Shopping around for drawdowns...

Malthusian

Pablo7474 said:

dunstonh said:

Has anyone compared advice from more than one adviser ?

An IFA should easily beat a restricted adviser.  

Why do people think this? Why is an IFA better?

The obvious response is "Why would a tied adviser be better than an IFA"?

Or to put it another way, "How could the best option out of {A, B and C} give you a worse outcome than a Hobson's Choice of option A?"

Pablo7474

Don’t you think when taking income most SIPP products are the same, do you really need someone to search the market? 

Many providers have their own range of funds to cover a client’s needs and attitude to risk, so again an IFA may search the whole market but they are not going to know which will perform best. 

Just seems tied advisers get a bashing on here. 

dunstonh

Many providers have their own range of funds to cover a client’s needs and attitude to risk, so again an IFA may search the whole market but they are not going to know which will perform best. 

Have you seen the quality of tied salesforce funds?

Just seems tied advisers get a bashing on here. 

And quite logically so.

Malthusian

Pablo7474 said:

Don’t you think when taking income most SIPP products are the same, do you really need someone to search the market? 

Even if options A B and C are the same, how would a free choice from options {A, B and C} deliver a worse outcome than a Hobson's choice of option A?

I will save you time by eliminating one wrong answer: the answer is not "if it costs money to have a free choice, it's worse than having option A and the saving" because there is no evidence that independent advice costs more than tied advice. If anything the opposite.

Nobody needs to search the market, you could just ask your current pension provider for an UFPLS, pay a massive tax bill and live on whatever's left, like a lot of people do. However the question is whether searching the market is worse than not searching the market.

Many providers have their own range of funds to cover a client’s needs and attitude to risk, so again an IFA may search the whole market but they are not going to know which will perform best. 

The job of an IFA is to give advice, not generate free money by outperforming the market by more than their fee.

Just seems tied advisers get a bashing on here.

Yep. On any consumer forum, you tend to find that products that cost the same as a competitor's but aren't as good tend to receive a bashing.