MyWealth/Wealth at Work

Dox

This seems to be the same question you asked on 14 March. Not sure what extra info you are hoping to get in addition to the replies you had to that?

dunstonh

Their initial charges are ballpark. There is often a decency cap too. I dont know if they have one.

However, they use a DFM which adds a fee plus VAT (that may be the 0.45% you are referring to). Most people in the UK have no need for a DFM. For those people, a DFM just adds a layer of charges that can be avoided.

if the DFM is optional then not so much of a problem.

I was supprised that the fees would be @ £8000 per year.

That is the sort of fee income someone with 1.6 million would be paying with most IFAs.

One of the biggest issues with large firms is staff turnover. You are a client of the firm. Not the individual. When that staff adviser leaves, you are appointed another one. This can lead to you repeating the process again and again (seen cases where this happened every year). With smaller/local firms, staff turnover is low. Especially if you get in with the owner/partner/director (and if you have 1.6 million that will almost certainly be the case). The IFAs in small firms can be dealing with the same clients for 20-30-40 years. Smaller local firms tend to lack the polish of big firms but also, big firms have to have the same process and compliance across the board and cater for the lowest common denominator. This can lead to solutions being limited and you have to fit them rather than they fit you.

For example, most pensions arranged by IFAs are not SIPPs but are PPPs. Yet if the firm only uses SIPPs and a DFM then you can see that you are fitting their model and they may not be offering you best advice. It will be suitable advice but not necessarily best advice.

worlestone

Thanks to both.

Dox - Yes, similar question as previous, but asking specifically if anyone had experience of this company, so not the same

Dunstonh - nowhere near that about to invest, it's closer to £350,000.

dunstonh

Dunstonh - nowhere near that about to invest, it's closer to £350,000.

The typical adviser charge on £350k is 0.5% p.a. So, £1750 pa. Total fees (adviser, platform funds) would be in the ballpark of £4500 (a bit less if more passives used. A bit more if more managed use).

anita116

dunstonh wrote: »

Their initial charges are ballpark. There is often a decency cap too. I dont know if they have one.

However, they use a DFM which adds a fee plus VAT (that may be the 0.45% you are referring to). Most people in the UK have no need for a DFM. For those people, a DFM just adds a layer of charges that can be avoided.

if the DFM is optional then not so much of a problem.



That is the sort of fee income someone with 1.6 million would be paying with most IFAs.

One of the biggest issues with large firms is staff turnover. You are a client of the firm. Not the individual. When that staff adviser leaves, you are appointed another one. This can lead to you repeating the process again and again (seen cases where this happened every year). With smaller/local firms, staff turnover is low. Especially if you get in with the owner/partner/director (and if you have 1.6 million that will almost certainly be the case). The IFAs in small firms can be dealing with the same clients for 20-30-40 years. Smaller local firms tend to lack the polish of big firms but also, big firms have to have the same process and compliance across the board and cater for the lowest common denominator. This can lead to solutions being limited and you have to fit them rather than they fit you.

For example, most pensions arranged by IFAs are not SIPPs but are PPPs. Yet if the firm only uses SIPPs and a DFM then you can see that you are fitting their model and they may not be offering you best advice. It will be suitable advice but not necessarily best advice.

Thank you but please can you say what the acronyms are: DFM and SIPPS. I'm guessing that PPP is personal pension plan.

dunstonh

anita116 wrote: »

Thank you but please can you say what the acronyms are: DFM and SIPPS. I'm guessing that PPP is personal pension plan.

DFM is a discretionary fund manager. Usually best avoided if you can (but some exceptions apply).
SIPP is self invested personal pension
PPP is personal pension plan as you guessed.

Pinnypinpin

Any updates on MyWealth. My husband is in LGPS and has an AVC, plus we have savings. He’s arranged a meeting at our house and I’m wary. Updates gratefully received.

Malthusian

Pinnypinpin wrote: »

Any updates on MyWealth. My husband is in LGPS and has an AVC, plus we have savings. He’s arranged a meeting at our house and I’m wary. Updates gratefully received.

Very few people in this forum would use a tied adviser - most will either use an independent adviser or DIY. So it is unlikely there will be much to add to the old posts.

If the meeting is a free introductory one you have nothing to lose and it could be a useful starting point, but if you want ongoing financial advice you should look for an independent financial adviser.

Their website says their service costs 1.8% per year (presumably all-in, including advice, administration and investment costs), with an initial charge of up to 2.4%. That is very high although not quite at the eye-bleeding St James' Place 2%+ level.

AnotherJoe

Pinnypinpin wrote: »

Any updates on MyWealth. My husband is in LGPS and has an AVC, plus we have savings. He’s arranged a meeting at our house and I’m wary. Updates gratefully received.

how much is the avc worth, how much the savings? how / why did you invite the adviser?

LHW99

Do be careful if they are coming to your house though - we had one do that (and brought along a colleague) who had been recommended by a work friend (some years ago now though) and they were very pushy and had obviously intended to remain in place until someone signed their paperwork.
I tend to prefer to have at least a first meeting in their own office.