Indo article on altenatives to deposit accounts

[gnf_ireland]

@SBarrett Thanks for taking the time to explain what you said. Of course makes perfect sense.

I guess the challenge is getting people to look at their portfolio as a whole and not the individual elements of it

I came across this thread on a different forum this morning - I hope the mods don't mind me posting it. It is just to show you the difference between the people posting on this forum and those posting on a more general forum would be. The people on this forum have generally some level of financial awareness - versus others who may be completely naive on financial matters. Not that I am saying anything against them, its more a comparison on the topic at hand

[broken link removed]

 

[Duke of Marmalade]

My own view is that you put a portion of your money into equities and keep the majority in cash.

It occurs to me that this is exactly where I am, without having put any great strategic thinking into it. For equities I simply picked a unit linked fund with my finger in the air.

So I see lots of references to "get financial advice" but I am struggling to see the added value, unless it involves complex legal and tax advice.

 

[gnf_ireland]

So I see lots of references to "get financial advice" but I am struggling to see the added value, unless it involves complex legal and tax advice.

Depends on how knowledge the customer is and how comfortable they are with various types of investment products/options. I am guessing you understand your risk profile and have a clear idea of what you consider to be good/poor options. Others simply don't have a clue.

90% of people I talk to that are on trackers are on them purely by luck - they were the default option when the bought the house and when interest rates were rising they meant to get around to fixing it, but never made it a priority - and are glad they didn't. Their apathy has worked in their favour. But this apathy is across all parts of their financial lives...
I bet if you asked everyone currently on PCP deals (not on this site but in general) to explain how they work, less than 40% would be able to properly explain what happens in each eventuality

These people need financial advice, otherwise they will do nothing ...