Pension and financial planning for >60

Aegis

F1001 wrote: »

Thank you!! Thanks all - I am so grateful - this is a minefield for anyone who isn't used to managing finances - the exact people that need IFAs! And I am seriously re-thinking the Lloyds option now. I was maybe weaning towards a household brand name to make me feel like her finances are in safe hands but I should know by now that isn't anything to go by!
If anyone has a good recommendation of an IFA that has a decent track record of making good returns, reliable, honest and clear on charges and reasonable fees please message me!
Thanks all - merry Christmas!

Whereabouts are you based? I might know someone in your vicinity, but impossible to say without a location! This is assuming you want someone you can meet face to face, of course.

F1001

Sorry one last Q


- with either IFA or Lloyds banker - how does it work after implementation and if one year we decide we have learnt how to do this ourselves and we want to "exit" the arrangement and manage the investment portfolio ourselves? Is it all stuck in a Lloyds / IFA black hole or system that we can't access, and that we have to sell everything to get out?
Can we see how the portfolio is doing online somehow, and make changes if we want?


Can I continue with the same products and funds? Would the costs change when manage ourselves?

TadleyBaggie

Can't comment about Lloyds but my IFA put my investments (drawdown, S&S ISA, investment account etc) into a Fidelity FundsNetwork account. I can see all the account details but can't trade myself because it is marked as an "advisor managed" account. My understanding is that if I wanted to manage it myself, I would need to give the IFA notice. They in turn would inform Fidelity they are no longer managing the account and I would either engage another IFA or manage it myself.

F1001

Thanks TB!
Would be great to hear from more clients on how you chose your IFA / or why DIY.
What kind of fees did you pay for advice and are paying for onging, what set up you have etc.
How is it going i.e. worth it, how has your IFA performed to expectations? Anything you would change if choosing again?
Thanks!

mgdavid

F1001 did you see post #22?

F1001

Yes thanks MGD - I'm in NE London and the IFAs here have been really helpful in giving me their experiences and recommendations.


Was hoping to hear more from clients though on how they went about selecting their financial advisor, via unbiased, vouchedfor, recommendations from family / friends, apt at high street bank?


What fees are they paying just to get an idea on what are common and reasonable rates people are paying.


And how it is going - I guess you can only comment once you have been with an IFA / implemented his/her plan after a sufficient length of time, say 5 years?

F1001

Adding a link to this "Income in old age" thread in here in case anyone else reading this and needs similar help
https://forums.moneysavingexpert.com/discussion/comment/69431696#Comment_69431696

mark5

I remember lloyds bank pushing life insurance on us when we bought our house then calling back a few days before we completed to say we were high risk and the premium would be £63 per month.

We then got the same cover with Aviva for £12 per month.

dunstonh

I remember lloyds bank pushing life insurance on us when we bought our house then calling back a few days before we completed to say we were high risk and the premium would be £63 per month.

That would mean that they didnt like something about you in their underwriting and raised the price to reflect the increased risk.

We then got the same cover with Aviva for £12 per month.

Banks are normally more expensive. However, did you declare to Aviva that you had a decision from another insurer increased? (its usually in the "have you ever had style". It may not result in any premium increase if Aviva did not consider the risk any greater. However, if you failed to disclose the Lloyds decision then you have a an issue under non-disclosure which could result in rejection in the event of a claim.