Hargreaves Lansdowne - Financial advisers

hethmar

Basically we are in a bit of a mess with our finances. We were badly misled by an IFA some 15 years back and so since then have muddled through on our own, not really planning.

As we approach retirement we want some good advice. Ive had a letter from HL saying that there financial advisers can visit us and sort out our future finances for a fee.

Does anyone recommend this please?

dunstonh

Does anyone recommend this please?

There is nothing to suggest that their IFAs are any different to any other IFA. However, their charging structure does seem to suit the higher net worth individual rather than typical consumer.

I would suggest you look up a local IFA at https://www.unbiased.co.uk (filter by postcode and turn off the paying IFAs only filter). Look for a firm where you can get in with owner/partner/director if you can as you know they will be there long term (employees tend to move around plus the owner/partner IFAs are financially responsible for their advice. It comes out of their own pocket if they have to pay up on a mis-sale. Employees do not). Avoid regional and national salesforces (less scope for discounting and salesforces bring pressures on the adviser such as a sales manager pushing them for business, targets and incentives. Plus less scope for discounting.

EdInvestor

No harm in getting a quote from a "local man" and from HL and comparing them. It may also be worth looking at IFAs who specialise in retirement planning and have in depth knowledge on things like annuities, income drawdown, pensions, equity release and such.

hethmar

Sorry to be a thicko, how do you find someone who specialises in retirement planning please? Also we have a small limited business and we need advice on the implications of selling this when we retire.

EdInvestor

https://www.williamburrows.co.uk
https://www.annuity-bureau.co.uk
https://www.annuity-direct.co.uk


Business sale issue might be one for your accountant rather than an IFA.

dunstonh

hethmar wrote: »

Sorry to be a thicko, how do you find someone who specialises in retirement planning please?

All IFAs are able to do retirement planning. Annuity purchase is a bread and butter transaction that an IFA can really do with their eyes closed.

Its only where you have large funds or more complicated scenarios that you may look for higher qualifications. J05 or G60 of K10 for example. The ones Ed links tend to like dealing with funds well into the hundreds of thousands. Indeed, I recently saw a video from a consultant from one of those companies mentioned that said they focused on ultra high net worth.

Is your portfolio likely to be large enough to justify the costs of a high net worth targeting firm?

EdInvestor

Some info on Billy Burrow's charges:

http://www.williamburrows.com/gold/individual.aspx


Doesn't seem excessive to me. Run of the mill IFAs seem to take a minimum of 3% off people's funds going into drawdown, for doing virtually nothing. Looks like Burrows would be potentially cheaper and offer better skills.

What fee does HL charge?

johnllew

EdInvestor wrote: »

Burrows would be potentially cheaper and offer better skills.

But not that of spelling:

William Burrows Annuities* (WBA) provides specialist advise

dunstonh

Doesn't seem excessive to me. Run of the mill IFAs seem to take a minimum of 3% off people's funds going into drawdown, for doing virtually nothing. Looks like Burrows would be potentially cheaper and offer better skills.

There is no need to be so rude to advisers you know nothing about. And once again, you show your lack of knowledge on the subject but your skill is twisting information to suit your comments. In this case you compare commission basis against fee basis. Why not compare like for like?

edit: the link you posted doesnt mention their fees. So, you are guessing again. The only fee given is the minimum £500 on annuity business. That means anyone with a fund of less than £50k (after 25% TFC paid) is likely to be worse off using them as annuity commission is typically 1%.

meester

dunstonh wrote: »

There is no need to be so rude to advisers you know nothing about. And once again, you show your lack of knowledge on the subject but your skill is twisting information to suit your comments. In this case you compare commission basis against fee basis. Why not compare like for like?

edit: the link you posted doesnt mention their fees. So, you are guessing again. The only fee given is the minimum £500 on annuity business. That means anyone with a fund of less than £50k (after 25% TFC paid) is likely to be worse off using them as annuity commission is typically 1%.

Isn't £50k pretty much nothing though, in pension terms? It doesn't sound like ultra-high net worth to me.

dunstonh

meester wrote: »

Isn't £50k pretty much nothing though, in pension terms? It doesn't sound like ultra-high net worth to me.

Its not. That minimumfee is for that particular ad hoc transaction. As I said, annuity purchase is a bread and butter transaction for an IFA.