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ISA - Leaving Financial Advisor - What to do next?..

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ISA - Leaving Financial Advisor - What to do next?..

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MoobathonMoobathon Forumite
2 posts
Fifth Anniversary Combo Breaker
MoneySaving Newbie
Hi All,
New to the forum - many apologies if this has been covered elsewhere.  Also apologies if the question's too basic - happy to remove on advice...
I'm new to investment and took out a stocks and shares ISA via an IFA a couple of years ago.  Performance has been poor - the small increase in value has been swallowed up by the IFA's fees - and  I haven't been very happy with the IFA in other ways.   I'm not really inclined to get a new one - that means some more sunk costs plus the risk they may be similarly uninspiring.

Should I leave my investments on the same platform and become an "Orphan" Client.  The investments are relatively low risk - and at least I'd be saving the advisor's fees. Or is that silly - would it make more sense to move to a platform that is designed for people to make their own investments?  And is this likely to invoke costs or risks?

Many thanks in advance for any advice

Replies

  • dunstonhdunstonh Forumite
    102.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    I'm new to investment and took out a stocks and shares ISA via an IFA a couple of years ago.  Performance has been poor

    2018 was a negative year. 2019 a positive year. 2020 had a major crash.

    So, what is your definition of poor performance?  Is it the just the figures or is it the underlying investments compared with similar investments in the same area?

    Should I leave my investments on the same platform and become an "Orphan" Client.
    I'm not sure how you expect anyone to answer that without you supplying details.
    Or is that silly - would it make more sense to move to a platform that is designed for people to make their own investments?
    Cannot be answered without knowing the details.
    And is this likely to invoke costs or risks?
    Cannot be answered without knowing the details.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • AlbermarleAlbermarle Forumite
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    1,000 Posts Second Anniversary Name Dropper
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    Performance has been poor - 

    What did you tell the IFA about what you wanted from the ISA . Something low risk/low growth or high risk/potential higher growth ?

    Also as mentioned above the exact time scale over which you measure the ISA's performance is critical in assessing its performance. Nb valuations you may have received may be out of date.

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