Introduction
Since launching the NotHarry web site I have had many conversations with people who are not entirely happy with the service they now get from their IFA. Typically this is because the IFA is offering a less personal service and they feel they not getting a portfolio devised for them by an investment specialist, but instead are being subtly redirected into a multi asset fund or (if they are lucky) a model portfolio that is all things to all people who get a certain risk score.
In essence they feel that they are getting off the peg service when previously their portfolio was tailor made.
That much is pretty clearly true, given the consistency in the comments I get. But how to react is a tough question.
Options
There are really 3 main options: Find another IFA that does offer the service required (quite a challenge, I have learned, but possible),
press the existing IFA with questions and in effect participate more in the process (that does seem to get an improved service)
or most boldly, move to a DIY approach. This is the most cost effective option, but is something that scares people.
The last option is going to save a lot of money, but as the average person cannot, even after studying the wide range of data and opinion on this website and others, become an investment expert quickly, there are obvious risks of making poor decisions.
Have a personal tutor!
People who subscribe to the full personal contact service from NotHarry (at GBP75 per month) can ask me for any sort of educational advice. I am NOT authorised to make personal recommendations about regulated financial matters, which includes selecting investments, to be clear.
What I can offer is a one-to one training service that I think would allow anyone of average intelligence and at least 6th form education to manage their own portfolio at least as well as the average IFA. Most IFAs have no investment specific qualifications beyond a level that equates to about GCSE standard and I have known many who are not even that good at basic maths!
My proposition will only work for people who already have a portfolio and so already have some understanding of how markets work over time and the mechanics of using collective funds.
I am not able to offer training to absolute beginners because that would involve a level of coaching that would probably come too close to offering advice on setting up a first portfolio.
The support I can offer is for people who want to put in a little work themselves. That means you would need to read some of the key articles I have already written (your homework), but only as a primer. I am happy to cover all the theoretical and practical aspects at whatever level a user requires and with as much revision as is necessary.
Naturally, there are limits on the time available at the standard price mentioned above, but most investors who become competent at looking after a portfolio on their own will save thousands of pounds per annum, so some people may think it worth while buying extra time for a more rapid learning path. I don’t work full time, so that option will only ever be available to a very small number of people at any one time.
How to access this service
In the first instance, if you do not have a site membership, apply for the free trial. Just fill in the on-line form under the member log-in tab. I will then get in touch with you to discuss your requirements, design a program and confirm the costs. I can never collect money from you as I don’t operate direct debits, so payment options are totally within your control.
All communications would be on-line, ideally using a video link like Skype. Facetime or WhatsApp. Ordinary phone calls at UK rates are also available.