I'm a bit worried about my IFA

Lakeland9

..who met with me on 23 February to discuss Sipp investments which had recently matured.

The money then sits (and is still sitting) in the Standard Life cash account where it earns, I think 1% of naff all.

Since then I've sent him a couple of polite reminders but had no response-he was due to let me have a list of recommended funds to re-invest in.

When I tell you that the "spare" money is in excess of £400k you can see why I'm getting itchy and thinking of lost money already. It's difficult. The guy's been working for me for around 7 years and has always tried to give me good advice, but this is getting a bit much.

What would you do??

dunstonh

The money then sits (and is still sitting) in the Standard Life cash account where it earns, I think 1% of naff all.

Which is probably better than what it would have been had it been invested on the markets over that period since then.

What would you do??

Try the phone. It may be that emails are being hit by a spam blocker and you could both be wondering why the other hasnt responded. or he could be dead or ill.

schoolrunmum

I'd get in touch and say you are considering changing IFA's due to his lack of response to you..

Loughton_Monkey

Just guessing but is there a clue in the words "Self Invested Pension Plan"?

I bought a self assembly metal rack for my garage last September. Am still waiting for a phone call from IKEA to tell me when they are going to put it up.....

Lakeland9

Not quite the same,though is it? I've always been happy for the IFA to manage the investments- and charge for it- on the basis that he has the expertise and I don't.

Having got this arrangement it's not unreasonable to expect him to deliver on it, and the fact that the market has dropped isn't really any excuse. I've managed to speak to him now and he's promised to get back to me shortly. We'll see...

SallyG

With £400k at stake and in limbo I'd expect a daily bulletin from someone I paid to look after investing it - has the IFA said what s/he's waiting for - is it a good idea to wait just now - Japan etc- or is this the ideal time?
Are you paying the IFA enough?????

saverjustice

If I had £400k in my pension pot and my name was Warren Buffett I might know what to do with it right now, well he never posts on MSE so I can't pretend I am him, if I were you I would consider silence is golden and think safety first, but still give him a call, he might be busy staring into his crystal ball...:)

BUT, if you fancy taking a punt on a new build for 82 houses in a sought after area then please give me a call!

dunstonh

With £400k at stake and in limbo I'd expect a daily bulletin from someone I paid to look after investing it

That is unrealistic. For that sort of service it would either be cost inefficient for 400k or you would have to have a larger balance.

SallyG

"I've sent him a couple of polite reminders but had no response-"
Would you do that dh?

dunstonh

SallyG wrote: »

"I've sent him a couple of polite reminders but had no response-"
Would you do that dh?

Not making excuses but certain times of the year you get times where you are doing virtually nothing and others where you are working 12-15 hour days. So, its not always possible to get back quickly. However, if you have given a couple of reminders then its time to consider if alternatives are more suitable.

At the moment we are in the busiest time of the year for most IFAs.

saverjustice

Sounds like double act!