True Potential Wealth Management. Anyone had dealings with them? Good or Bad !

Danboy1973

Hi all, I filled in a website form, i think it was a link from the FCA website but not sure but anyway it was to find an IFA in my area as i wanted to move some money from my Pension with Phoenix Life to a drawdown pension.  I had someone from True Potential Wealth Management call me who sounds very convincing but i just am still not sure on him & i dont know whether to go with them or not ? It is 2% transfer fee & 1.25% annual charge but along with other small charges along the way it comes to about 2% annually in total.  I just can not find anyone to compare them too.  Should i just go with them or can anyone recommend a true IFA please or a pension company that can help as reviews of most companies varies so much on the web i never know which review is the truth.   Who i can speak too about opening my funds up in a drawdown pension with possibly withdrawing around 15% to 20% and investing the rest somewhere long term but having the open option to access the funds should i need them.  Sorry for all the questions but i thought this would be the best place to ask.  The funds are around £32000 & i am only 47 yo but I should be able to gain access due to being medically retired from my long term job through ill health as i was no longer able to carry on with my role nor will i ever be able to return to it due to my condition, i also have already opened up one of my pensions on an annuity basis by showing medical evidence.  But the area around whether i can open my pension this way (or wording should i say) varies from company to company.  Any help or recommendations I could please do with and would be appreciated.  

ffacoffipawb

Does the Phoenix policy have a guaranteed annuity rate?

dunstonh

I had someone from True Potential Wealth Management call me who sounds very convincing but i just am still not sure on him

Not an IFA for starters.

 Should i just go with them or can anyone recommend a true IFA please or a pension company that can help as reviews of most companies varies so much on the web i never know which review is the truth.  

What is a true IFA?   An IFA is an IFA.  If they are not an IFA then they are not an IFA.  

Any help or recommendations I could please do with and would be appreciated.  

Most people live in areas that have multiple IFA firms covering their area.  A google search may help.

Diplodicus

My concern would be the performance of the funds rather than the fees. Their first year performance was enticing, but as True Potential has rapidly expanded its client base, the gains have dwindled to nothing.
https//www.tpllp.com/True-Potential-portfolios/

dunstonh

but as True Potential has rapidly expanded its client base, the gains have dwindled to nothing.
https//www.tpllp.com/True-Potential-portfolios/

Returns are not impacted by the number of people they sign up.     You generally find that the areas affected by expansion are service and standardisation.  TP is already standardised.  However, returns are linked to the markets they invest in.    Returns should not have dwindled to nothing.   They would zig zag on a daily basis broadly in line with the underlying assets.  2018 was a negative year.  2019 was a positive year. 2020 YTD had that drop in Feb/March but has recovered since but is more or less back to January values.   

Albermarle

As your pot is not that large , it probably means some IFA's will not be interested , unless maybe you have other non pension investments they could manage . Those that are will probably charge you something similar ( maybe a few less extra charges ) to that  you have already been quoted .
Have you considered just opening a new pension yourself and transferring the Phoenix pension in .
The process is very easy online nowadays and once you are 55 you will be able to drawdown from the pot . Not sure about the early access for medical reasons, you would have to check that with the provider in advance . Probably best to call them about that. You could have a look at the websites of 
Standard Life
Aviva
Hargreaves Landsdown
AJ Bell - Youinvest
Fidelity
To name just five of many.
Most of them will refer to a SIPP ( Self Invested personal Pension) 

When the money is transferred to a new pension , you will have to decide what to invest it in within the pension .

Diplodicus

It appears that most of the % growth in True Potential Portfolios happened before most of the total investment. It may well be that a good proportion of clients are seeing no overall gain, after fees. 

Something for potential clients to consider when looking at the performance figures and the growth of assets under management.

dunstonh

It appears that most of the % growth in True Potential Portfolios happened before most of the total investment. It may well be that a good proportion of clients are seeing no overall gain, after fees. 

Phasing money reduces returns in the majority of periods.   

Something for potential clients to consider when looking at the performance figures and the growth of assets under management.

Not at all.   Phasing any investment in the same period would have resulted in broadly similar results.     The issue you are referring to is one of single premium vs phasing (pound cost averaging).

Diplodicus

But phasing wouldn’t apply to pension transfers, would it?

dunstonh

Diplodicus said:

But phasing wouldn’t apply to pension transfers, would it?

It can apply to new money or transfers.   It can also be used for people already invested in an ISA or pension or GIA who move to cash only to then phase it back again.

Diplodicus

Interesting. If a pension transfer is “phased in” to a fund, is the ongoing adviser fee payable as a % of the whole, dunstonh?