SIPP without advice - is it really possible?

sacherlover

Hi,
My husband and I want to transfer a couple of non Final Salary pension plans each (four in total) into a SIPP.

We want a Group/Family SIPP to invest jointly in hotel room property and another overseas asset class investment.

The SIPP also needs to be a split SIPP, where the SIPP can fund the deposit element of the property and we, as individuals, can pay the balance via a developer loan.

We are getting very frustrated with a couple of IFAs who happily quote a reduced price for dealing with this on an Execution Only basis - then when we try and provide a detailed instruction the IFAs come back and claim that the SIPP providers are all insisting they will only deal with fully advised clients.

Surely the whole point of a SIPP is to be able to take charge yourself - it is a mockery if we are effectively being pushed into paying for advice that we don't need and do not want.

Would anyone be able to suggest some alternatives or SIPP providers who do the type of SIPP that we want and may (shock horror) even deal with us direct?

All help appreciated.

dunstonh

We are getting very frustrated with a couple of IFAs who happily quote a reduced price for dealing with this on an Execution Only basis - then when we try and provide a detailed instruction the IFAs come back and claim that the SIPP providers are all insisting they will only deal with fully advised clients.

I can understand that. There isnt a chance I personally would want to get involved in such a transaction on execution only basis. Its bad enough on advice basis.

Surely the whole point of a SIPP is to be able to take charge yourself - it is a mockery if we are effectively being pushed into paying for advice that we don't need and do not want.

You are wanting to do a complicated transaction that is full of potential negatives. Whilst you say you want to do it, the FSA still puts an onus on the providers to ensure that what you are doing is suitable for you. On execution only basis, they cannot confirm this is the case. So, many will withdraw their services to protect themselves against future complaints.

Meeper

I agree with dunstonh. Extremely complex transaction in pension terms, and should be absolutely fully advised. No way I would consider getting involved on execution only.

thenudeone

Try Curtis Banks.
I bought unlisted shares in my employing company through their SIPP, without an IFA, although they did ask me to list all my other investments and pensions. They may have been reluctant if I was putting all my eggs in the same basket, so to speak (I wasn't).

CannySaver_2

Hi there

This site gives details on 40 or so SIPPs and shows you which ones take business in direct and which will only take business from IFAs.

Worth a wander round it too, loads of information which you might find helpful.

http://www.!!!!!!.uk/sipp-zone/

Would agree with the others though that a SIPP can be a complex transaction and needs expert knowledge, of course that doesn't always have to come from an IFA!

I hope this helps.

The Canny Saver (back from a long and relaxing holiday! )

Loughton_Monkey

I can fully understand any IFA not wishing to get involved in such a complicated transaction, even on an 'execution only' basis. As a corollory, I would strongly suspect that the SIPP providers known to IFA's are almost certainly those who only want IFA-advised business.

I expect there are providers out there who will do what you want, but I personally wouldn't know who. But you might find yourself between the devil and the deep blue sea. I think 'reputable' ones - FSA regulated - will be very nervous because despite 'execution only' they might perceive it can backfire on them. There may be some offshore or non-regulated ones who might bite your arm off. But these are likely to be rather.... er... expensive or 'unreliable'. This latter recipe often leaves the 'victim' more than slightly miffed. This usually ends with two strong feelings; (a) the feeling of having been ripped off, and (b) and full understanding, with hindsight, of why 'reputable', low-cost, and efficient providers avoid 'non advised' like the plague.