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

Prism

Dale72 said:

DT2001 said:

Dale72 said:

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

I am just curious how much this FA knew about you and pension before the meeting?
If it was the 1st meeting he wouldn’t know how well informed you were about investing/looking after your own investments or what benefits were being given up for the CETV offered. So maybe, just maybe he thought your comment was genuine.

You said in an early post he gave you a chance to backtrack but in the above you say “I quickly said” so maybe he assumed you didn’t know everything about the pros and cons of transferring.

He had access to my successful dealing history at HL.

Maybe he didn't think you had been that successful?

Diplodicus

Prism said:

Dale72 said:

DT2001 said:

Dale72 said:

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

I am just curious how much this FA knew about you and pension before the meeting?
If it was the 1st meeting he wouldn’t know how well informed you were about investing/looking after your own investments or what benefits were being given up for the CETV offered. So maybe, just maybe he thought your comment was genuine.

You said in an early post he gave you a chance to backtrack but in the above you say “I quickly said” so maybe he assumed you didn’t know everything about the pros and cons of transferring.

He had access to my successful dealing history at HL.

Maybe he didn't think you had been that successful?

The Hargreaves Lansdown decision had very little to do with Dale; depending as it did on what was expedient to Hargreaves Lansdown. I told Dale in the process that HL would advise against a transfer. And so it proved. If his PTS was the same as mine  - WH - Dale was dealing with a very knowledgeable, likeable person bound by his employers' lawyers' advice; who probably made up his mind on which way his recommendation was to go within a couple of minutes of their first meeting.

Dale72

Diplodicus said:

Prism said:

Dale72 said:

DT2001 said:

Dale72 said:

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

I am just curious how much this FA knew about you and pension before the meeting?
If it was the 1st meeting he wouldn’t know how well informed you were about investing/looking after your own investments or what benefits were being given up for the CETV offered. So maybe, just maybe he thought your comment was genuine.

You said in an early post he gave you a chance to backtrack but in the above you say “I quickly said” so maybe he assumed you didn’t know everything about the pros and cons of transferring.

He had access to my successful dealing history at HL.

Maybe he didn't think you had been that successful?

The Hargreaves Lansdown decision had very little to do with Dale; depending as it did on what was expedient to Hargreaves Lansdown. I told Dale in the process that HL would advise against a transfer. And so it proved. If his PTS was the same as mine  - WH - Dale was dealing with a very knowledgeable, likeable person bound by his employers' lawyers' advice; who probably made up his mind on which way his recommendation was to go within a couple of minutes of their first meeting.

Yes, lets just say I more than got the impression which way it would go before any questions were asked about risk, experience, goals etc.

Diplodicus

Was it WH?

Diplodicus

You were lucky, Dale, it was AJ Bell who saved you from being stitched up, not Hargreaves Lansdown.

TransferDB

vram said:

TransferDB said:

Serious ill health carve out – this allows those in serious ill health to get advice on a contingent charged basis. The major change here is that the client can self-certify providing evidence to the adviser of their health circumstances.

No not been told that or offered it ans TBH don't understand that can you elaborate please?

you have to pay advisors now when they finish the advice its known as a ban on contingent charging which it was before that you only paid upon transfer i think.

so you only really paid them if they transfered the pot but since the ban you are no longer allowed to pay them this way they get there money no matter what (basically up front) but at the end of advice

But there are two exceptions to the rule and one is serious ill health so you would be allowed in therory if accepted by a FA to go back to the old way and only pay the 7000 if they transfered it and advice was yes

however your problem will be to find advisor that is willing to look at this exception and accept it. it would only be a way round having to pay them full amount regardless of decision it wouldnt help with the decsion itself to transfer or not

hope that helps

That is very interesting. Do you mean that this is an option that can be applied by an IFA (at their discretion) or is it laid out as a ruling by the FCA rules? Should I put this to him and is there any section I can quote from? I do not mind paying but do not want to pay if it all achieves a no transfer decision by the IFA or anyone else.

Dale72

xylophone said:

You have nearly 39000 posts but haven't said anything useful on any of them.

My heart is quite broken that you have this opinion......

Sorry, I was a little hasty, I meant just the 12500 that I've read.

Dale72

Diplodicus said:

You were lucky, Dale, it was AJ Bell who saved you from being stitched up, not Hargreaves Lansdown.

I am quite liking AJ Bell so far, although it's too soon to start thinking about more transferring, thats probably what I'll end up doing. No, it was ML who I dealt with. Very nice, very knowledgeable, but I think to a large extent reading from a pre prepared script.

Prism

Dale72 said:

Prism said:

Dale72 said:

DT2001 said:

Dale72 said:

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

I am just curious how much this FA knew about you and pension before the meeting?
If it was the 1st meeting he wouldn’t know how well informed you were about investing/looking after your own investments or what benefits were being given up for the CETV offered. So maybe, just maybe he thought your comment was genuine.

You said in an early post he gave you a chance to backtrack but in the above you say “I quickly said” so maybe he assumed you didn’t know everything about the pros and cons of transferring.

He had access to my successful dealing history at HL.

Maybe he didn't think you had been that successful?

Then he would be an idiot, as i'd grown my existing ISA with them by 400% in under 5 years.

That could be part of the problem then. To get a return of 400% over 5 years when the world index has returned less than 100% suggests a high risk strategy, or at least one that HL might class as high risk. I assume you are not including additional contributions.

Dale72

Not including additional contributions. But wont all FA/IFAs view holding only individual shares as high risk? and if so then what's the point of going through the process of assessing my level of risk tolerance, other than as a box ticking exercise?