Pension has finally landed - As an insistent client acting against advice -*DOORS CLOSED 03/09/2021*

Thrugelmir

Dale72 said:

While the world of investments goes in cycles there must be a point at which you could look at a Sipp and say I think the IFA was wrong to advise not to transfer. At what point is that? (Sipp up 14%)

Funnily enough I've learnt to start selling down when certain indicators flash. 

Dale72

Far too early in my personal bull run to be taking profits!!

Pablo7474

I really hope Dale72 keeps in touch with this thread long term. 

Diplodicus

Dale72 said:

While the world of investments goes in cycles there must be a point at which you could look at a Sipp and say I think the IFA was wrong to advise not to transfer. At what point is that? (Sipp up 14%)

If the whole DB Pension Transfer Advice process was based on a false premise:- that the financial adviser is better able to judge what is best for the client than the client - then there may be some slim justification for the present pass; but it is not the case:- pension freedom acts and the FCA are explicit: the final choice should reside with the client.  That is the principle that this board's financial services representatives - and their wingmen - seem to be struggling with.

Dale72

What I'm struggling with is that if the final choice rests with the client, then why did I have to pay for the (bad) advice in the first place, when I knew what I wanted to do. I can understand if someone is unsure why it would be good for them to take advice, but I've essentially paid 3 grand to do what I was going to do all along.

Pablo7474

Why was the advice bad? Just because you didn’t agree with it, maybe it was good and your decision will turn out to be bad? I am not saying it is, but you see the point?

Diplodicus

Get over it, Dale. Look on the financial adviser as a banana republic border guard,  whose palm you have to grease to get where you want to go. 

Dale72

Maybe it will, but the only determining factor in that will be the actual Sipp value at the time of deciding whether the advice was good or bad. So at this moment, it was bad.

Diplodicus

Diplodicus said:

Get over it, Dale. Look on the financial adviser as a banana republic border guard,  whose palm you have to grease to get where you want to go. 

Actually it is worse than that, Dale inc.

Money is taken, then access denied.

Thrugelmir

Dale72 said:

Maybe it will, but the only determining factor in that will be the actual Sipp value at the time of deciding whether the advice was good or bad. So at this moment, it was bad.

Unfortunately while humans possess the tangible skill of hindsight , foresight is still under development.