IFA taken over. Updated 15/10/20 and question

Secretsusie

I have been very happy for several years with my local IFA they have recently merged or been taken over by a larger IFA. 
Before this I had meetings with an advisor at least once a year, and investments rebalanced each time.  I have now had a glossy brochure from the new IFA with 4 different advice levels and fees and a letter stating the second level of this is most similar to my current arrangement.    However I don't agree, as this is only a biannual phone advice and no advice regards drawdown.  
I admit I've pretty much left everything in the past to the IFA as find pensions confusing, and I'm not sure if I should be actively looking to question this. 
It's a low six figure fund, and I'm hoping to drawdown on it in about four years.  Currently pay 0.65 advisor fee ( plus platform and fund fees). I'm not convinced .65 is great value for a biannual phone review. 
With vey little in-depth knowledge could I not move the sipp to a self managed platform like vls60 and save myself the fees, and have more options to adjust risk levels rather than a two years review.
I do really like the original IFA and should be keeping the same advisor , but seems like Im getting less value than before.
I have emailed them to ask if I'm understanding the changes correctly.  

Albermarle

0.65% for an IFA is OK for  the sum you indicated , although would have to know the platform and fund fees to get the full picture.
For this I think you should expect at least an annual face to face review , even if it is only short,
For sure there should be advice about drawdown as part of the package.
With vey little in-depth knowledge could I not move the sipp to a self managed platform like vls60 and save myself the fees, and have more options to adjust risk levels rather than a two years review.
Many people do this , the question is always does it work out better , it is difficult to say especially if you are inexperienced.
The obvious first thing to do is to get more knowledgeable . Probably 'in depth' is not necessary to manage a SIPP of this size but some more basic knowledge would be useful .
For example VLS 60 is an investment fund, not a platform. 

dunstonh

It's a low six figure fund, and I'm hoping to drawdown on it in about four years.  Currently pay 0.65 advisor fee ( plus platform and fund fees). I'm not convinced .65 is great value for a biannual phone review. 

It also depends on what they do in addition to that.    If they are rebalancing each time on top of the phone call discussion and reviewing funds etc at the same time, then that is fine.  In fact, it could be argued its overkill.    Most people are fine with once a year with ongoing monitoring taking place behind the scenes and adjustments made when needed.

With vey little in-depth knowledge could I not move the sipp to a self managed platform like vls60 and save myself the fees, and have more options to adjust risk levels rather than a two years review.

Whilst that is an option it is worth noting that it may not be the best option. Many IFA portfolios outperform VLS60 (on a like for like basis - some underperform).  Charges are a secondary concern to the suitability of the investment.   No point saving 0.x% p.a. in charges if you are losing a greater amount in investment returns.

Speak to your adviser and get them to discuss it with you.   If you don't understand their service levels then we have no hope of helping you as we certainly do not know them.  

LHW99

For example VLS 60 is an investment fund, not a platform.

And although Vanguard has a platform, and I believe a SIPP / personal pension for using their own funds, I don't think they offer drawdown yet.

Secretsusie

dunstonh said:

It's a low six figure fund, and I'm hoping to drawdown on it in about four years.  Currently pay 0.65 advisor fee ( plus platform and fund fees). I'm not convinced .65 is great value for a biannual phone review. 

It also depends on what they do in addition to that.    If they are rebalancing each time on top of the phone call discussion and reviewing funds etc at the same time, then that is fine.  In fact, it could be argued its overkill.    Most people are fine with once a year with ongoing monitoring taking place behind the scenes and adjustments made when needed

Thanks for replying.  I initially had 12 monthly reviews, which they altered to 6 monthly two years ago as I got closer to wanting to access the funds.  I wouldnt be unhappy if it returned to 12 monthly.  But I'm less happy that it's moving to a phone review and then only biannually and with no drawdown advice.  I did email them last week to confirm this was going to be the case, but haven't had a response yet, but appreciate everyone is out of a normal routine with covid. 

Secretsusie

LHW99 said:

For example VLS 60 is an investment fund, not a platform.

And although Vanguard has a platform, and I believe a SIPP / personal pension for using their own funds, I don't think they offer drawdown yet.

Yes sorry I did mean using the vanguard platform for the vls fund.  But no drawdown is obviously not suitable for me.   

Albermarle

Secretsusie said:

LHW99 said:

For example VLS 60 is an investment fund, not a platform.

And although Vanguard has a platform, and I believe a SIPP / personal pension for using their own funds, I don't think they offer drawdown yet.

Yes sorry I did mean using the vanguard platform for the vls fund.  But no drawdown is obviously not suitable for me.   

No need to apologise but many posters are very confused about the difference between pensions/platforms/investment funds , so best to keep everything as clear as possible.

dunstonh

But I'm less happy that it's moving to a phone review and then only biannually and with no drawdown advice

biannually means twice a year.  Biennial is when it is every other year.

I am not sure how they cannot offer drawdown advice on an ongoing advice package.   I wonder if the new IFA is actually an FA rather than an IFA or uses a network.  Networks tend to restrictive to their appointed representatives when it comes to drawdown (and other higher risk areas).  Do you know for sure that the new firm is an IFA and whether they are directly authorised or a network member? 

ggmf

I plan(ed?) to retire fully in 18 months or less. My IFA who charges me 0.75%,also  wishes to charge me extra for providing draw-down advice. I've not had a face-2-face for 2 years (this year is understandable). There are clearly some very good IFA's but there are others, or the companies that the own, or are an employee of,  who are simply taking the mickey (this is not a IFA bashing statement). The provided annual report is little more than a printout from the Fidelity website.

Secretsusie

dunstonh said:

But I'm less happy that it's moving to a phone review and then only biannually and with no drawdown advice

biannually means twice a year.  Biennial is when it is every other year

I am not sure how they cannot offer drawdown advice on an ongoing advice package.   I wonder if the new IFA is actually an FA rather than an IFA or uses a network.  Networks tend to restrictive to their appointed representatives when it comes to drawdown (and other higher risk areas).  Do you know for sure that the new firm is an IFA and whether they are directly authorised or a network member? 

Hi again sorry for the error I've checked and it is biennial. My brain just typed biannual.  
So this new IFA group has a list of five different types of ongoing service. Which is describes as 
1. Connect.  2. Connect plus 3. Foundation 4.wealth 5. Bespoke. 
1.connect is DIY and just gives access to their portal and a newsletter. ( This is what they've moved my husband to, and are charging him 1% for as that was his old fee, despite the service being advertised as 0.5%) 2. Connect plus is a biennial telephone service , with access to portal, newsletter, yearly valuation, fund switches.   Advised withdrawals are specifically excluded.  ( They charge .75 for this but are honouring my current .65,) however I dont think this is anything like the current service I get. 
The foundation level is what you have to have for withdrawal advice and what is most similar to what I've had in the past but is 1% and comes with a minimum charge but I don't know. what that is.
They are definitely an IFA and introduced themselves as one of the largest. How to I check if they are directly authorised or a network?

I have one other concern. The existing office remains in my town and has been rebranded.  However I tried to call them today, as had a reply to my email which was very vague,  and call was diverted to a mobile of someone who used to work there. It just all seems a bit strange and I'm getting increasingly concerned.  Both mine and hubbies pension is on a standard Life platform and invested in the old firms risk level appropriate funds. If something fishy is going on is my pension at risk of being stolen or anything bad. 

Secretsusie

Update.  I've checked the status of the firm.  The name I have shows as
Current status ...No longer authorised  This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA.

Status Effective Date This is the date from which the Current Status has applied.

01/04/2019

Sub Status Effective Date This is the date from which the Current Sub Status has applied

08/01/2019

However i FSA page listed a different name which is mentioned in their brochure as their trading name, and has same address which says it's authorised.

Type

Regulated

 Current status

Authorised  A firm that is given permission to provide regulated products and services.

Status Effective Date This is the date from which the Current Status has applied.

01/10/2012

So looks like for whatever reason they changed the name registered with the regulator, but have kept the original name for marketing. 

My fund is showing on standard Life as being managed by the trading name firm that has the authorised regulation.

I hate pensions.  So complex and why I wanted an IFA to handle it. Just not sure this is now the right one