Johnny400
Member
- Location
- Aberdeenshire
Can't say I remember you, but dad prob will. Still use FCS.
Advice is worth what you pay for it???
- Thread starter Sid
- Start date
Can't say I remember you, but dad prob will. Still use FCS.
If someone is unsure of themselves or lacks confidence, then they probably don't want to shoulder the blame if things don't go as planned-pay someone then blame when it goes tits upAdvisors get their wage whatever they advise. I would be more inclined to use one if their wage was paid on results- don't make me any money, don't get paid-loose me money, pay me the difference-gut instinct is worth a lot
trouble is, that only works if the client actually takes your advice! in my experience they do the easy bits, ignore the hard bits and blame you when it dosnt work!!
My husband knows his own mind and isn't afraid to try something new-even if no one in the area has done it before some things are the best thing we've done, others not, but at least they're our decisions
- Location
- Ceredigion
You get my advice for free and you don't even ask for it
- Location
- North Somerset.
All the best decisions are made having gathered all the available information. That's my advice and you are entitled to it!
IANTO
Member
For the last 30 years, I have made my living from the Agricultural Community in West Wales. Before that I was Employed in a High Street Bank, where I aquired a knowledge of Accounts, Tax, Land Law etc.
Most of my Clients, are of long standing, and obviously believe they are getting value for money.
Unless asked I do not give advice, and even when asked due to FSA Regulations, I have to tell them that I am not authorised to give advice. Most then ask, if you were in our position what would you do? I do try and answer truthfully.
I consider part of my duties, to make suggestions to my Clients. Whether maximising profits, Inheritance Tax Planning etc., it is all part of the service.
West Wales accountants are probably no different to Accountants in Rural Areas elsewhere, and their standard response to reducing a Tax Bill, was buy a knew piece of kit, or change a Tractor, Forage Harvester etc. etc.
My first question, was is this realy neccessary.
To quote Shakespeare "There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life. Is bound in shallows and in miseries."
A large proportion of my Clients are extremly cautious and conservative. Many of these are elderly, and while I have been able to arrange Inheritance Tax Planning etc., cannot persuade the older generation who still control the Cheque Book to accept my suggestions.
Whether they are right or wrong, only time will tell.
I am a firm believer in incorporation, and those of my Clients, who have taken this route, and set up a Company Pension Scheme have seen the benefit.
Taking a small salary from the Company, and the remainder in dividends, their effective tax rate has been reduced considerably.
Contributions by the Company to the Self Invested Pension Scheme has enabled them to Purchase more land. The company rents from their Pension Fund, which keeps it "inhouse".
I act as administrator of several of these schemes,
Several currently have assets in excess of £1M and have diversified into Commercial Property etc.
I never charged for the initial advice or suggestion.
I would rather demonstrate to the Client, that he gets value for money, and cement a long term relationship.
To come to the original question.
The value of the advice depends where it comes from, and whether there is a long term relationship.
In a close knit rural community, such as West Wales, reputation is everything.
Half a dozen telephone calls, is all it needs to discover information on most people and businesses.
Personally I value my reputation too much, to give advice, charge for it, and bugger the consequences.
Most of my Clients, are of long standing, and obviously believe they are getting value for money.
Unless asked I do not give advice, and even when asked due to FSA Regulations, I have to tell them that I am not authorised to give advice. Most then ask, if you were in our position what would you do? I do try and answer truthfully.
I consider part of my duties, to make suggestions to my Clients. Whether maximising profits, Inheritance Tax Planning etc., it is all part of the service.
West Wales accountants are probably no different to Accountants in Rural Areas elsewhere, and their standard response to reducing a Tax Bill, was buy a knew piece of kit, or change a Tractor, Forage Harvester etc. etc.
My first question, was is this realy neccessary.
To quote Shakespeare "There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life. Is bound in shallows and in miseries."
A large proportion of my Clients are extremly cautious and conservative. Many of these are elderly, and while I have been able to arrange Inheritance Tax Planning etc., cannot persuade the older generation who still control the Cheque Book to accept my suggestions.
Whether they are right or wrong, only time will tell.
I am a firm believer in incorporation, and those of my Clients, who have taken this route, and set up a Company Pension Scheme have seen the benefit.
Taking a small salary from the Company, and the remainder in dividends, their effective tax rate has been reduced considerably.
Contributions by the Company to the Self Invested Pension Scheme has enabled them to Purchase more land. The company rents from their Pension Fund, which keeps it "inhouse".
I act as administrator of several of these schemes,
Several currently have assets in excess of £1M and have diversified into Commercial Property etc.
I never charged for the initial advice or suggestion.
I would rather demonstrate to the Client, that he gets value for money, and cement a long term relationship.
To come to the original question.
The value of the advice depends where it comes from, and whether there is a long term relationship.
In a close knit rural community, such as West Wales, reputation is everything.
Half a dozen telephone calls, is all it needs to discover information on most people and businesses.
Personally I value my reputation too much, to give advice, charge for it, and bugger the consequences.
Steevo
Member
- Location
- Gloucestershire
Advisors get their wage whatever they advise. I would be more inclined to use one if their wage was paid on results- don't make me any money, don't get paid-loose me money, pay me the difference-gut instinct is worth a lot
Maybe. But what if they lose you money? Sometimes, the wrong advice can be worse than no advice at all.
That's what I was getting at.........they could tell you anything-no skin off their nose-still take home their wage. That's why we don't use them....know a couple of instances where consultants have cost friends money