choosing a new IFA

r6owned

I had a shocking (for me) message from the IFA, this afternoon... which  I have been consulting with for the past 10yrs or more on a Standard Life Sipp and they also helped me get a mortgage
they are saying they are ending the relationship with 20 days notice, because ' the relationship has broken down and because I could not take a phone call last week'
I'm retired and the time was not convenient...  too be honest it was a simple question I emailed to them the other week I always find with phone calls, I forget what they recommend, so an email (recorded response ) is always preferable,
I'm feeling, as I said, quite shocked by this sharp turn of events and in the current climate, i don't find it helpful, funny I was thinking i need motivation in my life since retiring at the end of january 2020... now I have one at least... find another IFA... feeling very let down... and scared about an outcome that may be not as good as I have now, or did have
sanity check please?

El_Torro

I wouldn't worry too much about your IFA's decision to dump you. Maybe you're just not a very profitable account and they decided to end the relationship. 

Finding a new IFA shouldn't be too troublesome. Have a couple of first interviews and go with one who you think you will get along with. 

Dox

No IFA ends a relationship purely on the basis a client 'can't' take a phone call.

Do you still need an IFA at all?

dunstonh

they are saying they are ending the relationship with 20 days notice, because ' the relationship has broken down and because I could not take a phone call last week'

A missed phone call would not be a reason an IFA would end a relationship with a client.  There has to be more to it than that.

Have you worded an email using words or style that could be misinterpreted?   Have they tried to contact you multiple times without success?  (the latter can be an issue because of the MiFIDII EU directive if the inability to contact drags on too long).

If you don't believe there is a breakdown in a relationship and think it is a mistake, then like all cases this happens, communicate that.  It could be a complete misunderstanding.

IvanOpinion

Do you really need an IFA?  If it is just to manage a SIPP then you can do this yourself (if you are happy with the Standard Life product you are in then you may actually have to do very little).  For mortgages there are plenty of price comparison sites out there freely available.

If you used the IFA for other advice then only you can decide if the IFA brought value to the table.

r6owned

thanks for all the thoughts... so you think its possible for me to manage the sipp myself?
will the funds stay in the diversified portfolio the IFA recommended, once the 20days have elapsed?
I have no other debt, no mortgage, they have in reality just managed the sipp for the past 10yrs, but investments is not my forte

r6owned

dunstonh said:

they are saying they are ending the relationship with 20 days notice, because ' the relationship has broken down and because I could not take a phone call last week'

Have you worded an email using words or style that could be misinterpreted?   Have they tried to contact you multiple times without success?  (the latter can be an issue because of the MiFIDII EU directive if the inability to contact drags on too long).

If you don't believe there is a breakdown in a relationship and think it is a mistake, then like all cases this happens, communicate that.  It could be a complete misunderstanding.

sadly life is a tad complicated, I retired in january 2020 and I have a pension from the last employment, this time last year the ex-IFA recommended merging this fund with my SL Sipp, then in the middle of the pandemic, he changes tack, then starts mentioning how much the charges would be to switch the stalled pension to the sipp, I only had a review with him on zoom last month on the past 16months action.
To be honest I know IFA's are two a penny, but i think the action is despicable in the current global circumstances, if any of you have been made redundant, it feels the same, especially as it seems they wont get in to dialogue or answer (so far) questions i posed on the day i got terminated.

r6owned

here is the letter...

Re: Termination of Services

We are writing concerning the services we provide to you and xxxxx’s role as your financial adviser.

• We have always had your best interests at heart during our 10 year business relationship. However, we feel that

there has been a breakdown in this business relationship culminating in declined offers to telephone you.

• We have assessed the number of hours and the costs of providing services to you, in respect of our recent

recommendation regarding your existing group personal pension. You have not been charged for this advice.

However, our service has become no longer financially viable for our firm.

• xxxxxxx is looking to reduce his hours, easing into retirement and the firm can no longer provide services to you.

We would therefore like to terminate our relationship with you under the terms of the termination clause in our Client

Agreement which was issued to you on 25th June 2020. We will therefore terminate our agreement, but we are giving you

20 business days’ written notice. Our contract with you will therefore end on Tuesday 11th August 2020. This period is solely

to allow you sufficient time to find an alternative adviser.

We confirm that there are no outstanding services to be provided by xxxxxxxxxx llp and no fees owed by you

for services that we have already provided. We have ceased the ongoing service charge of x% pa from your Standard Life

plan with effect from today.

There are many financial advice firms in your area that may be able to provide the services that you require. You have already

made contact with another adviser (ifa from last employers pension), and he has offered his services (not true exactly). Alternatively, you can locate a suitable adviser through

the following websites:

• https://www.unbiased.co.uk/enquiry/find-suitable-adviser

• www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

We would like to thank you for your previous business and wish you well for the future. No further action is required on your

part. If however you have any queries about the contents of this letter, please feel free to contact me on xxxxxxxx

funny this saying about reducing hours... as they have just moved to new premises... office space etc..
I'm smelling the coffee and it smells a bit off...

dunstonh

There are many financial advice firms in your area that may be able to provide the services that you require. You have already 

I wonder if that is the trigger.   If another adviser starts obtaining information about a pension on the agency of an adviser, the provider often informs the existing IFA.    So, if communication has been difficult and they perceive that as you not taking their calls and then they are told another adviser is looking at the policies, they have probably decided to redirect resources.

last year the ex-IFA recommended merging this fund with my SL Sipp, then in the middle of the pandemic, he changes tack, then starts mentioning how much the charges would be to switch the stalled pension to the sipp,A lot of transfers were put on hold during lockdown and also during periods of high volatility.   I have a number of people I want to move platforms on where you would normally just move them but you 2019 and 2020 have seen a number of high profile platforms change their charges and their software provider.  The lockdown period was also an eye opener for customer services. With some going out of their way to continue business whilst others effectively shut up shop bar completion of mandatory tasks.  So changing tack is something that does happen in a changing world.

I wouldn't let it bother you.  it doesn't sound like you really liked the IFA much from what you have said.   So, just move on.

r6owned

dunstonh said:

I wouldn't let it bother you.  it doesn't sound like you really liked the IFA much from what you have said.   So, just move on.

thanks for the tips, I guess I would have liked the choice/ to make the decision, rather than the other way around, its made me quite cross, as I would have like more notice I guess and a decent response... how come in the last 6months the reward for them was ok? so is this another covid driven matter?
I sensed some impatience from the IFA in the last few months since covid kicked off, but what do they expect... in such messy circumstances... clients are bound to change their minds, just like the financial markets and life!
Just for clarification...I'm getting confused myself with these IFA's.. 
So the sipp was managed by IFA 'AA'
The ex-employers pension is managed by IFA 'BB', hired by the ex-employer, not advising me on the Sipp, likewise 'AA' was not advising me on the ex-employers pension, but they were aware of the funds and investments, due to their advice nearly 12months ago to txfr to the SIpp once I retire (january 2020) but once covid hit us, they changed their txfr advice to ... leave it where it is. and at the same time (like scare tactics, or felt like it) told me of the overheads to transfer to the sipp
IFA 'BB' was aware of the SIPP ( I told him years ago) but they did not advise on the SIPP
its just occurred to me....if the SL SIPP is over £85k in value, is it at risk because of that limit?
would it be better to split it up?

r6owned

Dox said:

No IFA ends a relationship purely on the basis a client 'can't' take a phone call.

Do you still need an IFA at all?

Good point, I will consider it, my research has started
I guess I can arranged to get my stalled (last employers pension) transferred to my SL Sipp as well..?
do that work myself, what do you think?