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

RoadToRiches

EDIT 03/09/2021 - PensionBee door has been closed 


Well as my pension has finally landed from my DB scheme I can finally reveal who accepted me as an insistent client - PensionBee.

I am not saying you should do this lightly, I weighed up everything before doing this and I believe it is the right decision for me.  

How long this one will keep the doors open for, now its on here, is anyone's guess.  But as a lot of you were asking me who it was - there you go.  

Diplodicus

Well done, RoadToRiches, pleased for you.

Hopefully your example will benefit other insistent clients and preserve what is left of the integrity of the DB Pension Transfer Advice process. I see Pensionbee impose no exit fee. That's good.

But the real thanks to you is due from the board's financial services representatives; at least now they can look their clients in the eye and tell them the final decision is theirs to make and there is, for now, a viable way forward.

RoadToRiches

You're right there is no exit fee. They will invest your money into one of their funds, so if you want to exit you'd have to take that into account. - which is fair enough.

Albermarle

Diplodicus said:

Well done, RoadToRiches, pleased for you.
Yes good info and the mystery provider is revealed . I think PensionBee are being floated so maybe they are keen to get the assets under management/ customers numbers  up as high as possible

Hopefully your example will benefit other insistent clients and preserve what is left of the integrity of the DB Pension Transfer Advice process. I see Pensionbee impose no exit fee. That's good.

But the real thanks to you is due from the board's financial services representatives; at least now they can look their clients in the eye and tell them the final decision is theirs to make and there is, for now, a viable way forward.

On the final point, as far as I am aware there are only three financial advisors who contribute to the forum, and only one regularly.

Diplodicus

Albermarle said:

Diplodicus said:

Well done, RoadToRiches, pleased for you.
Yes good info and the mystery provider is revealed . I think PensionBee are being floated so maybe they are keen to get the assets under management/ customers numbers  up as high as possible

Hopefully your example will benefit other insistent clients and preserve what is left of the integrity of the DB Pension Transfer Advice process. I see Pensionbee impose no exit fee. That's good.

But the real thanks to you is due from the board's financial services representatives; at least now they can look their clients in the eye and tell them the final decision is theirs to make and there is, for now, a viable way forward.

On the final point, as far as I am aware there are only three financial advisors who contribute to the forum, and only one regularly.

Sorry, Albermarle, I was including their wider support squad on this forum.

Not advisers themselves, they nevertheless rush to their side for a couple of distinct reasons

a) They employ (I) FAs themselves and would rather reassure themselves that that is well spent money.
b) They value their expertise and hope to garner it free on this board via flattery, "where thrift may follow fawning."

Point, Albermarle?

Diplodicus

11 thanks, that's great.
Good luck.

jamesd

You missed the real reasons:

1. The law requires financial advice in some situations.

2. The services of advisers are necessary and valuable for a substantial portion of the UK population, who aren't as numerate or investment-savvy as many regular posters here.

While I'm happy to DIY I'm not confident that a brother who never went to secondary school and has no experience managing significant amounts of money is going to be as competent. Nor am I confident that a cousin with Down's syndrome could DIY. Ditto for those who couldn't reach say the minimum 16 year old maths qualification and just may not be capable of proper analysis of financial choices.

The regular posters and indeed many who come here seeking guidance are an unusually capable subsection of the population.

Diplodicus

The real reason for DB pension transfer advice is that the client is compelled to buy it.

It's not charity, it's not altruism and it certainly isn't a love marriage.

Dale72

Nice one RoadToRiches, I got mine done just before AJ Bell pulled the rug, so its good to hear there is still an option, for now. 

Only one financial advisor regularly posts? You wouldn't know it. Now if you said only one person who's qualified to......

Albermarle

Diplodicus said:

Albermarle said:

Diplodicus said:

Well done, RoadToRiches, pleased for you.
Yes good info and the mystery provider is revealed . I think PensionBee are being floated so maybe they are keen to get the assets under management/ customers numbers  up as high as possible

Hopefully your example will benefit other insistent clients and preserve what is left of the integrity of the DB Pension Transfer Advice process. I see Pensionbee impose no exit fee. That's good.

But the real thanks to you is due from the board's financial services representatives; at least now they can look their clients in the eye and tell them the final decision is theirs to make and there is, for now, a viable way forward.

On the final point, as far as I am aware there are only three financial advisors who contribute to the forum, and only one regularly.

Sorry, Albermarle, I was including their wider support squad on this forum.

Not advisers themselves, they nevertheless rush to their side for a couple of distinct reasons

a) They employ (I) FAs themselves and would rather reassure themselves that that is well spent money.
b) They value their expertise and hope to garner it free on this board via flattery, "where thrift may follow fawning."

Point, Albermarle?

A very Zingy post 

zagfles

jamesd said:

You missed the real reasons:

1. The law requires financial advice in some situations.

2. The services of advisers are necessary and valuable for a substantial portion of the UK population, who aren't as numerate or investment-savvy as many regular posters here.

While I'm happy to DIY I'm not confident that a brother who never went to secondary school and has no experience managing significant amounts of money is going to be as competent. Nor am I confident that a cousin with Down's syndrome could DIY. Ditto for those who couldn't reach say the minimum 16 year old maths qualification and just may not be capable of proper analysis of financial choices.

The regular posters and indeed many who come here seeking guidance are an unusually capable subsection of the population.

1) Yes, eg DB transfers.

2) Individually tailored advice isn't required for the vast majority of people, regardless of their ability. Workplace pensions offer generic investment solutions based on a few criteria such as desired retirement age, attitude to risk etc to people who have no interest whatsoever in managing their pension savings, as do the likes of PensionBee and Nest etc. People using those don't have the drag of IFA fees, they don't need them. Most peoples' requirements in retirement are likely to be similar to large groups of others, so individually tailored advice is usually OTT. Robo is fine for most.