Is this acceptable?

opinions4u

VfM4meplse wrote: »

The easiest solution for you is if it's money that you don't need access to: if you have an employee's pension I would suggest you just top up your pension and get the tax back, depending in your tax rate and when you expect to retire. Savings rates are pitiful and the stock market requires nerve...from your post I'm not sure you'd be cut out for it.

Most helpful.

"You're not cut out for the stock market so stick it all in a pension".

Intrigued.

sleepless_saver

craftmoney13 wrote: »

To clarify I did get lots of paperwork initially but it was rather confusing as it had one a/c no but I have one ISA and one OEIC? [

Perhaps you have an OEIC which is in an ISA? Or is the "account number" actually a customer reference ID of some kind?

dunstonh

he said that the Halifax would be failing me if he didn't arrange a regular meeting to go over everything.

Sales speak. Unless your contract says you have a servicing arrangement and lays it out then you have nothing.

I did not want any risk and one of the accounts is classed as cautious, not sure about the other but I definately stipulated that I did not want risk for such alot of money.

Now it sounds like a mis-sale as SW products all have investment risk. Although investment risk is not the only risk. Even cash savings has risks. There is effectively no totally risk free option (NS&I index linked certs is about as close as you can get)

Are you mad??! Forget it, why would you trust anyone else again?! Do your own research instead and think about the risks you're prepared to take. You may be swayed by access to "exclusive" deals, just remember that an IFA will be creaming it off somehow (whether from you or the provider) and you'll end up paying for it in the package somehow.

What a very strange comment. Do you take that view in all things? If you get food poisoning would you stop eating? If you see a bad doctor will you never seek medical assistance again? An IFA will agree the remuneration and the service to be provided. It will not be from the provider. If someone is up for DIYing then that is fine but if they are not then, like any DIY, it can end up more expensive if you get it wrong.

The easiest solution for you is if it's money that you don't need access to: if you have an employee's pension I would suggest you just top up your pension and get the tax back, depending in your tax rate and when you expect to retire. Savings rates are pitiful and the stock market requires nerve...from your post I'm not sure you'd be cut out for it.

You have covered two things in your comment. What about the rest? Plus, you contradict yourself in your statement.

VfM4meplse

dunstonh wrote: »

What a very strange comment. Do you take that view in all things? If you get food poisoning would you stop eating? If you see a bad doctor will you never seek medical assistance again? An IFA will agree the remuneration and the service to be provided. It will not be from the provider. If someone is up for DIYing then that is fine but if they are not then, like any DIY, it can end up more expensive if you get it wrong.

I simply do not trust FAs or IFAs, having witnessed no professionalism nor skill about them, just a willingness to maximise commission w/o accountability. I prefer to apply my own judgement.

opinions4u wrote: »

Most helpful.

"You're not cut out for the stock market so stick it all in a pension".

Intrigued.

A managed pension offered by an employer - as opposed to a SIPP - may come with a bit more certainty; but then I speak as someone with a public sector pension and can see exactly what my ROI will be.

craftmoney13

Thanks for all the comments and advice. I will now look at everything in detail and do some research as someone advises. I cannot help thinking I should just have left everything as it was, the ISA I had was performing OK and maybe I should have topped this up or opened another of my own choice. I didnt even decide to change things, it was the Halifax asking me to meet with a FA to help my money work better for me (their words). They want to know all about the money you have (I would not give away everything to someone I don't know) but I did mention the ISA I had with another provider. Everything I did was on his advice, how can we be expected to look into all the financial options out there, it's a minefield, yes I took advice from someone who was experienced in his field. I realise that banks sell their own products and I can easily look at the usual savings accounts etc but they do introduce other products and investments that they say is a better return. He must have known that Scottish Widows was one of the worst performers but he was just focusing on the commission/sale. I will be leaving things as they are now but I just feel that he did this sale for his own good, not looking at the return I had on my original products and I feel that the Halifax have not given me the service I expect from a bank that I have been a good customer of for many years.

jem16

VfM4meplse wrote: »

A managed pension offered by an employer - as opposed to a SIPP - may come with a bit more certainty;

There is no such thing unless the employer pension is a final salary pension which is becoming more and more rare. Most company pensions are money purchase now and run in exactly the same way as a SIPP.

but then I speak as someone with a public sector pension and can see exactly what my ROI will be.

ROI?

Your public sector pension is calculated on a defined set of benefits based on your final salary and length of service. Totally different beast.

jem16

craftmoney13 wrote: »

I cannot help thinking I should just have left everything as it was, the ISA I had was performing OK

Was this a Cash ISA or S&S ISA?

I realise that banks sell their own products and I can easily look at the usual savings accounts etc but they do introduce other products and investments that they say is a better return. He must have known that Scottish Widows was one of the worst performers but he was just focusing on the commission/sale.

Scottish Widows investment products is all that the Halifax offers. Nothing else exists for investment purposes.

VfM4meplse

jem16 wrote: »

ROI?

Yes, it may surprise you to know that you can add to a public sector pension pot, with an comparatively good return.

jackyann

I am wary of IFAs having received bad advice (which fortunately I didn't take!) but can see that they are not all the same. As the rules have changed, it should now be much clearer what you are being charged for.
It seems to me that you need to gather your paperwork, look at it carefully. You shouldn't have lost money (unless a stocks & shares ISA has done very badly) but some may not be as well invested as you would like.
As long as your money is safe, you can then look around on sites like this and read up, and give consideration to how you like to invest your money and what you want to do with it. Lots of people on here give good advice, but of course you have to realise the limitations. You can then consider whether paying an IFA is worthwhile for you.
At the moment, I don't.
I have a spread sheet, detailing what money I can lock away for a period of time, what I would like immediately, what I can have on notice. I am by nature cautious, so I have most in mutual building societies, some in NS&I, and have just one stocks & shares ISA - with an ethical provider.
I like my gambling to be small amounts that I can see & control, and happily my standard £2.50 each way bets in my Ladbrokes account have rewarded me very well in the last 12 months!

jem16

VfM4meplse wrote: »

Yes, it may surprise you to know that you can add to a public sector pension pot, with an comparatively good return.

Please do explain.

Still waiting to hear what ROI stands for?