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

zagfles

Dale72 said:

I eventually settled on an FA working for HL after finding virtually impossible to get an IFA to do it. Same process I assume, endless graphs and tables showing why i shouldn't do it. Less than 4 weeks in, AJ Bell Sipp value up by 4%. Can I claim my money back for their increasingly poor advice??

Poor advice because of less than 4 week performance history

Diplodicus

How about my experience, zagfles?

zagfles

Diplodicus said:

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.

Or it's the opposite. An adviser might think a transfer is in your best interests, it might be in his best interests as well especially if he gets to manage it. But he may well be put off advising a transfer in case things go wrong and there's comeback on him. As with most things the safe option is less likely to result in complaints.

Diplodicus

zagfles said:

Diplodicus said:

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.

Or it's the opposite. An adviser might think a transfer is in your best interests, it might be in his best interests as well especially if he gets to manage it. But he may well be put off advising a transfer in case things go wrong and there's comeback on him. As with most things the safe option is less likely to result in complaints.

Exactly. 
So the process is a farce.
I have to say in my case, I offered the adviser no prospect of managing my investment. May have swayed it - he said the case was "in the balance" before I committed to the full advice fee - but I think in reality the most conscientious of advisers are ruled by the instruction they get from their own legal advisers. 

zagfles

Diplodicus said:

How about my experience, zagfles?

Even 3 years is nothing.

zagfles

Diplodicus said:

zagfles said:

Diplodicus said:

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.

Or it's the opposite. An adviser might think a transfer is in your best interests, it might be in his best interests as well especially if he gets to manage it. But he may well be put off advising a transfer in case things go wrong and there's comeback on him. As with most things the safe option is less likely to result in complaints.

Exactly. 
So the process is a farce.

That's what comes of anything over-regulated. Fear of "misselling" etc will influence the advice.

Diplodicus

zagfles said:

Diplodicus said:

How about my experience, zagfles?

Even 3 years is nothing.

£300,000 appreciation in my case. 

Diplodicus

zagfles said:

Diplodicus said:

zagfles said:

Diplodicus said:

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.

Or it's the opposite. An adviser might think a transfer is in your best interests, it might be in his best interests as well especially if he gets to manage it. But he may well be put off advising a transfer in case things go wrong and there's comeback on him. As with most things the safe option is less likely to result in complaints.

Exactly. 
So the process is a farce.

That's what comes of anything over-regulated. Fear of "misselling" etc will influence the advice.

But the raison d'être of enforced DB Pension Transfer Advice is that it serves the interest of the client who pays for it.

zagfles

Diplodicus said:

zagfles said:

Diplodicus said:

How about my experience, zagfles?

Even 3 years is nothing.

£300,000 appreciation in my case. 

And? Are you expecting that to continue? What risk did you take? You could have put it all on the favourite in the 3.30 at Kempton Park and won. Doesn't mean it was a sensible or advisable investment. Or that an adviser who advised against putting it all on a horse that happened to win advised you wrongly

zagfles

Diplodicus said:

zagfles said:

Diplodicus said:

zagfles said:

Diplodicus said:

Advisers know what is best for them - and probably us too.
 
Where I think the process is broken is the assumption that advisers would put their own interests behind those of their client.

Or it's the opposite. An adviser might think a transfer is in your best interests, it might be in his best interests as well especially if he gets to manage it. But he may well be put off advising a transfer in case things go wrong and there's comeback on him. As with most things the safe option is less likely to result in complaints.

Exactly. 
So the process is a farce.

That's what comes of anything over-regulated. Fear of "misselling" etc will influence the advice.

But the raison d'être of enforced DB Pension Transfer Advice is that it serves the interest of the client who pays for it.

No it's mainly to try to stop clueless people doing something stupid.