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Anyone had their investesments reviewed?

31 replies

howfartospar · 05/04/2023 14:26

I had a number of investment funds, shares, bonds and a small amount of crypto invested across a number of platforms.

I'd like to have my investments reviewed by a professional to ensure my portfolio is appropriately weighted, diversified and tailored for my retirement needs.

Has anyone used a company to do similar, or do you have any recommendations ?

TIA

OP posts:
Amboseli · 14/04/2023 18:29

@RetiredFinanceGuy check out meaningful money on YouTube. He offers financial education so people can make their own informed choices about their finances.

He has created a tiered curriculum in 3 stages. Financial foundations for younger people. A building wealth course for after you've completed the foundation course. And then a retirement planning course for later in your financial journey.

You pay a one off very reasonable fee for lifetime access to the course and a closed Facebook group and you get a one year renewable license to voyant go, financial modeling and planning software used by professionals.

If you've got complex financial affairs it wouldn't be suitable but for a lot of people, including me, it is just what I need. It's empowering to have the confidence to make your own financial decisions with confidence. A skill for life which can be passed down to the DCs.

RetiredFinanceGuy · 14/04/2023 19:33

@DeeHellem thank you for the extremely detailed message.

I have read a bit further about the the CII with its "DipPFS" Level 4 diploma, its "APFS" level 6 diploma, and its CFP status which also requires a certain numbers of relevant work experience. I had not realised quite how many years of study are involved for the CII diploma.

I have also come across something called "DipFA" that looks much more lightweight in many ways, but does at first look appear potentially suitable as a way to get a "good enough" solid overview of the key knowledge areas for financial planning, which could allow a person to get into practice faster while meeting regulatory and legal requirements. Were I starting out and looking to build a foundation for a new career, I think it would clearly make sense to pick the most robust option. However, I do come into this with a few decades of investing experience and a CFA designation, so if I wanted to approach this by complementing the investment expertise that I already have with enough knowledge on the personal finance / planning / tax / compliance side to be capable and permitted to help people, then from the curriculum, this looks like it might also be a sensible and realistic path to pursue. There are ways to build upon that either with LIBF or by going elsewhere. But I know nothing about the reputation of that diploma. Are you aware of the LIBF DipFA diploma, and if so do you think it is any good, or would it rather be so lightweight as to raise red flags in your view?

Otherwise, your overall framework for time requirements and revenue potential is also very helpful. I am slightly different in that I do not really need to earn a living by doing this (I can do that from my own investments). The idea would be to work perhaps a couple days per week on average in order to be of service rather than 100% retired, whilst also at least covering all of the fixed cash costs for compliance, investment platforms, IT, etc in order to do this. Your comments will help me try to work out what size of client base would be needed in order to achieve that. Expanding beyond that could always become an option at a later date if doing the above did work out.

Any further comments you may have will be read with interest and attention. And, if you would be willing to engage with me any further, either here or using direct messages, in order to go into a few more details such as which networks like yours do exist and their pros and cons (or even which one you chose to work with), what other "infrastructure" needs to be in place to do this (eg GDPR compliant IT, market data services, investment platform(s), corporate operating structure, etc), and what the minimum fixed costs to cover that are likely to be? I am asking you this because you seem to care, as do I, about peoples need to translate their financial resources into more quality of life for themselves and others, and if you end up helping me find a way to do this then you will be indirectly helping all of my future clients. However, I also fully appreciate that there is only so much time in the day, and I would understand it if you did not want to comment any further. Either way, let me just thank you again for being so very helpful.

RetiredFinanceGuy · 14/04/2023 19:34

@Amboseli thanks for that, I will look into it as well. If I agree that it is good, then I could at a minimum have something available that I could point others to.

grass321 · 19/05/2023 09:06

Name change (sorry, looks very random otherwise!).

Did anyone ever find details of the networks (discussed on the thread) that let you train to become an IFA with a more flexible working arrangement?

timetochangethename · 19/05/2023 09:32

@dig135 are you willing to share details of the courses you run please?

RetiredFinanceGuy · 25/05/2023 09:12

@DeeHellem
I have decided to take the initial exploratory steps towards doing this by starting CIIs Diploma in Regulated Financial Planning. The CII program does look more robust than that of LIBF. I am just starting, but based on what I have seen thus far, I think I can get the Level 4 Diploma done with cumulative 100-150 hours of study time. That would be enough to enter the market, but if I gained any sort of traction I would most likely augment that by working towards the Level 6 if I thought the content would help me to deliver more value to clients. The Level 4 material is very dry and the required regulatory processes seem a bit cumbersome, but that also helps me to understand why the type advice service from which I think many people would benefit is just not that easy to procure on the market. In effect, the regulatory requirements seem designed to protect consumers but also have the effect of restricting supply and driving up prices for the service.

In parallel to the studying, I would like to work out what my minimum fixed cash costs would be in order to start doing this. My primary purpose in entering the market would to be of service, and I would not be looking to scale up into a large business, but on the other hand I would not want to do this at a steady-state loss, so I do need to work out from the get-go what level of minimum income would be required to pay all of the unavoidable fixed costs that must be borne in order to deliver this service at all (FCA fees, indemnity insurance, professional association fees compliance costs including GDPR as well as FCA, costs for IT that is GDPR-compliant, accountancy fees, etc).

I think that my ideal personal setup would be to work 1-2 days per week on average, and if that got to be 2 full days, then I would hope to earn some net income from it. So knowing the fixed costs would help me to work out how much I would need to charge per hour or per client, and I can then compare that against how much value I think I can deliver. I would only want to serve clients for whom I can deliver much more value than what I need to charge.

You sound analytical and objective in your description of the business model, which leads me to ask: would you be willing to engage with me offline (perhaps through DMs) in order to help me figure this out?

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