Do you have to tell your ifa..

catoutthebag

If you are investing monthly into a ss isa (well under the annual limits), if you then decide you want to visit via another ss isa wrapper yourself (eg vanguard life), again under the limits?

As an accompaniment, I also have a PP in SW via the ifa, as I'm SE and also decided to start drip feeding a small amount into ss through novia via the ifa for retirement. I need to double check fees but I seem to remember them being reasonable & him waiving stuff.

I can find out the funds? But thought it might be cost efficient (maybe same?) but more hands on (but then I wouldn't know when / how to cash in?!) if I went for the popular VG model? Or would it make little/no difference.

So couple questions really - would I need to tell them? And would it be better doing the ss off my own back seeing as I'm not planning to currently invest a lot each year but dripper feed it?

innovate

You can't expect your IFA to come up with the best solution for (other than be accident) if you are "having a bit on the side".

But it is your decision what you tell them.

dunstonh

So couple questions really - would I need to tell them?

If you want best advice you should tell the IFA. The IFA wont care if you DIY but clearly you are paying into the ISA for a reason and that reason may conflict with advice (not conflict as such but say your plans for the ISA were retirement as well as the pension then the IFA ought to know otherwise your retirement planning advice would be flawed).

It may impact on risk analysis as well. IFAs document your risk profile and investment selection not only on the volatility and capacity for loss but your knowledge of investments and understanding. If you are picking investments by yourself it indicates a certain level of knowledge (potentially as some DIY investors make a right pigs ear of it) and could lead to different investments being recommended.

Vortigern

catoutthebag wrote: »

If you are investing monthly into a ss isa (well under the annual limits), if you then decide you want to visit via another ss isa wrapper yourself (eg vanguard life), again under the limits?

If you are investing monthly into a S&S ISA, you can't invest into another S&S ISA at the same time. It's not allowed by HMRC.