Fisher Investments

Waspheart

I am currently with St James Place. Last December I decided to retire and have placed some of my pension pot into drawdown, this was a real learning curve, it was the first time ever that I really researched what pensions were all about. I was advised quite strongly not to stay with SJP due to their charging policy which various people considered to be very high, I have now learnt it's about 3.4%.


The service I have received has been very poor from the Partner I have and in effect I have had to make numerous calls to get things done, we almost had to fight in order to get the drawdown agreed. Initially their best advice was to use my £350,000 pot to get a £14,000 annuity - to be honest I nearly cried when this was what they suggested, a lifetime of saving and I would get a small annuity which would be lost to my wife if I died.


Anyway I have had a meeting with Fisher Investments, they obviously have a track record, fees of 1.5% and a different way of working.


My question is I still have £310,000 uncrystallised, would you recommend moving from SJP and would Fisher Investments be a good choice.


Thank you for any advice.

dunstonh

I was advised quite strongly not to stay with SJP due to their charging policy which various people considered to be very high, I have now learnt it's about 3.4%.

SJP is one of the most expensive distribution channels going.

My question is I still have £310,000 uncrystallised, would you recommend moving from SJP and would Fisher Investments be a good choice.

Moving from SJP is very easy to justify. Havent a clue who Fisher investments. As long as they are independent or restricted but whole of market then that is fine. After that its just finding an appropriate service level and charges level. If their charge is 1.5% then that is expensive. If the bottom line is 1.5% (OCF not AMC) than that is fine.

Aegis

Waspheart wrote: »

I am currently with St James Place. Last December I decided to retire and have placed some of my pension pot into drawdown, this was a real learning curve, it was the first time ever that I really researched what pensions were all about. I was advised quite strongly not to stay with SJP due to their charging policy which various people considered to be very high, I have now learnt it's about 3.4%.


The service I have received has been very poor from the Partner I have and in effect I have had to make numerous calls to get things done, we almost had to fight in order to get the drawdown agreed. Initially their best advice was to use my £350,000 pot to get a £14,000 annuity - to be honest I nearly cried when this was what they suggested, a lifetime of saving and I would get a small annuity which would be lost to my wife if I died.


Anyway I have had a meeting with Fisher Investments, they obviously have a track record, fees of 1.5% and a different way of working.


My question is I still have £310,000 uncrystallised, would you recommend moving from SJP and would Fisher Investments be a good choice.


Thank you for any advice.

Are Fisher the wealth managers whose boss said that 2008 was a blip and kept the firm's clients heavily in equities, or is that a different Fisher? If so, I would personally be very wary, as an ex employee of theirs came on here a few years ago and stated that clients don't have portfolios tailored to a risk profile and the default position was 100% equities. If you're looking to go into drawdown, it is vitally important to ensure that your portfolio is invested at an appropriate level of risk.

With regard to transferring, SJP are extremely expensive, howvere you may find that they have locked you in to a drawdown contract with a 6% exit penalty in the first year. If this is the case, your transfer away might be very difficult to justify in terms of overall costs. You may therefore wish to consider only transferring the uncrystallised elements at the moment and waiting either for 6 April to close the drawdown element through uncapped drawdown or wait until the penalty tapers to zero.

If you're dealing with drawdown, I would strongly suggest ensuring that the person to whom you speak is an independent financial adviser and therefore able to actually provide pensions advice. Many wealth managers focus so intently on the investments that they forget how important the wrappers are.

Tammer

As Dunstonh recommends, please check what fees Fisher Investments will charge you.


1.5% of your "uncrystallised" fund is a rather chunky £4650. Do they offer a range of remuneration options? If so, what hourly rate do they charge?

mania112

Not sure Fisher Investments are IFA's - they look like DFM's, again quite pricey. I wouldn't be surprised if 1.5% is only the cost of the Fund, you'll be paying more on top of that if that's the case.

SJP partners struggle to get Drawdown through (in terms of passing it thru compliance) and so usually advise against it.

I would find an IFA at https://www.unbiased.co.uk if I were you.