IFA Advises Pension Move to True Potential : Thoughts Please?

g002ahe

So, the question in my mind is "Should we trust this IFA" ?
My view = No

So, how do we know which IFA we can REALLY trust to have our best interests at the top of the priority list?
My view = There is no way to know. However my personal experience tells me that I cannot trust them. If I was to use an IFA I would always be suspicious/questioning about any suggestion. so in that case what is the point?

fred246

It's the same problem time and time again. They don't seem to understand that they need to be working for the best interests of their customers rather than their own interests. They just don't seem to get it.

Foresty_Forest

Is it possible for an IFA to be both 'independent' and working for a company such as TP simultaneously?

dunstonh

Foresty_Forest said:

Is it possible for an IFA to be both 'independent' and working for a company such as TP simultaneously?

No.  If there is any hint of a restriction on providers, investment types etc then you are not allowed to refer to yourself as an IFA.
HOWEVER, there are some companies (not a lot but they do exist) that will have a restricted proposition and an independent proposition and will funnel people to the one that suits them the client.

Foresty_Forest

How do I find out how well TP performs compared to Aviva, and other platforms?

dunstonh

Foresty_Forest said:

How do I find out how well TP performs compared to Aviva, and other platforms?

Platforms do not perform.   Aviva platform, for example, is whole of market and has around 30,000 different investment options.  Some of those 30,000 will be absolutely dire. Some far superior.   It is what you have that matters.   
A whole of market platform allows you to move between investments without the need to change platform.   A restricted offering like TP only gives you what TP offer.
You really shouldn't be dwelling on this.    The whole of market trumps restricted.     

RoadToRiches

1% for a DB Transfer capped at 3K - what's the catch?

GSP

Interesting thread as it took me back a few years, so things may have changed since then.
When I was presented with a decent CETV, I set about finding an IFA who would ‘do the transfer’ and found one around 10 miles away from me. I had a choice between him and another one based elsewhere, but chose him because I felt just that bit more comfortable with him.
I remember he said early on his plan was to retire in 5 years time. He advised we go with TP to do the transfer and look after the money running the fund. He said TP were cheaper than most for the transfer, but their running costs after were higher. After weeks of delay of non action by TP, he decided we should go to another company for the transfer. This he found, the transfer went through at 1% and Aviva now look after the fund.
I think I raised this somewhere on one the multiple threads I have started lately (sorry about that!), but it was about trust and what your IFA should be doing/advising you. To me, it really seems to be in the lap of the gods because if you only experience one IFA, how do you really know how good they are to compare? I saw choosing an IFA as walking into a shop and it was pot luck who served you as two different people often offer two different experiences, and advice sometimes.
Another point to raise. My IFA has moved me into more managed funds. Would he get a % from the fund manager?
Next year my fees will be:
Platform Charges 0.15%.
Fund Manager Charges 0.64%.
Advisor Charges 0.5%.
In total this will amount to something like just under £10k next year. That’s not too much of a problem as some daily movements can be that large, but that managed fund charge is going up as more of my holdings gets moved into these.
Are these charges respectable, or should the fund manager charges raise concern. Would my IFA get an ‘income’ from a fund manager as well?
Again, back to the OP. Unless things have changed I would not touch TP.
Thanks

[Deleted User]

Foresty_Forest:
https://www.tpllp.com/true-potential-portfolios/
Scroll halfway down the page for the performance of their 5 main TP portfolios. Note, in each case, how the performance has stalled after a good initial year. You can easily compare them with alternatives like Vanguard.

GSP:
re your charges, you are paying your adviser £75 per week. How does that compare with your other expenditure? What do you imagine you are getting for your money?

GSP

ZingPowZing said:

Foresty_Forest:
https://www.tpllp.com/true-potential-portfolios/
Scroll halfway down the page for the performance of their 5 main TP portfolios. Note, in each case, how the performance has stalled after a good initial year. You can easily compare them with alternatives like Vanguard.

GSP:
re your charges, you are paying your adviser £75 per week. How does that compare with your other expenditure? What do you imagine you are getting for your money?

That’s the point, I don’t really know. Is 0.5% the going rate for advisor charges? One thing, I could never and would not have the confidence to do the investing on my own. Is it something you would advise someone to do, a complete novice as to me it looks a minefield out there?
Just looking back, fund manager fees were 0.31% in 2019 and 0.14% 2018, so they have climbed quite heftily this year, but he has put me into more of these. Said the hoped increase return would more than offset the fees.