in a dither

pondering23

My IFA has  asked me to consider, as he maybe retiring soon, to transfer my Royal London pension fund to True Potential Wealth Management.   I retire at the end of the year 2020 and don't want to incur extra transfer costs or dip in the pension pot re a transfer.  I have not heard of True Potential Wealth Management and don't know their rating  performance levels.  Any advice would be a help - TIA

Marcon

What reasons has he given you for this recommendation? The fact an IFA is retiring isn't normally a 'reason' to transfer a pension scheme. Has he given you a written report explaining his thinking?

bigadaj

Is the ifa selling his business to them, which would make sense if he is retiring.
Any business with wealth management in the name normally means expensive.

pondering23

Bigadaj and Marcon
thank you both
Yes the IFA is now part of their business and this is what I was thinking would happen.  My gut is telling me not to transfer the pension pot to the wealth management group.

wjr4

Look for another local IFA

tacpot12

wjr4 said:

Look for another local IFA

Perhaps it is worth using this change as a trigger to shop around and see what else is on offer. 

Albermarle

You could maybe consider just dropping the IFA altogether and take direct control of the pension. Presumably the Royal London Pension Fund is suitable for your requirements?
Normally Royal London prefer to work via advisors rather than direct with the public but probably be OK as you are already a customer . A quick phone call would clarify this. Maybe the RL would have a higher charging structure than they have with the IFA but of course you would be saving the IFA fee.

dunstonh

My IFA has  asked me to consider, as he maybe retiring soon, to transfer my Royal London pension fund to True Potential Wealth Management. 

Are you sure it is an IFA?   True Potential have their own salesforce.    In my experience, TP is used by IFAs moving to FA status with TP or in they are retiring and looking to get paid again by transferring you to TP.

Yes the IFA is now part of their business 

Which means he is not an IFA but an FA.

Never get advice from an FA.   Either DIY or use an IFA.  

BritishInvestor

pondering23 said:

My IFA has  asked me to consider, as he maybe retiring soon, to transfer my Royal London pension fund to True Potential Wealth Management.   I retire at the end of the year 2020 and don't want to incur extra transfer costs or dip in the pension pot re a transfer.  I have not heard of True Potential Wealth Management and don't know their rating  performance levels.  Any advice would be a help - TIA

https://citywire.co.uk/new-model-adviser/news/true-potential-offers-8-aum-cash-deal-to-retiring-advisers/a1376828
Apparently generous in what they are offering retiring IFAs.....

dunstonh

BritishInvestor said:

pondering23 said:

My IFA has  asked me to consider, as he maybe retiring soon, to transfer my Royal London pension fund to True Potential Wealth Management.   I retire at the end of the year 2020 and don't want to incur extra transfer costs or dip in the pension pot re a transfer.  I have not heard of True Potential Wealth Management and don't know their rating  performance levels.  Any advice would be a help - TIA

https://citywire.co.uk/new-model-adviser/news/true-potential-offers-8-aum-cash-deal-to-retiring-advisers/a1376828
Apparently generous in what they are offering retiring IFAs.....

Very generous.   The more typical figure is around 2.5x when its IFA to IFA.    The vertically integrated firms/FAs so appear to pay more but they can with their charges.

Albermarle

Very generous

Tempted ??