440K investment dilemma

cfw1994

cfw1994 said:

Scallypud said:

Looking for some advice with my 440K pension pot on whether to use a financial adviser or invest the money myself.

I am considering using a financial adviser to invest my money with an annual charge of 1.4%.

Another option i am considering is investing in the ready made portfolio's ( Hardgreaves Lansdown ) that have a low fees.

I have invested 10K in these ready made portfolio's before and got a return of 10%.

So here is my dilemma . Would i be better off using a financial adviser?

Thanks in advance for your responses.

What is this pot invested in today?  How did it get there?

You sound a little nervous regarding managing this….
If that pot magically appeared without up your help in choosing funds: why not ‘interview’ 3 IFAs and have a discussion with them?
On that size of pot, I would expect your TOTAL costs to come in below 1.4% (based largely on dunstonh’s posts!).

Just FYI - some questions to consider (you may have others) when interviewing an IFA are listed here.

HeyYeah

I'd recommend reading a couple of books before you speak to a IFA so you can understand what they are suggesting or decide how to try it yourself. For example "Smarter Investing" by Tim Hale or "Your retirement salary" by Richard Dyson. The more background knowledge you have then you can understand the different decisions that you are making. Until this year I knew nothing about this stuff, but now I am much more confident and able to compare charges on funds/platforms without feeling intimidated! 

Just to add I see people are also recommending this one: Diy Pensions book by John Edwards

Scallypud

cfw1994 said:

What is this pot invested in today?  How did it get there?

I am with a financial adviser at the moment.

He is not investing my pension himself but using Quilter Cheviot to do the buying and selling of the stocks and shares.

My financial adviser charges 0.65% for doing nothing really . Quilter Cheviot charge 0.75%  giving 1.4% in total

ComicGeek

Scallypud said:

cfw1994 said:

What is this pot invested in today?  How did it get there?

I am with a financial adviser at the moment.

He is not investing my pension himself but using Quilter Cheviot to do the buying and selling of the stocks and shares.

My financial adviser charges 0.65% for doing nothing really . Quilter Cheviot charge 0.75%  giving 1.4% in total

My IFA charges 0.5% and provides a detailed annual review of all finances, insurances etc. 

His advice in the last week alone on how to redistribute other savings is likely to save me about half his annual fee. Perhaps with enough free time I could have identified that myself, but work is so busy (and profitable!) that it's cheaper to pay him to do that work for me.

Scallypud

My financial adviser will provide an annual report also and will be reviewing my investments

Thrugelmir

Scallypud said:

cfw1994 said:

What is this pot invested in today?  How did it get there?

I am with a financial adviser at the moment.

He is not investing my pension himself but using Quilter Cheviot to do the buying and selling of the stocks and shares.

My financial adviser charges 0.65% for doing nothing really . Quilter Cheviot charge 0.75%  giving 1.4% in total

What has the performance been like when compared to benchmarks?  

Scallypud

Thrugelmir said:Thrugelmir said:

What has the performance been like when compared to benchmarks?  

I have only been with them 2 weeks but it seems to be going in the right direction.

Just wanted the thoughts of the experts to see if i was doing the right thing

RoadToRiches

That size pot, I would look into the likes of getting it across to Interactive Investor and pay a monthly fee rather than a percentage. You can do better picking world trackers and avoid the hefty fees applied by IFAs.  Well that's what I would be looking to do as will be in the same boat shortly with a similar sized pot to invest.

Thrugelmir

Scallypud said:

Thrugelmir said:Thrugelmir said:

What has the performance been like when compared to benchmarks?  

I have only been with them 2 weeks but it seems to be going in the right direction.

Just wanted the thoughts of the experts to see if i was doing the right thing

That's a high cut of the pie if we do indeed enter a low return environment.