ifa moving to True Potential

grinch53

My ifa has just informed me he is moving to True potential which he believes is a good deal for me however he is looking towards retiring soon.(I have read previous threads on True Potential )My pension is on the Aviva platform is £185k, it is not my primary pension.I have just taken voluntary redundancy and decided to retire as I am 67yrs old.I now have to decide what to do but think I will take control of the pension and am looking for sites for advice/ learning resources .I know of moneyvator  and the diy pension book which I have ordered so am seeking as much info/guides  as possible .I have a s&s isa with fidelity which I am comfortable with; I just didnt have the time before to control this pension.
All suggestions gratefully received.

[Deleted User]

What attracted your IFA to adviser-incentive-friendly True Potential, grinch?

Albermarle

I would spend time reading threads on this forum . Just be aware that posters can not offer advice in the legal sense understood in the financial services industry but can suggest pointers in the ( hopefully) right direction .
Also you will see a lot of different opinions, as there is no exact right or wrong in investing , although good if the more obvious pitfalls can be avoided. Your age, risk tolerance and objectives are also important parameters , its not just about getting maximum growth .
If you are comfortable managing the investments in the S&S ISA , then no real reason why the investing in the pension should be that much different.
However the tax and withdrawal rules for the pension can be more complicated with various alternatives, and that is something you will need to understand apart from the actual investing side. 

[Deleted User]

grinch53 said:

My ifa has just informed me he is moving to True potential which he believes is a good deal for me however he is looking towards retiring soon.(I have read previous threads on True Potential )My pension is on the Aviva platform is £185k, it is not my primary pension.I have just taken voluntary redundancy and decided to retire as I am 67yrs old.I now have to decide what to do but think I will take control of the pension and am looking for sites for advice/ learning resources .I know of moneyvator  and the diy pension book which I have ordered so am seeking as much info/guides  as possible .I have a s&s isa with fidelity which I am comfortable with; I just didnt have the time before to control this pension.
All suggestions gratefully received.

Yes, start with the books. Define your risks and risk tolerance. Define asset allocation. Write it down, it’s your “Investment Policy Statement “.  Then build your overall portfolio across various accounts.  Keep the costs low and investments diversified.  And the simpler the better. 

zagfles

Good deal for you or him?

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

Comments on the article make interesting reading too.

dunstonh

My ifa has just informed me he is moving to True potential which he believes is a good deal for me

It is not a good deal for you. It is a good deal for your FA (and you can stop referring to him as an IFA as he is giving that up).  FAs are reps of the company they represent.   The minute the I goes from IFA to FA, then they stop working for you as the client. They start working for the company they represent. 

[Deleted User]

Everyone you pay to works for you. They all have incentives which are misaligned with your overall objectives.  The misalignment is more blatant for FAs. Some advisers will do a good job regardless. 

grinch53

Thanks all; the ifa stated that the amount of compliance was too much for him so spent more time and costs on this than servicing clients. That citywire article certainly makes my decision justified .As pointed out it is the drawdown process which concerned with as I would need a bit of hand holding or choose provider/platform which is easier to navigate  and initiate/execute drawdown which will be soon.

Albermarle

Regarding drawdown , most of the well known pension providers have some good info on their websites if you filter out some of the sales blurb.  So have a look at Aviva , Standard Life, Royal London , Hargreaves Lansdown, Fidelity + many others 
This is a government website 
https://www.pensionsadvisoryservice.org.uk/
Also you can get a free one hour chat with PensionWise .
https://www.pensionwise.gov.uk/en

dunstonh

Thanks all; the ifa stated that the amount of compliance was too much for him so spent more time and costs on this than servicing clients. 

That is true.  Most IFAs have had to reduce their client numbers and/or time in front of a client to comply with various regulations and EU directives over the last decade.    However, the selling an IFA business to an FA means the adviser is getting paid a large sum for doing so.    Typically, it is done for advisers that are winding down for retirement.  He could have employed someone as a support worker as an alternative and remained an IFA.

Joey_Soap

OP, well done coming and asking here. It's a close escape you had. Now it's time to take charge of your investments. It sounds to me like you know that really. Good luck.