Financial Adviser - needed or not

workingboy

I've had a pension provided by Old Mut.

In the 6 years in having this pension/adviser have I only contacted my adviser once.
That was to ask if I could make a withdrawal from the pot, which I could. If the adviser was to make the arrangement's to make the withdrawal from Old Mut, a fee would be applied.

For the last 4 years I have made the withdrawals myself direct to Old Mut with no fee's attached.

So the question, do I need an adviser.
When the adviser has not offered any advice or contact from me going direct and by-passing them.

I'm happy with the current performance of the fund.

dunstonh

I've had a pension provided by Old Mut.

Old Mutual Wealth Life or Old Mutual Wealth? (former is old fashioned. Plans typically started with PP as the policy number - latter is their more modern platform. Plans typically started with the number 4)

So the question, do I need an adviser.

Depends on the context of the word "need". OMW dont require you to have an adviser and if they know you dont have one they will remove it off the adviser agency. So, need in that respect is no. Are you doing the right thing or making a pigs ear of it? need in that respect may be different.

I'm happy with the current performance of the fund.

Is that relative to a benchmark or just the fact it has gone up?

tgon

I asked myself this quite a few times when looking at my pension plans. I researched as much as I could understand and devised spreadsheets that accounted for everything I could think of that mapped out my future. In all my plans and new found knowledge, I found that I sorely needed someone even more wiser to challenge me. I didn't want to offload my pension business. I wanted to take a lead in what I worked towards all my life. So I saw an IFA, just twice. Someone to acknowledge and support what I've achieved but also point out the obvious Achilles heal - which was there, which I didn't see clearly. doh

In my circumstances being aware, being challenged and being advised when my plans and assumptions were the very best I could do made me grateful that an expert was on hand - to help me. And I will do it again at the point where I my conceited spreadsheets makes me smug.

cfw1994

tgon wrote: »

I asked myself this quite a few times when looking at my pension plans. I researched as much as I could understand and devised spreadsheets that accounted for everything I could think of that mapped out my future. In all my plans and new found knowledge, I found that I sorely needed someone even more wiser to challenge me. I didn't want to offload my pension business. I wanted to take a lead in what I worked towards all my life. So I saw an IFA, just twice. Someone to acknowledge and support what I've achieved but also point out the obvious Achilles heal - which was there, which I didn't see clearly. doh

In my circumstances being aware, being challenged and being advised when my plans and assumptions were the very best I could do made me grateful that an expert was on hand - to help me. And I will do it again at the point where I my conceited spreadsheets makes me smug.

I can see having that external eye looking over things could help many otherwise 'self sufficient' people.
Feel free to tell me to mind my own business, but I am curious about a couple of things:
1. how you framed your request, and agreed appropriate charges (after all, you are almost asking for a forensic look over many pieces of information!)
2. what was the obvious achilles heel they spotted? Was it something complex that required intimate tax knowledge, or something else?

To the OP - if you are happy with the fund performance relative to others, and happy managing the elements needed to meet your needs (withdrawals), then maybe you don't! If there is a niggle that you could be doing something different or better, maybe you do. Tricky to know.

crv1963

tgon wrote: »

I asked myself this quite a few times when looking at my pension plans. I researched as much as I could understand and devised spreadsheets that accounted for everything I could think of that mapped out my future. In all my plans and new found knowledge, I found that I sorely needed someone even more wiser to challenge me. I didn't want to offload my pension business. I wanted to take a lead in what I worked towards all my life. So I saw an IFA, just twice. Someone to acknowledge and support what I've achieved but also point out the obvious Achilles heal - which was there, which I didn't see clearly. doh

In my circumstances being aware, being challenged and being advised when my plans and assumptions were the very best I could do made me grateful that an expert was on hand - to help me. And I will do it again at the point where I my conceited spreadsheets makes me smug.

A similar position to mine, I feel that I have some degree of understanding and possibly if I were on my own I'd DIY, but of course I know if I muck it up I'd have to live with the consequences. Therefore I've arranged to have an IFA look over my plans because whilst I could live with my mistakes I don't want to make Mrs CRV live with them.


A lot of people do DIY but having an expert go over plans could in my view point out obvious mistakes and possibly make us more secure in the future. I'd rather pay a fee and be told I had it right and carry on as you are, than sail blind to rocks because I'd missed something basic.


Plus as Mrs CRV isn't as confident as I am about her abilities to manage big sums over the longer term. Therefore having an advisor who could help her if anything happened to me is a bit of insurance/ reassurance.