Advice on True Potential LLP Investment Service

DoneWorking

I've been reading various past posts on True Potential LLP and the consensus seems to be to stay away from them.

What is the latest thinking about using this organisation 

I am interested in their services as an alternative to DIY , Using an IFA or simply sticking with savings accounts

This company was recommended to me by a friend

https://investingreviews.co.uk/reviews/true-potential-investor/

masonic

Looks expensive. There are several cheaper alternatives here: https://www.moneysavingexpert.com/savings/stocks-shares-isas/#doitforme

dunstonh

I am interested in their services as an alternative to DIY , Using an IFA or simply sticking with savings accounts

The general rule of thumb is to either use an IFA or DIY.  Not a restricted offering.   So, why are you interested in using an expensive and restricted service?

DoneWorking

dunstonh said:

I am interested in their services as an alternative to DIY , Using an IFA or simply sticking with savings accounts

The general rule of thumb is to either use an IFA or DIY.  Not a restricted offering.   So, why are you interested in using an expensive and restricted service?

At this stage I'm simply seeking information

Until today I didn't even know the advisor was with this company

His name was given to me and I noted that he was part of their team as a Wealth Manager Partner

I have not spoken to him yet

Why are such companies criticised

Many of their clients say they give first class service

milton1970

Not independent 

Expensive

Not independent and expensive 

Find a genuine IFA or do DIY

jimjames

DoneWorking said:

dunstonh said:

I am interested in their services as an alternative to DIY , Using an IFA or simply sticking with savings accounts

The general rule of thumb is to either use an IFA or DIY.  Not a restricted offering.   So, why are you interested in using an expensive and restricted service?

Many of their clients say they give first class service

I'm sure they do. Many people pay for a first class service whether it's Harrods or Rolls Royce. That doesn't mean the investment performance is any better because someone rates the service. The people rating it as first class may not know any better. People rated London Capital and Finance as 5* reviews because they gave a great service yet had no clue that they were investing money that could all be lost. Reviews of financial services don't tend to be that useful unless you are looking at specifics.

[for the avoidance of any doubt I am not suggesting that this company is in any way connected to the type of scam or fraud that LCF carried out, just that investment reviews are not always reliable]

DoneWorking

milton1970 said:

Not independent 

Expensive

Not independent and expensive 

Find a genuine IFA or do DIY

Surely many IFAs are also expensive
It takes time to source those with fair reasonable charges 

A few of the IFAs I contacted seemed to work closely with other companies leading me to think they were not truly independent

Would it not be wise to give True Potential the opportunity to provide a quote for an investment option and then compare costs and options with those provided by IFAs and the DIY option

True Potential must be getting something right or it would not get good reviews or remain in business

Thoughts ?

DoneWorking

jimjames said:

DoneWorking said:

dunstonh said:

I am interested in their services as an alternative to DIY , Using an IFA or simply sticking with savings accounts

The general rule of thumb is to either use an IFA or DIY.  Not a restricted offering.   So, why are you interested in using an expensive and restricted service?

Many of their clients say they give first class service

I'm sure they do. Many people pay for a first class service whether it's Harrods or Rolls Royce. That doesn't mean the investment performance is any better because someone rates the service. The people rating it as first class may not know any better. People rated London Capital and Finance as 5* reviews because they gave a great service yet had no clue that they were investing money that could all be lost. Reviews of financial services don't tend to be that useful unless you are looking at specifics.

[for the avoidance of any doubt I am not suggesting that this company is in any way connected to the type of scam or fraud that LCF carried out, just that investment reviews are not always reliable]

Fair comment

Thanks

Albermarle

There are stripped down advice services that will do a review for £500, or investment platforms are becoming more active in offering financial advice, such as HL, Fidelity and Vanguard ( although they only recommend mainly their own products). It will cost you more than £500 but probably less than an IFA or True Potential .
The issue is that you get investment/portfolio advice but not much else, such as tax planning, advice on trusts, looking at the whole family situation. Also no face to face contact, or a specific regular contact.

milton1970

DoneWorking said:

milton1970 said:

Not independent 

Expensive

Not independent and expensive 

Find a genuine IFA or do DIY

Surely many IFAs are also expensive
It takes time to source those with fair reasonable 

Thoughts ?

*more expensive 

My thoughts are having a true IFA is preferable but up to you

Try a search on www.unbiased etc see what other options there are …

DoneWorking

Albermarle said:

There are stripped down advice services that will do a review for £500, or investment platforms are becoming more active in offering financial advice, such as HL, Fidelity and Vanguard ( although they only recommend mainly their own products). It will cost you more than £500 but probably less than an IFA or True Potential .
The issue is that you get investment/portfolio advice but not much else, such as tax planning, advice on trusts, looking at the whole family situation. Also no face to face contact, or a specific regular contact.

Thanks Albermarle

Where can I find info on these stripped down services so I can check them out

I'm wondering if it's worth contacting Vanguard to ask if they could recommend a portfolio 
I did want to set this up myself but the more I read about EFTs the more daunting it seems to select the ones likely to perform well