Pensions independent financial advisors

dunstonh

No, and although I've only been an IFA for about 8 years, some of those types of adviser still existed when I started. Thankfully, they're fewer and further between these days. Maybe I think back to the IFA I have come across in my younger days.

I've been one for 20 years. Client files today are much bigger than 5 years ago which are bigger than 10 years ago and when you look at 20 years ago, there are massive differences. Its a different world today. Remember that it was a sales environment back then. Years back there was a survey that found over half the clients that used a tied sales rep thought the person was an IFA. RDR did a lot to change things for the good. It just needs to pull back in a few areas to not cut off those that want something different to a fixed process.

All that isn't the issue though. The real issue is public perception - read the piece in this morning's Professional Adviser about how much people will pay for advice. People still think that stereotype exists, and that's what counts.

These types of surveys have been coming out for years. Long before RDR. It will take ages to change perception and you will never find a match in value.

Just this morning I saw someone who has an ISA on DIY basis which is preventing me from doing bed & ISA. His ISA has significantly underperformed the investments I control in each year. He is with this DIY provider as they give free cinema tickets and theme park visits occasionally. The charges on his DIY investments are more than he pays on platform, funds and adviser. I think the penny finally dropped today when I pointed out that this year alone he is £1800 worse off and if we add up the differences each year, it comes to nearly £10k by going DIY. He was putting more value on the occasional cinema ticket.

My robo-service launches in the next week; it offers (even though I say it myself) superb support facilitation with risk/loss mapping as good as any I've seen. I will also screen out those with significant debt, uncertainty of income and low cash reserves.

Good luck to you.

However, many that claim to be robo advice are not actually advice but pre-built and lack advice as the consumer picks (e.g. nutmeg - where their charge is actually the same as most advisers). If you can find a working medium between actually giving advice, meeting regulatory requirements and having a usable front end then you could do very well.

I am not intending to go robo-advice. We have a mostly mature client bank who value the personal side and most are not interested in the internet (normal for norfolk). Although we will have a client portal running shortly which will allow a single login to view their pensions, investments, current account, savings account etc in one place (although most are only likely to use it for their investments). Obviously, risk mapping is something all advisers should have. It will also allow secure messaging, logging and updates to be handled via it.

Al.

Lots of good points. No, nothing like Nutmeg.

I'll message you a link when it's up and running.

Freecall

dunstonh wrote: »

.....they give free cinema tickets and theme park visits occasionally.

Sounds great! Where can I get some of that.

ShowUsTheMoney

Back in the room all ... My question was a general one, as I am all for seeking the advice of others to help form the best decisions. That's what makes this site great as it helps everyone gain a little bit more knowledge, especially when it's something that you haven't got a clue about which in my case is pensions (head in sand). However in the past couple of days its encouraged me to dig out all of the paperwork that I have ignored for years !

ShowUsTheMoney

And if anyone has any advice ... I have learnt that I have a Global Equity Fixed Weights 50:50 Index Lifestyle fund, in which I contribute 3% and my employer now contributes 12% plus 2% from both sides on earnings above the UEL. NO idea if this is the best option, but does seem less riskier than me playing the pensions game. My pot is over £100k and the Mrs is suggesting I should put another £100 / month to give me a bit more at retirement age. Planning to find out how I do this .

weezie7

ShowUsThe Money - Having just tried to find a good IFA near me (Bognor Regis), I have some comments. I looked on unbiased.com, found one, went, had a couple of meetings and moved my pension, as I wanted to go into Drawdown and take the TFCLS.
I now think I did not understand fully all the charges for moving my pension. I knew what I wanted, so my impression was it was not a great deal for the IFA to do, as we had discussed it already and I had done quite a bit or research and we had agreed that that was the best option. He had no research other than finding the best fund for me.


I am basically okay with the fund, but do not allow the IFA to rush you. Read all the paperwork properly before signing. Ask for copies of anything you sign (I assumed it would come to me - it didn't!).
Ask about 'initial one-off charges' - by whom? I was under the impression this was for the company that I was transferring the pension to, it was not, it was 2.25% of the transfer value to the IFA (about £4k). I should have negotiated this, but did not realise it was to him until it was too late to do anything more about it.
I am really annoyed with myself, as I thought I am quite savvy, but I feel really put out about it all. I don't feel he was a clear and transparent as he could have been and feel a bit conned by a good salesperson. BEWARE!
Be advised, please do not make the same (costly) mistakes I have done.

ShowUsTheMoney

Thanks for the advice. It's definitely worth doing as much research as possible. I'm using here and asking questions of my HR dept to understand as much about my pension as possible. Sometimes it pays to use an expert, but often the challenge is finding one that ticks all the right boxes and that you can trust to have your best interests at heart.

magpiecottage

[QUOTE=TheTracker;68987868What's_that,_about_0.03-0.1%_of_the_value_for_being_insured?_Bargain.[/QUOTE]
You pay for your own adviser's professional indemnity insurance on top.

The FSCS is a de facto tax for something that is nothing to do with you and of no benefit to you. And, because less and less advisers will, in future have to pay more and more in, the costs will go up until sooner or later the scheme will bankrupt itself.

That does not seem much of a bargain to me but, I suppose, if you are prepared to pay it that is reasonable.

Remember, too, that the product provider also has to pay a levy to the FSCS - and that too will be passed on to you.

philwal_2

If you go onto money advice service adviser directory and they have a section of ifas who deal with remote advice filling the advice gap all are fca registered