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bostonerimus wrote: »What does the Wealth Manager do?
Ideally you could do your own research and planning, use lower cost funds and save yourself over 1.5%.
I transferred out of my DB scheme at the beginning of the year and wasn't confident enough to make my own investment choices at that point so for me it was better to take the hit on charges while I got my head around it.
I'm still not there yet and if it comes to March next year (next charging year) and i'm still not happy then i'll let them have another year. It does stick in my throat a bit though because it's coming to over £25,000 pa which is more than our current total household pa expenditure. I keep thinking each year I don't take it over is another year of living costs gone in fees alone.0 -
username12345678 wrote: »I transferred out of my DB scheme at the beginning of the year and wasn't confident enough to make my own investment choices at that point so for me it was better to take the hit on charges while I got my head around it.
I'm still not there yet and if it comes to March next year (next charging year) and i'm still not happy then i'll let them have another year. It does stick in my throat a bit though because it's coming to over £25,000 pa which is more than our current total household pa expenditure. I keep thinking each year I don't take it over is another year of living costs gone in fees alone.
Nothing wrong with not going DIY as it doesn't suit everyone by any means. I do it on a small SIPP that will be "bonus" money in retirement compared to DB & State Pension, and have been for a couple of years now learning as I go along.
Sounds like your pot is north of £1m, I certainly wouldn't try and DIY that.
Serious question - What does a Wealth Manager do that the IFA doesn't as they seem to be the most expensive professional in this?0 -
Nothing wrong with not going DIY as it doesn't suit everyone by any means. I do it on a small SIPP that will be "bonus" money in retirement compared to DB & State Pension, and have been for a couple of years now learning as I go along.
Sounds like your pot is north of £1m, I certainly wouldn't try and DIY that.
Serious question - What does a Wealth Manager do that the IFA doesn't as they seem to be the most expensive professional in this?
I don't know how common it is for IFA's to select funds/IT's etc for clients - maybe i've got an unusual one. The IFA's ongoing involvement is minimal now beyond a bi-annual review.
My plan isn't to make wholesale changes to the current selections just switch a couple that seem poor choices on a return/volatility/charges basis versus same category alternatives. The WMA kindly publishes its guidance on asset allocation by risk profile which is periodically reviewed and has been used by my WM.0 -
username12345678 wrote: »I transferred out of my DB scheme at the beginning of the year and wasn't confident enough to make my own investment choices at that point so for me it was better to take the hit on charges while I got my head around it.
I'm still not there yet and if it comes to March next year (next charging year) and i'm still not happy then i'll let them have another year. It does stick in my throat a bit though because it's coming to over £25,000 pa which is more than our current total household pa expenditure. I keep thinking each year I don't take it over is another year of living costs gone in fees alone.
Paying a fixed one time fee for advice or a service is often a good idea. So paying for help to set up your transfer and investments might be worth it, but these ongoing charges will act as an anchor around your portfolio. The 2% you are spending in fees is at least 50% of the income you can safely withdraw from your portfolio for a 30 year retirement. If you DIY you might double your income. If that's too scary at least revisit these service sand fees and try to get them down a lot......
What is stopping you from DIY? What are you trying to achieve with your money and ho
w is it invested now?“So we beat on, boats against the current, borne back ceaselessly into the past.”0 -
username12345678 wrote: »It does stick in my throat a bit though because it's coming to over £25,000 pa which is more than our current total household pa expenditure. I keep thinking each year I don't take it over is another year of living costs gone in fees alone.
What your existing IFA has done is set up an arrangement where they cream off a profit from you while the wealth manager does the ongoing investment work, at the cost to you of a double layer of charging.
If you're doing this for retirement income provision you might usefully ask about stochastic modelling of safe withdrawal rates, the sort of thing done by cfiresim, discussed along with much related material here.0 -
Cash ISA to Cash ISA must be completed within 15 business days of transfer request being received by new provider.
No such deadline exists for S&S ISA transfers. 30 days is not unusual. Are you transferring as cash or in specie?
Transferring as a vanguard fund held in an ISA
Thanks0 -
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Three days ago I sent a message to HL asking them how long they thought the transfer out may take.
Still no reply.
Generally they reply to messages within a couple of hours. I am wondering if they are not interested in queries raised by a customer who is about to leave them.......
This is the first time in five years they have not satisfied me as a customer. What a coincidence....0 -
Three days ago I sent a message to HL asking them how long they thought the transfer out may take.
Still no reply.
Generally they reply to messages within a couple of hours. I am wondering if they are not interested in queries raised by a customer who is about to leave them.......
This is the first time in five years they have not satisfied me as a customer. What a coincidence....Transfers can take up to 30 days. You can check the progress of the transfer any time on your secure account page.0
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