Pensionlite and Old Mutual Wealth

T_251

@dunston h

Yes I am aware that Pensionlite (not Pensionlife) is part of Intrinsic, if you read the post properly, the whole reason Pensionlite was acquired by Intrinsic was due to the sheer volume of business they would transact onto the platform. They saw a firm that is growing massively and decided they would slowly but surely work to acquire the business, which started form a very humble beginning of writing suitability reports for another advice firm back in the early 2000s.

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"It is inconceivable to expect an IFA to 'compare the whole market' as there is too much data to crunch on charges"

"Not correct. Plenty of IFA software available does just that."

But that isnt advice is it? What they do is select and manage a range of bespoke portfolios on behalf of their clients. Some might say its gong down the route of DFM but thats the basic service you get from Pensionlite, rightly or wrongly.

Or there is the Wealth Select option where it costs slightly more but there is little or no interaction required with Pensionlite, if you dont wish to return the 3/6/12 month review pack they send asking if your ATR has changed etc. You have access to all of this through a client portal on the Pensionlite website - it couldnt be more convenient for the modern life if it tried.

So to say software will do it for you yes it will, but thats all algorithm based and calculates based on parameters - It is not advice!

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"If you mean placing a pension and selecting investments then yes that is correct. However, there is a big difference between a firm using its in-house product/platform and in-house investment funds vs an IFA selecting from the whole of market"

As i have just mentioned, they dont use model portfolios, they construct their own and constantly adapt them to suit accordingly. It wasnt their own platform/product when they became DA in 2007 and to this day nothing has changed. The platform is reasonably priced, offers diversification and the CS is pretty good. All things that are important to a customer.

Most providers use very outdated software. I know SJP have just moved to Bluedoor and migrations are taking place, they are in my opinion, very much the place to be. I agree Intrinsic will end up becoming a similar proposition to SJP one day.

T_251

They have tried to reply but MSE have removed it.

T_251

I took the time out to do this because I feel its appropriate. I value my time there and I know that what they do is right and is ethical.

You would go a good way to find a firm as such.

dunstonh

But that isnt advice is it? What they do is select and manage a range of bespoke portfolios on behalf of their clients. Some might say its gong down the route of DFM but thats the basic service you get from Pensionlite, rightly or wrongly.

An IFA paying for software that helps the IFA filter options ensures whole of market and a good audit trail. Remember that the definition of IFA changed in 2013. The audit trails and due diligence required after RDR, FMAR and MiFIDII mean that things are a long way from the days after polarisation where it really was as simple as picking from a handful.

I understand where intrinsic are going and from a business sense, it makes total sense. The modern-day systems and controls requirements do not allow for large firms to have "individuals". Everyone needs to be using the same processes, methods etc. Having a centralised investment process makes perfect sense for larger firms. Plus, like SJP, it means they can pull a greater cut of the profits.

Going a bit OT, I actually think it is platforms that really need to be wary of the future. There are developments going on where fund houses are launching in-house platforms that will have zero platform charge. Plus, there is some IFA software that is moving towards acting as a platform which will allow IFAs to remove the platform charge or lower the advice charge and have a lower platform charge (whatever net effect suits their model).

archie17

T_251 wrote: »

They have tried to reply but MSE have removed it.

I believe that they posted as a business and did not seek permission as the rules of the forum require.
Why don't they seek permission?

Former_MSE_Tine

Hi, the company has asked for a right of reply. MSE doesn't endorse anything a company says on the Forum:

"We would like to request that if you have any questions or concerns about your investments, that you get in touch with the team at Pensionlite on support@pensionlite.co.uk

We are aware of comments made by a former employee, however we do not endorse these and would respectfully request that concerns are directed to our support team."