IFA Advises Pension Move to True Potential : Thoughts Please?

Foresty_Forest

My IFA wants me to move my pension and ISA from AVIVA to True Potential. Apparently this move won't incur any charges. I guess my IFA would get a commission for this move, but what would be the Pros and Cons for me? And has anyone dealt with True Potential themselves and have any good/bad feedback.
Thanks

otb666

Hubby did this earlier in year, and is happy with platform and performance, they are not cheap option but he is happy

Albermarle

IFA' s do not earn commission anymore , not for many years . Usually though they like to move you to products they are familiar with and they use for other clients .
Are you sure though they are an IFA and not an FA linked to TP ?
Also if I remember correctly from other threads it is quite common for IFA's to sell their business and go to work directly for TP.

Foresty_Forest

Albermarle said:

IFA' s do not earn commission anymore , not for many years . Usually though they like to move you to products they are familiar with and they use for other clients .
Are you sure though they are an IFA and not an FA linked to TP ?
Also if I remember correctly from other threads it is quite common for IFA's to sell their business and go to work directly for TP.

Thanks but what's TP?

otb666

True Potential

Foresty_Forest

otb666 said:

True Potential

  

Foresty_Forest

Albermarle said:

IFA' s do not earn commission anymore , not for many years . Usually though they like to move you to products they are familiar with and they use for other clients .
Are you sure though they are an IFA and not an FA linked to TP ?
Also if I remember correctly from other threads it is quite common for IFA's to sell their business and go to work directly for TP.

Ok, my IFA was definitely an IFA, but maybe not now? Can I check somewhere?

Dox

Foresty_Forest said:

Albermarle said:

IFA' s do not earn commission anymore , not for many years . Usually though they like to move you to products they are familiar with and they use for other clients .
Are you sure though they are an IFA and not an FA linked to TP ?
Also if I remember correctly from other threads it is quite common for IFA's to sell their business and go to work directly for TP.

Ok, my IFA was definitely an IFA, but maybe not now? Can I check somewhere?

https://www.fca.org.uk/firms/financial-services-register

wjr4

They will most likely be charging a fee - ask them what this is 

BritishInvestor

Is your adviser retiring perchance?
https://citywire.co.uk/new-model-adviser/news/true-potential-offers-8-aum-cash-deal-to-retiring-advisers/a1376828

dunstonh

 I guess my IFA would get a commission for this move

No. Commission does not exist any more on business arranged after January 2013.   HOWEVER, it is possible that money could be exchanged behind the scenes even though it is not officially a commision.

Ok, my IFA was definitely an IFA, but maybe not now? Can I check somewhere?

This is important.  True Potential operates their own salesforce.  Although they do make their service available to IFAs.    What often happens, especially with older advisers close to retirement or those that are suffering increased costs and want to cut back (being an IFA is more expensive than being an FA), is that they look to move their clients to a restricted offering and True Potential is frequently used for that purpose.

There was a media article earlier in the year on citywire saying that True Potential were paying 8% for retiring advisers and 2% for those not retiring for moving business to TP.

https://citywire.co.uk/new-model-adviser/news/true-potential-offers-8-aum-cash-deal-to-retiring-advisers/a1376828

The general rule of thumb that is often mentioned on this site is to avoid firms that use the "wealth management" tagline.  They are usually more expensive and you are limited to their options.  True potential is a restricted option.  Unlike Aviva platform which is whole of market.