beginning of our third year of retirement and things are just great.[:)]

[Just Katie]

[quote user="bankruptpete"]

The notion that you are trusting non qualified pundits with your capital on the internet is bordering on the riduclous 

 

[/quote]

So there you go, all you guys who have given sound advice on this forum for an age, dont waste your time and come an join us "oneliners".[:-))]

[Just Katie]

After thought.  I dont think the OP mentioned capital, she simply said advice which could mean a host of things ie tax and pensions which the "unqualified pundits" are capable of advising on.  As we all know, to advise on investment one must be FPC qualified and registered with FSA so none of our "pundit friends" would put their heads on the block and advise in this area.

[David J]

Hi Katie,

Just for the record I'm FPC1,2 & 3 Qualified and semi retired after 25 years as an adviser , 18 years as an independent.  I don't give advice just guidance to those who can. I love helping others from my knowledge & experience.

Have a good weekend all.

Back to france next week and some more tennis news!! For those who have missed the scores!!

 

 

David J

 

 

 

[Quillan]

I just looked at the Siddalls advert in the Living France magazine and at the bottom it says "Authorised and regulated by the Financial Services Authority (FSA). Siddells is a trading name of John Siddell Financial Services Ltd, Independent Financial Advisors, John Siddall Financial Advisors. John Siddell Financial Services is a wholly-owned subsidiary of the IPG Group.". I think the first sentence may be the key, it would appear they come under UK law. I may of course have totally the wrong end of the stick.

I have to say I know very little about these things but I did a search on the IPG Group who are a plc and quoted on both the UK and Irish stock exchanges. I see that most of their shares are owned by financial institutions and banks. They appear to be a rock solid company with shares sitting at around 2 Euros each. The have something to do with investments but I don’t know what exactly.

I think the offer of a free chat is well worth taking up.

Another company advertising (and one of their chaps writes in LF) is Belvin Franks but I know very little about either of these companies other than what anyone can find by searching in google. They may also offer a free session, would be interesting if they did and you asked both exactly the same questions and compared the answers they gave.

 

[Deimos]

Thing is that the FSA is a UK organisation based of financial advice for UK. To what extent does it cover France, non-UK residents, etc.

What similar organisations exist in France (i.e. the French equivalent of the FSA - as I tend to think that a company operating in France might be more aware of the issues and interpretations relevant to France).

Ian

[Sunday Driver]

The Financial Services Authority (FSA) is the UK regulator for the banking and financial services industry.  Any UK business (such as Siddalls and the others) which offers financial services or advice must be licenced to practice.  If you contract with them to obtain financial advice which turns out to be incorrect, then you have recourse through the UK legal system and will have the support of the UK regulator.

Unlike the UK, France does not have a single financial services regulator.  However, all French finance providers are regulated by one body or another.

 

 

[Will]

Trouble is, you only have recourse if you can prove that misleading advice was given. I've certainly received totally wrong information, verbally, from one of the outfits mentioned in this thread. Fortunately I didn't act on it, so no big deal as far as I am concerned, but others should be aware.

There's also the matter of fees. I had a quote of a starting price of 850€, plus 16% 'disbursements' plus 19.6% TVA on the lot, to do something which we ended up doing ourselves - and which amounted to filling out a single sheet A4 form and posting it off. That from one of the highly-qualified, closely-regulated organisations that advertises regularly. I'm not financially qualified in any way, but sometimes think that common sense, a grasp of the language and/or a good dictionary, and a bit of experience can count for just as much as a high scale of fees and membership of a professional body. It all depends on what you are doing and the sort of sums involved.

Nevertheless, I think our best investment was employing a good accountant in France. 

[Quillan]

[quote user="Sunday Driver"]

The Financial Services Authority (FSA) is the UK regulator for the banking and financial services industry.  Any UK business (such as Siddalls and the others) which offers financial services or advice must be licenced to practice.  If you contract with them to obtain financial advice which turns out to be incorrect, then you have recourse through the UK legal system and will have the support of the UK regulator.

Unlike the UK, France does not have a single financial services regulator.  However, all French finance providers are regulated by one body or another.

[/quote]

So does your residency status effect this in any way i.e. resident in France and using a UK based investment ompany?

I believe there are two bodies in France namely Conseil en Gestion de Patrimoine and Courtier d'Assurances. French investment compainies must also be registered with or have a (I don't know much about this as I said) Garantie Finanicère et Assurance de Responsabilité Civile Professionnelle that conforms to Articles L 530-1 et L 530-2 of the Code des Assurances.

[Just Katie]

[quote user="David J"]

Hi Katie,

Just for the record I'm FPC1,2 & 3 Qualified and semi retired after 25 years as an adviser , 18 years as an independent.  I don't give advice just guidance to those who can. I love helping others from my knowledge & experience.

Have a good weekend all.

Back to france next week and some more tennis news!! For those who have missed the scores!!

 

 

David J

Hi David,

At one point I got a bit fed up in my profession and was attracted by the potentially HUGE salaries to be earned as a financial advisor.  I am also FPC 1,2,3 qualified and served tied with a large high street bank for 6 years and a further 6 years IFA in centre of Cardiff.  I had many high wealth customers.  If they invested large amounts of money with me "whoopidoo!"  However, if they wanted simple tax advice, the organisation I was consulting to would insist a fee of £50 per hour and guess what.... they could have got this advice for FREE from government websites etc.  Bit of a rip off really dont you agree?

Anyway, I ended up returning to surveying because I did not realise how hard these guys work for their money and I got fed up sitting in peoples houses whilst Eastenders was on.  I also got very demotivated with clawback.

 

 

 

[/quote]

[Just Katie]

Sorry, my point is David that you cannot give advice any longer unless you relicence.  However, what would be the problem with you giving guidance for free on this forum and pointing people to the right direction like others have done (quite acurately) on this forum so they can save their £50 ph fee?

[Deimos]

The Saint,

Interesting response, but one question: You say the UK company is fully registered and has fully qualified advisers to give financial advice for UK in the UK. you say that the French company is fully registered in France with advisers fully qualified to advise people in France. However, what happens when the UK company gives advice to French residents. What registration covers this. It is actually not a question relating to one specific company with I suppose all UK based companies giving advice for French residents.

Please do not interpret this question as being negative, but I am a French resident and will be needing some investment advice at some point soon (many might say I should have sought advice already but I did and got nowhere).

Ian

[mint]

was it alice in wonderland who said "curioser and curioser"?  thanks again, everybody.  whew, what would i have done without the forum?

i shall seek consultation with siddalls and will post my observation thereafter.  take note, please, saint.  all you have said is most reassuring.  but, as they say, the proof of the pudding......  and on that seasonal note, i shall keep my own counsel but will be sure to post my experience so that i can at least let all my advisors know how i got on.

[Saint]

Dear Sweet 17, Siddalls would be delighted to meet with you and present our services. The gentleman covering your area is David Hardy who is an ex UK IFA who met and then married a French lady whilst on a football trip to France. I am sure your experience will be positive and in this regard your reporting of your meeting should only serve to remove any fears prospective clients may have in talking with us.

Deimos, hope this name is right.  Very valid comment you make and I do not see it as a negative, the following rules apply. UK residents are given advice by the UK team prior to moving to France. Once resident they are "handed over" for servicing etc to the French team . Once in France the client will be looked after under French rules. As much of the advice given is recomending French "products" then these products are supplied by the French business and the French business carries the responsibility for this advice. If for example the client also needs UK advice say for pensions then this will be given by the UK team of experts and will be covered under UK FSA rules.

Vice verca. Clients already in France will meet directly with the French registered team for their advice and clearly French "products" would be recomended in the majority of cases. Should a client require UK advice on say pensions, then we work in liason with the UK team but the advice on UK products will com from a UK advisor regulated to give this advice under FSA registration. We have two "pensions" experts in the UK who are qualified to AFPC level (advanced FPC so are the highest level of qualification)(we also have investments experts at a similar level).

In short we work hand in hand to ensure that the right advice is given by those qualified and insured to do so.

Finally, I thank you all for taking the time to read my replies and are assured that we are a valid company, registered and installed correctly and fully able to deal with the Anglo French crossover whatever your circumstances. I would like to further thank your regulator for allowing our replies and for keeping a level head on this subject.

Siddalls hope that for those who need advice, that we would be at least one of the companies you consult.

Merry Christmas one and all, if you have any further questions, perhaps you would e-mail these to me from the link as I have used up enough of this "personal" sites time and space and do not wish to be viewed as spamming!. Clearly and further information given can be posted if the recipient feels it is required by others.

[Llwyncelyn]

Dear Saint my response is based upon an earlier exchange and direct at that with your organisation.  It is also underpinned by my then being a lawyer but now no longer practising.

It is Sunday and I do not think it is wise or necessary to argue the points you are making but would willinging do so and privately and once more on a direct basis.

With the greatest of respect what you are suggesting is a minefield and with only one body likely to benefit and that is the guys in the wigs white grey or yellow. 

You will know that residency centres of economic interests and a whole host of Court of Appeal cases deal with what you are suggesting and which is the French team deals with French matters but the English team deal with English matters. You make it seem so simple it is not.  I will not bore you with the detail but once someone who thought he was resident in France came to Ascot for a race meeting and then his wife served divorce papers on him and he was held to be subject to UK law.

Therefore on any given day I have to make sure I have the right hat on before I talk to your organisation.

In my considered opinion (and it is only my opinion) your advice should be limited to those who are then resident in the UK and based upon UK laws be they tax or otherwise and thus you are subject to FSA rules.  However to have a foot in both camps and excuse the pun 'to exchange handshakes mid-Manche is an absolute recipe for disaster'

I have researched your organisation I note what you say but I truly am sorry but you cannot be in two places at the same time.  Your client should be your most important thought process.

If you give advice and to use your phrase 'right advice' what are the fundamentals in you arriving at the decision?  Here please do not come back to me with 'depends' and upon the 'needs of the client' there must be absolute simple and basic controls in place.  For instance do you give advice upon what is good for the client obviously yes but that is your judgment and that is where all of this is likely to go wrong.

You will see that I have considerable difficulties with your approach but obviously my history is the law and unfortunately having to mount a substantial action against like organisations for a client.  We won but it took years.

Finally and for the avoidance of all doubt you are a reputable organisation with sound financial controls comply with all UK based demands upon your professional relationships and with well-balanced and highly experience Directors and whose pedigree and experience is beyond reproach. Your reputation is not in doubt what I say is in doubt is your approach and which I will suggest needs re-tuning.

Again I say I tried and ahead of leaving the UK and coming to France to use your organisation. It did not work out.  In the end I used someone from a highly reputable and huge provincial legal practice in Bristol.  My choice nothing else but whatever the advice it was tempered with a dollop of common sense and gut feeling.

However in all of this I may well be wrong...................................

 

[Llwyncelyn]

Dear Quillan you say that Siddalls meet all the legal requirements.  With respect before you arrive at that decision you must have some legal experience and upon which you arrive at your decision making process.

Yes you are correct when you rightly say they have conformed with both UK and France based legislature.

However please do take advice from a neutral source in that (and based upon my research) there has never been a case where a French resident (of UK birth) has  mounted a cross-border action and brought into play the protection(s) that would ordinarily be available to him or her if they had been resident of the UK and such as the FSA.

Likewise a UK resident with a home in France and who has relied upon French based advice.

I have no doubt whatsoever as to the credibility of Siddalls none whatsoever but to take what they say carte blanche is not the way to go especially when you (as a forum administrator) have lots of people who are viewing daily your words.

Quillan you say that Siddalls 'may well worth be having a chat with'  That with the utmost of respect is advice of a sort.  I have no reason to suspect that was an innocent approach none whatseover but please be careful for this is an open forum and whilst other contributors may not be exposed as to their advice and guidance your position is something else!  In part you may well be seen as to be arguing the position of Living France.

Your later comments are spot on.

[Albert the InfoGipsy]

Llwyncelyn wrote : "Quillan you say that Siddalls 'may well worth be having a chat with' That with the utmost of respect is advice of a sort. I have no reason to suspect that was an innocent approach none whatseover but please be careful for this is an open forum and whilst other contributors may not be exposed as to their advice and guidance your position is something else! In part you may well be seen as to be arguing the position of Living France."

I don't have any axe to grind for the moderators, but I feel that I should point out that all of them are first and foremost "just members". When they are speaking & acting as moderators it is usually pretty obvious.

If you really believe that saying "X may be worth having a chat with" could be construed as professional advice or a statement of LF's position then you need to start looking at the world as a normal human being, rather than as a lawyer.

By the way, I'm not a lawyer but I'm closely related to 5 of them in England & France so that was not a dig at the profession.

[pedrobewan]

My reply doesn't have anything to do with the topic concerned.

I just saw Just Katies signature, remembered the tape and had a good ol belly chuckling session.

Cheers.

[Llwyncelyn]

 Dear Albert obviously we differ but I do of course accept that your view might just prevail.  It might..........I have spent all of my life in the Law.  Some people have spent all their lives say in IT others in Medicine sometimes it is difficult to distance yourself from that profession and the rigours of the profession come into play. 

It does of course depends upon the facts and here I say it is arguable that Moderators are more than members.  This is not making a legal point but I truly believe that neutrality is important.

As I say you may well be right and naturally I truly do understand your positioning.  Please try to understand that I may be correct?  That is not being stuffy or whatever.  It is based upon having dealt with these people in the past and on a personal level I would not deal with them in the future.  Just my view and with which I may not have supporters.

That I think is neutrality and now I will withdraw for I may well bore people.

[cooperlola]

All this - and I really can't keep up - begs the question (I am going to regret asking, I can just tell); if we give wrong info', albeit with the best of intentions, can anybody sue us?