Quilter?

legalfreak

dunstonh said:

Because his employer requires him/her to.  They are not IFAs.   

Yes, I confirm they are an FA, not IFA.

Rollinghome

legalfreak said:

Yes, I confirm they are an FA, not IFA.

So is the "advisor" with Quilter?  When you said " Was recommended by an advisor to transfer circa £200,000 to Quilter" I assumed you meant an advisor was recommending you used Quilter, not that a Quilter rep was "advising" you to give them your dosh and then charging you up to 0.75% as an advisor charge for ongoing "advice".

If that's the case, it  isn't advising, it's just selling. And effectively they are charging you three times over.  Once for the "advice" to give them your money, twice if you are charged  an annual management charge for the fund, and three times because that fund will have to pay the managers of the funds they include in their fund. That's how a fund of fund works and why the OCF is 1.15%. The chance of it out-performing the passives you already know about is remote.

If you need advice, it needs to be independent of the recommended investments to be of any value and it sounds as that isn't what you've had.

deeboy12

I had some free sessions with an IFA this spring before we mutually agreed I should go at alone. His main bright idea was to invest in Quilter's multi-asset funds, which he said had performed really well.

The first thing I hated was that finding information on what's in the funds was a task in itself. It's like it's hidden behind a paywall that only IFAs can easily access.

The second thing I hated was when I did get the info and researched their performance, the Quilter funds all did worse than their Vanguard LS/ HSBC Global Strategy comparators - and often significantly so. 

The third thing I hated was the costs (which in my case were lower than yours as there was no IFA charge) which were 0.75-1% depending on the fund and platform chosen.

When I pointed out I could buy better performing equivalent funds for a quarter of the cost (under 0.2% OCF + 0.02% platform charge on II) he began to realise that he was losing the battle.

bostonerimus

What are the reasons for this Quilter recommendation? Why would you do this rather than going with a mainstream platform like H&L etc and buying some of the thousands of well known funds with significant track records from companies like Vanguard, Blackrock, iShares, HSBC etc

maxsteam

bostonerimus said:

What are the reasons for this Quilter recommendation? 

A smart bloke in a suit said it was the right thing to do.

dunstonh

I had some free sessions with an IFA this spring before we mutually agreed I should go at alone. His main bright idea was to invest in Quilter's multi-asset funds, which he said had performed really well.

That almost certainly wasn't an IFA then.   Quilter have their own salesforce of restricted FAs.     Cirilium is designed to be used by them.   Not by IFAs.

edit:  A lot of ex IFAs moved to Quilter some years back when the Sesame network (which was an IFA network) closed down.   The Quilter network itself used to have some IFAs in it but over the years, they progressively moved them to FA status and the more they restricted to the Quilter offering, the lower the costs were for them.       So, it is possible that the one you saw was an IFA in the past but not at the time they saw you regarding this.

milton1970

The Quilter name popped up a number of times recently as I have been attempting to unpick my parents financial investment. My experience is that Quilter appear to give the perception of independence when they are clearly not! 

My opinion is they overcharge & under perform - get a true IFA if you want advice 

deeboy12

dunstonh said:

I had some free sessions with an IFA this spring before we mutually agreed I should go at alone. His main bright idea was to invest in Quilter's multi-asset funds, which he said had performed really well.

That almost certainly wasn't an IFA then.   Quilter have their own salesforce of restricted FAs.     Cirilium is designed to be used by them.   Not by IFAs.

edit:  A lot of ex IFAs moved to Quilter some years back when the Sesame network (which was an IFA network) closed down.   The Quilter network itself used to have some IFAs in it but over the years, they progressively moved them to FA status and the more they restricted to the Quilter offering, the lower the costs were for them.       So, it is possible that the one you saw was an IFA in the past but not at the time they saw you regarding this.

It certainly was, is and remains an IFA. Quilter is one of several platforms/DFMs that they use/ offer access to. 

I've no idea whether the actual investment was labelled Cirilium (and I didn't say it was). However, it was a suite of multi-asset products offering different "risk" levels, similar to the likes of VLS or HSBC's, but actively managed.

dunstonh

I've no idea whether the actual investment was labelled Cirilium (and I didn't say it was).

You did indirectly as you said:  "...main bright idea was to invest in Quilter's multi-asset funds".   CirIlium are Quilters multi-asset funds.

However, it was a suite of multi-asset products offering different "risk" levels, similar to the likes of VLS or HSBC's, but actively managed.

Maybe they were not Quilter's funds then?

deeboy12

dunstonh said:

I've no idea whether the actual investment was labelled Cirilium (and I didn't say it was).

You did indirectly as you said:  "...main bright idea was to invest in Quilter's multi-asset funds".   CirIlium are Quilters multi-asset funds.

However, it was a suite of multi-asset products offering different "risk" levels, similar to the likes of VLS or HSBC's, but actively managed.

Maybe they were not Quilter's funds then?

I know exactly what I said, and I know that the IFA proposed using Quilter's multi-asset funds so please stop questioning it - I'm not in the habit of making things up.

Just for the record, I have gone back to check and the IFA proposed Quilter's WealthSelect Blend Managed Portfolio.

I really value your input on this board and often "thank" your usually helpful posts, but let's make that the end of this pointless discussion, please.