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

dunstonh

Diplodicus said:

dunstonh said:

RoadToRiches said:

Ok go by the form that I was given in the CETV pack that specifically asks for a IFA sign off along with their FSA ID number and confirmation they are regulated to give this advice.

As it happened, had he tried a provider that catered for the DIY market  he would have been able to do it (AJ Bell being the obvious one at the time) but he didnt want to listen.

And that is a wilful distortion of the truth (not that dunstonh would know the truth in this instant but as it was reported afterward). 

Its not a distortion of the truth.  You kept attempting to use intermediary based providers that needed the transaction to be processed via the agency of the adviser.      The adviser correctly refused to sign the declarations on that basis.

Diplodicus

It is now the obligation of the adviser to admit on a provider form that advice has been given. That was all that they wanted. Because they didn't have to, they didn't. 
Don't draw me on what I think that says about your profession.

RoadToRiches

DB scheme just needed a form that was signed by the IFA to say I had taken full regulated advice.

PensionBee wanted the same form and the full PTS report.

The IFA / Pension Transfer Specialist shot themselves in the foot, the IFA was going to manage my pot, but cause at the last minute the PTS decided to pull out to give me a negative report after case review they lost out.

The IFA giving advice was from a separate company but linked to the Pension Transfer Specialist by the way to avoid the obvious conflict of interest with ongoing management fees in the event of a go decision.

Diplodicus

Diplodicus said:

But since you're here, dunstonh, let's hear it from the horse's mouth: why is it better to hire an IFA for DB pension transfer advice?

Difficult to see how an "independent" adviser could advise any differently to a tied adviser; since the goal is always to decide whether the transfer is beneficial to the client.

Prism

RoadToRiches said:

DB scheme just needed a form that was signed by the IFA to say I had taken full regulated advice.

PensionBee wanted the same form and the full PTS report.

The IFA / Pension Transfer Specialist shot themselves in the foot, the IFA was going to manage my pot, but cause at the last minute the PTS decided to pull out to give me a negative report after case review they lost out.

The IFA giving advice was from a separate company but linked to the Pension Transfer Specialist by the way to avoid the obvious conflict of interest with ongoing management fees in the event of a go decision.

They probably don't see it that way. Would you really have stayed with the IFA for long anyway?

dunstonh

Diplodicus said:

It is now the obligation of the adviser to admit on a provider form that advice has been given. That was all that they wanted. Because they didn't have to, they didn't. 
Don't draw me on what I think that says about your profession.

The providers you listed were intermediary providers that only accepted business via an adviser agency or required the adviser to accept liability for the selection of the provider not just the fact advice had been given.

RoadToRiches

Prism said:

RoadToRiches said:

DB scheme just needed a form that was signed by the IFA to say I had taken full regulated advice.

PensionBee wanted the same form and the full PTS report.

The IFA / Pension Transfer Specialist shot themselves in the foot, the IFA was going to manage my pot, but cause at the last minute the PTS decided to pull out to give me a negative report after case review they lost out.

The IFA giving advice was from a separate company but linked to the Pension Transfer Specialist by the way to avoid the obvious conflict of interest with ongoing management fees in the event of a go decision.

They probably don't see it that way. Would you really have stayed with the IFA for long anyway?

When I look at the fees I don’t think I would to be honest, but they did not know that.

Diplodicus

dunstonh said:

Diplodicus said:

It is now the obligation of the adviser to admit on a provider form that advice has been given. That was all that they wanted. Because they didn't have to, they didn't. 
Don't draw me on what I think that says about your profession.

The providers you listed were intermediary providers that only accepted business via an adviser agency or required the adviser to accept liability for the selection of the provider not just the fact advice had been given.

Wrong. Xafinity only required the adviser confirm that advice had been given. 

I was encouraged to believe by HL  that I had a good chance of a positive transfer recommendation until I committed to the full process After that, I was screwed. It was simply safer to advise against a transfer. Naturally, I had asked what would be my options in the event of a recommendation not to transfer and my adviser glibly said the process was easy. 
But when push came to shove he would not name an alternative or sign a form.
I don't think the clued up readers on MSE know how daunting that is for people who have never used the site and naively thought that their hired advisers would be on their side.

Obviously, I went against advice and can quantify the gain.

But there is no comeback for others who took advice at face value.

Prism

Diplodicus said:

But there is no comeback for others who took advice at face value.

The problem is that you won't know for another 20 years or more if the advice was right or wrong.

Diplodicus

Prism said:

Diplodicus said:

But there is no comeback for others who took advice at face value.

The problem is that you won't know for another 20 years or more if the advice was right or wrong.

Cop out.

You cannot win a race at the start but you can lose it  there.

If the delta following advice is £300k  -- I'm wondering how much damage advisers have done overall.