Help with orphan client Aviva

howeller_2

We have decided to break with our financial advisor but an email from Aviva explaining the disadvantages of being an orphan client is frightening. Should we move to a platform such as Vanguard? We haven't drawn down yet but this has been crystalized and we have taken 25% tax free. 

dunstonh

If you plan to DIY then it is nearly always best to use a DIY platform.    (reasons not to would be contractual reasons or loss of valuable benefits)

The main issue with DIY is that you are taking on responsibility for your actions.   If you DIY well, you can save money. If you DIY badly, it can be costly and you will have no-one to blame (i.e. no compensation).    Non-advised drawdown is more time consuming than advised drawdown where you had an existing adviser relationship but only an hour or so on the phone with the provider when you want a change on your drawdown.  You will need to pick the drawdown strategy and investment strategy but many people do that successfully.   Although a recent FCA review into the DIY market found many people are not doing it successfully.     So, If you know what you are doing and won't make a mistake then there is no harm whatsoever going DIY.

We haven't drawn down yet but this has been crystalized and we have taken 25% tax free. 

That means you are in drawdown.  Just currently set with a nil income.