Drawdown providers minimum premiums

dunstonh

Oddiz, I will PM you tomorrow in response to your PM to me. You are close in your guess and it is a sister company with one of those.

Execution only on discounted terms is fine with any IFA in the country if the IFA is willing to do it. The sites so often mentioned by Ed are just IFAs with a website doing execution only over the web. IFAs do execution only all the time with face to face clients. It doesnt need to be internet based.

averageguy11

Lovely thread..lol..i can feel the lurve

EdInvestor

oddiZ wrote: »

They are companies that distribute their products soley through IFA's Anyone can take out an investment on an execution only basis with any company. In this case i'm saying i'm happy to sign a letter saying I've took no advice from anyone and thus only I can be blamed if it goes belly up.

Yes I understand the system.What I'm saying is that I think you'll find they won't accept this: they'll require an advised sale (bit like final salary pension transfers).

EdInvestor

dunstonh wrote: »

Oddiz, I will PM you tomorrow in response to your PM to me. You are close in your guess and it is a sister company with one of those.

That'll be the dreaded Selestia then.

Do they give direct access to your investments online yet, or do you still have to go through the IFA.

dunstonh

Yes I understand the system.What I'm saying is that I think you'll find they won't accept this: they'll require an advised sale (bit like final salary pension transfers).

Execution only is fine for non final salary pension transfers.

That'll be the dreaded Selestia then.

Its funny. You rave about HL but even though Selestia can be cheaper than HL and offer exactly the same funds you call it dreaded because it requires an IFA to do it. Well surprise surprise, HL are IFAs.

There are lots of times "local" IFAs can beat your beloved website based IFAs that you promote so much.

Do they give direct access to your investments online yet, or do you still have to go through the IFA.

IFA has to set it up initially but after that you are free to do what you like with it with online access to valuations and switching.

EdInvestor

dunstonh wrote: »

Execution only is fine for non final salary pension transfers.

But what about PR drawdown?

. Well surprise surprise, HL are IFAs.

HL is primarily an execution-only discount broker on its retail side.It also has an advice arm because some things aren't available on an e/o basis, eg annuity purchase, drawdown for PR funds, final salary transfers in, etc.

There are lots of times "local" IFAs can beat your beloved website based IFAs that you promote so much.

Possibly so,I don't dispute it.But we're here to help MSE posters. Trawling around all the local IFAs asking if their fees are competitive and they offer the services as the online E/O providers is not only very time-consuming but likely to end up with no result. Life's too short.

IFA has to set it up initially but after that you are free to do what you like with it with online access to valuations and switching.

And of course you only have access to funds. The costs are unlikely to work satisfactorily for drawdown with a small fund.

dunstonh

But what about PR drawdown?

What about it? It requires no special requirements above ordinary rights. Its GMP on section 32s and occ pensions where it gets tricky. Execution only for protected rights if fine otherwise.

And of course you only have access to funds. The costs are unlikely to work satisfactorily for drawdown with a small fund.

Yes, you "only" have access to a 1000 funds. However, that is no different to HL because the minute you go self investing with them, their charges go up.

As for costs, its a case of either dont pay it and dont get drawdown on protected rights or do pay it and do get drawdown. I have said that its best with about £100k but I think the breakeven point for comparing it to HL is about £50k.

jem16

EdInvestor wrote: »

Possibly so,I don't dispute it.But we're here to help MSE posters.

We're not here to help them pay more unnecessarily.

Trawling around all the local IFAs asking if their fees are competitive and they offer the services as the online E/O providers is not only very time-consuming but likely to end up with no result. Life's too short.

As you said this is a Money Saving Expert site - the whole point is to save money not time.

oddiZ

Far too much emphasis is put on a products charges nowadays, performance and flexability is the key. Give me a product that allows all the possible options under the law and a good choice of funds with a proven track history and I couldn't care less if the R.I.Y.was double that of a cheap 'n cheerful stakeholder.

jem16

I agree. The right product should be the key to investing. Good ongoning service is also vitally important if you are looking for advice.

However after that there is no point in paying more for it than is necessary.