Financial Advisors - True Potential

Malthusian

iwannbejockmctavish said:

I don't know if anyone can give me some information on True Potential.  My IFA is advising to move from Nucleus SIPP to a TP Personal Pension, on the basis that the technology platform that TP are using is based on Blockchain and is therefore more secure

B------s.

If TP managed to lose your funds in some way that a Blockchain would have been prevented, they'd be liable, so even if use of blockchain does somehow increase security compared to their pre-blockchain security procedures (which I doubt), this is in their interests and not yours.

Using a blockchain to store a consumer's financial data is non-GDPR-compliant as every transaction is preserved in the blockchain forever. This violates the GDPR principle that personal data should not be stored beyond necessity.

I Googled 'True Potential blockchain' and only got some 2-year-old articles about how True Potential were "planning" to use blockchain and "future-proofing" their platform. So either 2 years later this has come to fruition without True Potential issuing any more press releases about it, or it's got nothing to do with blockchain and your adviser is blinding you with science (very possibly having been blinded before in turn).

and allows a secure depository for documents and data.

What evidence does he have that Nucleus is insecure? I hold no brief for Nucleus but they are a big platform with over a billion under administration - if they are not storing documents and data securely, your IFA needs to whistleblow to the FCA.

Why did they recommend Nucleus originally if they are not secure? (If you already had Nucleus, this of course doesn't apply.)

iwannbejockmctavish

@dunstonh Interesting isn't it?  My request for additional information on TP (ie anything that would confirm a transfer would be beneficial) was sadly lacking, indeed I had already found some scant information through my own search.  On top of that,  of the 100+ clients in the IFA's portfolio only 12 had transferred......  so I am minded to remain where I am for the moment.  I will be looking at switching my plans and with a fund of 600K I'm sure I can find another advisor, I still have 7 years to my official retirement age so one hopes for improvements on that depending on how current events pan out. I don't have the expertise to self manage nor would I kid myself that I could!  Thank you for the response.

RyanHello

My friend is a financial adviser for True Potential. They're very good. They take a cautious approach to investing and advising.   

bowlhead99

RyanHello said:

My friend is a financial adviser for True Potential. They're very good. They take a cautious approach to investing and advising.   

Well, 'they would say that' 

msallen

RyanHello said:

My friend is a financial adviser for True Potential. They're very good. They take a cautious approach to investing and advising.   

Well, that's me convinced !

coyrls

RyanHello said:

My friend is a financial adviser for True Potential. They're very good. They take a cautious approach to investing and advising.   

My friend disagrees.

Stubod

drenatan said:

If you want to do financial planning successfully, forget it. The task of financial planning is precisely to create a plan that will not allow chaotic allocation of funds for anything but to direct resources in the right direction. You can do this on your own or with the help of a consultant. Yes, budgets, disbursements, etc. - sound very scary. One wrong action determines whether you have enough money for your employees' salaries, whether you get into debt, whether you stay in bankruptcy. In fact, only those who don't know the basic rules of how to handle money so that you have it are scared. 

..?? I wish I understood this??

IvanOpinion

coyrls said:

RyanHello said:

My friend is a financial adviser for True Potential. They're very good. They take a cautious approach to investing and advising.   

My friend disagrees.

I have a friend whose second cousin's sister in law has a gerbil that would also disagree.

bostonerimus

zombie thread!!!