"I am often unclear on the costs of investing and what charges may be hidden from view that would otherwise influence my decisions. Surely multi-manager funds should be including any in-built sub-fund charges in their TER, for example, but I am not sure they all do. It would not be difficult for the UK fund management industry to lay down what/when/how charges are reported if it wanted to - surprised the public regard you as just another load of bankers?"
David Childs says there needs to be more transparency on the cost to the investor.
"There are no excuses for fund houses to provide incorrect information. Any that are should be notified - or the authorities notified - so that the error can be remedied. That would be more beneficial to retail investors than merely referring to the mistake in journalistic articles... And for the record, I am a retail investor. I have never been, nor will I ever be, a professional investor. I have, however, been called substantially worse things than a banker..."
Ark Welder thinks that fund houses and regulators should ensure fund charges are published properly.
"Stock pickers 'powerless' in ongoing crisis? Judging by the majority's track record in the past they were powerless then as well. Not that any of this will stop them getting their snouts ever deeper into the commissions/charges trough. Poor mug investor will continue to suffer. For me it’s a choice between trackers or a monkey with a dart board. Either way I win."
David Aburrow
"I was happy allowing my Financial Advisor to get a small percentage of my fund purchases, however with the new RDR system and the advice available on-line I'm now implementing a 'go it alone' strategy and transferring my funds to Hargreaves Lansdown."
Industry reforms aimed at helping investors get a better deal has actually put many investors like Peter Crane off taking professional advice.
"I would only pay for advice on complicated matters such as taxation, inheritance and insurance. On simple matters such as UTs, ITs, and the like, all the IFAs I have known do nothing more than recommend past best performers, (incredibly, even if they charge performance fees) and there are plenty of websites doing better than that."
Regular reader Frank Pantzaris doesn’t see the value of using an investment adviser.
"Investment advice is not worth the money to anyone with an internet connection and more than half a brain."
Peter Dangerfield also prefers to go it alone when picking savings products.
"A recent report said that only 18 per cent of people have ever bothered to seek financial advice. This is backed up by another study that showed only 19 per cent of higher rate taxpayers claimed their pension tax relief, at an average of £1,020. A financial adviser would point this out to someone about 15 minutes into a fact find and the money recouped could pay for a good few hours of financial advice which could sort out all their other financial advice needs."
Robert Gill says he finds that professional advice usually pays for itself.
What you’ve been saying about industry charges
03 August 2012
This week's stories have provoked some passionate responses from FE Trustnet’s readers. Here are some of the highlights...
By Mark Smith
Senior reporter
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