Ditching IFA Drawdown Pension using Elevate Platform

mexicano54

Last January I engaged with an IFA to help me transfer my Defined Contribution Pension from Aviva to a Drawdown Pension. He recommended using the Elevate platfrom with Standard Life, now called "abrdn".

He divided the pot into 4 portfolios after I took my 25% tax free allowance and I also signed an advisor charges agreement for 1% payable monthly.

I have decided to cancel this agreement with the IFA and deal with the investments personally.

I want to look after my own money and not just sit there just watching. And I know it's not going to be easy. There will be a very steep learning curve, as they say!

Can anyone advise me what will happen with the Elevate platform? I know that the platform is specific to advisors and the clients have access to the portfolios via the IFA and the client can't do anything except go through IFA if they want to make any changes.

Will Standard Life make me, or my IFA, sell my portfolios and buy into a different client platform?

Any help will alleviate a few of my worries.

dunstonh

Can anyone advise me what will happen with the Elevate platform? I know that the platform is specific to advisors and the clients have access to the portfolios via the IFA and the client can't do anything except go through IFA if they want to make any changes.

Elevate is an intermediary platform and is not geared for DIY investors.  Top ups, withdrawals, fund switches are expected to be done via the adviser.

If you are going to DIY then you are best doing it on a platform that caters for DIY investors.

mexicano54

dunstonh said:

Can anyone advise me what will happen with the Elevate platform? I know that the platform is specific to advisors and the clients have access to the portfolios via the IFA and the client can't do anything except go through IFA if they want to make any changes.

Elevate is an intermediary platform and is not geared for DIY investors.  Top ups, withdrawals, fund switches are expected to be done via the adviser.

If you are going to DIY then you are best doing it on a platform that caters for DIY investors.

Thanks dunstonh. I have spoken to my adviser and he said that he will arrange everything and he also said that Standard Life will accept me as an "orphan" client? I'm not too sure what that means but the adviser will earn his last monthly payment!

GeoffTF

mexicano54 said:

dunstonh said:

Can anyone advise me what will happen with the Elevate platform? I know that the platform is specific to advisors and the clients have access to the portfolios via the IFA and the client can't do anything except go through IFA if they want to make any changes.

Elevate is an intermediary platform and is not geared for DIY investors.  Top ups, withdrawals, fund switches are expected to be done via the adviser.

If you are going to DIY then you are best doing it on a platform that caters for DIY investors.

Thanks dunstonh. I have spoken to my adviser and he said that he will arrange everything and he also said that Standard Life will accept me as an "orphan" client? I'm not too sure what that means but the adviser will earn his last monthly payment!

I expect that you will get a better deal if you transfer your investments to another platform (you do not have to sell them, provided that the receiving platform supports the investments).

https://monevator.com/compare-uk-cheapest-online-brokers/

mexicano54

GeoffTF said:

mexicano54 said:

dunstonh said:

Can anyone advise me what will happen with the Elevate platform? I know that the platform is specific to advisors and the clients have access to the portfolios via the IFA and the client can't do anything except go through IFA if they want to make any changes.

Elevate is an intermediary platform and is not geared for DIY investors.  Top ups, withdrawals, fund switches are expected to be done via the adviser.

If you are going to DIY then you are best doing it on a platform that caters for DIY investors.

Thanks dunstonh. I have spoken to my adviser and he said that he will arrange everything and he also said that Standard Life will accept me as an "orphan" client? I'm not too sure what that means but the adviser will earn his last monthly payment!

I expect that you will get a better deal if you transfer your investments to another platform (you do not have to sell them, provided that the receiving platform supports the investments).

https://monevator.com/compare-uk-cheapest-online-brokers/

That's good to know. Thanks for the link. I'll check them out now.

Novice_investor101

Orphan client means you hold a policy on an intermediary platform but without an adviser to manage your policy. 

It’s usually a lot of work & hassle to action any changes yourself (think lots of paperwork) cos they’re typically not geared up to allow you online access to do things digitally. Your platform charges may also increase. 

If you want to DIY it’s probably better to move to a proper DIY platform. 

mexicano54

Novice_investor10 I've checked out Fidelity Investments, they have the same portfolios I hold with Elevate so it would be easy, or fairly easy, to transfer to them, There's also no exit fees from Elevate.

There are probably other platforms but I've only just started, and as you mentioned, staying with Elevate as an Orphan client wouldn't be in my best interest!

I'll wait until my adviser emails me with the details of untangling me from their platform then all I have to do is confirm my agreement by return email and pay him his last fee!

GeoffTF

mexicano54 said:

Novice_investor10 I've checked out Fidelity Investments, they have the same portfolios I hold with Elevate so it would be easy, or fairly easy, to transfer to them, There's also no exit fees from Elevate.

There are probably other platforms but I've only just started, and as you mentioned, staying with Elevate as an Orphan client wouldn't be in my best interest!

I'll wait until my adviser emails me with the details of untangling me from their platform then all I have to do is confirm my agreement by return email and pay him his last fee!

You may be able to get your adviser to earn his last fee by transferring your investments in specie to a platform of your choice. Fidelity charges a percentage platform fee for holding open ended funds. You can avoid that by using ETFs. Alternatively, iWeb and Interactive Investor do not charge a platform fee for holding open ended funds.

mexicano54

I’ll make a note of that when he calls me, soon I hope. 

Thanks for all the great suggestions. 

dunstonh

You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 

No. The receiving platform controls the process.

mexicano54

dunstonh said:

You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 

No. The receiving platform controls the process.

He then might  be able to recommend a platform and I can do the transfer paperwork myself!