Financial adviser

jimjames

Albermarle said:

 I wouldn't know how to look after a SIPP though!

So just switching from one pension to another to hopefully get a better result is pointless unless you compare the investments inside the pensions.

The only caveat I'd add to that is that if one pension has very high charges it could be beneficial to move even if the investments themselves are identical. Although the OP hasn't mentioned anything about charges being an issue I think that should be checked out too.

loveprada

Thank you for all your comments. I dont understand enough about the markets to be able to manage it by myself so that narrows it down to either doing nothing with the pensions or enlisting another IFA.  

dunstonh

loveprada said:

Thank you for all your comments. I dont understand enough about the markets to be able to manage it by myself so that narrows it down to either doing nothing with the pensions or enlisting another IFA.  

Perhaps make sure it is an IFA this time and not an FA as your earlier posts suggest it was.

IvanOpinion

loveprada said:

Thank you for all your comments. I dont understand enough about the markets to be able to manage it by myself so that narrows it down to either doing nothing with the pensions or enlisting another IFA.  

You don't need to know much about the markets to go DIY.  There are many 'ready made'/quick-start portfolios that basically provide a mixture of asset classes that can provide a 'balanced' portfolio (e.g. Vanguard Lifestrategy, HSBC Global Strategy, Blackrock Consensus etc.) - the work of balancing and making decisions is done by the fund managers.  You could do some of the online risk assessments to ascertain your risk profile and select a suitable fund (or funds) that matches your risk.

That would get you going.  You could then start reading and learning and consider how best you may want to adjust this over the next few years.

JohnWinder

There are 25,000 fund managers around the world, according to Morningstar, who'd know more about the markets than most people, according to me, the majority of whom haven't been able to get better returns than a DIY person like you and me could get, according to SPIVA, with a 'ready made' portfolio as listed immediately above.

loveprada

dunstonh said:

loveprada said:

Thank you for all your comments. I dont understand enough about the markets to be able to manage it by myself so that narrows it down to either doing nothing with the pensions or enlisting another IFA.  

Perhaps make sure it is an IFA this time and not an FA as your earlier posts suggest it was.

Thanks, I think he was IFA as he kept mentioning they have access to the whole of the market and are not tied in with anyone.

loveprada

JohnWinder said:

There are 25,000 fund managers around the world, according to Morningstar, who'd know more about the markets than most people, according to me, the majority of whom haven't been able to get better returns than a DIY person like you and me could get, according to SPIVA, with a 'ready made' portfolio as listed immediately above.

Scary thought - point taken!

eskbanker

loveprada said:

dunstonh said:

loveprada said:

Thank you for all your comments. I dont understand enough about the markets to be able to manage it by myself so that narrows it down to either doing nothing with the pensions or enlisting another IFA.  

Perhaps make sure it is an IFA this time and not an FA as your earlier posts suggest it was.

Thanks, I think he was IFA as he kept mentioning they have access to the whole of the market and are not tied in with anyone.

Are you sure?  As dunstonh pointed out early on, you did say:

loveprada said:

I contacted a financial adviser in autumn 2020, I had used him before, he works at one of the established financial institutions.

Who specifically does he work for, as IFA firms are rarely, if ever, described as 'established financial institutions'?

dunstonh

Who specifically does he work for, as IFA firms are rarely, if ever, described as 'established financial institutions'?

That was my train of thought as most IFAs are small local firms of 1-5 advisers.   The phrase "established financial institution" suggests a nationally recognised brand.   Most IFAs are small local firms with 1-5 advisers and could not be classified as an institution. I don't believe there is a nationally recognised brand that is an IFA.  There are several national FA firms that offer restricted services.  

Thanks, I think he was IFA as he kept mentioning they have access to the whole of the market and are not tied in with anyone.

IFAs will make a point of stating they are independent.   FAs have restrictions.   Sometimes the restrictions can be small. Sometimes very large.    It is possible for an adviser to be whole of market in the areas they offer services but not whole of market for everything.  Any hint of a restriction then the adviser cannot refer to themselves as an IFA.   I have known FAs harp on about being whole of market or not being owned by a national to give the impression they are independent.  But cannot say the independent word.    A common restriction with FAs that claim whole of market is that they cannot do VCTs, EIS, ETFs, ITs or SCARPS (amongst other things) but can do UT/OEICs and are whole of market within the UT/OEIC range.   Typically they are restricted on the platform they use though.  Or they use a DFM and the DFM is whole of market.

If the adviser cannot state they are an independent financial adviser (IFA) then that means they are not. Independent is a protected word.   Whole of market is not a protected phrase.  An IFA will typically say something along the lines of ...that they are an independent financial adviser with access to the whole of market in all areas and with no restrictions in any area.

loveprada

Since you ask - Skipton Building Society.
One of my workplace pensions has a breakdown. This is the one with Fidelity - it is:
84.76% Fidelity BNY Mellon MA Global Balanced Fund - Class 6
15.24% Fidelity BNY Mellon Real Return Fund Class 6
The other one just states UK Fixed Interest 60:40 Fund (5,707 units) 
Deposit and Treasury Fund (4,970 units)
The other one is with Aviva and doesnt give much away.