Advice on True Potential LLP Investment Service

dunstonh

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

An IFA may be as expensive (there are cheap, middle of the road and expensive IFAs).  Whereas the wealth managers are expensive.

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

That is not a logical assumption.  IFAs will often obtain better terms with certain platforms. and may use that platform more because of that.     However, IFAs are independent of the provider/platform/fund houses and can move business to provider B if they want.   A wealth manager cannot.

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

on a like for like basis, the DIY option should always beat an IFA or wealth manager.   An IFA should frequently beat a wealth manager.   

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

Two of the biggest wealth managers in the UK are growing fast and making record profits.  They also tend to have favourable reviews.     Consumers are not very good at picking the best options because if they knew what they were doing, they would DIY.  So, many will go with the glossy option or the last adviser they see (the one that goes last has the advantage over the others)

I'm wondering if it's worth contacting Vanguard to ask if they could recommend a portfolio 

Vanguard already have portfolio funds with the lifestrategy range.   They also have a stripped-down basic advice service costing 0.50% pa. (same as the most common IFA charge for full advice) that uses Vanguard funds but is built differently to VLS but not personalised.  

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

The average consumer does not use ETFs but sticks with OEICs/UTs.    Any reason you were looking at ETFs and not OEICs?

DoneWorking

dunstonh said:

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

An IFA may be as expensive (there are cheap, middle of the road and expensive IFAs).  Whereas the wealth managers are expensive.

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

That is not a logical assumption.  IFAs will often obtain better terms with certain platforms. and may use that platform more because of that.     However, IFAs are independent of the provider/platform/fund houses and can move business to provider B if they want.   A wealth manager cannot.

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

on a like for like basis, the DIY option should always beat an IFA or wealth manager.   An IFA should frequently beat a wealth manager.   

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

Two of the biggest wealth managers in the UK are growing fast and making record profits.  They also tend to have favourable reviews.     Consumers are not very good at picking the best options because if they knew what they were doing, they would DIY.  So, many will go with the glossy option or the last adviser they see (the one that goes last has the advantage over the others)

I'm wondering if it's worth contacting Vanguard to ask if they could recommend a portfolio 

Vanguard already have portfolio funds with the lifestrategy range.   They also have a stripped-down basic advice service costing 0.50% pa. (same as the most common IFA charge for full advice) that uses Vanguard funds but is built differently to VLS but not personalised.  

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

The average consumer does not use ETFs but sticks with OEICs/UTs.    Any reason you were looking at ETFs and not OEICs?

Thanks Dunstonh

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

I do not have current knowledge on choosing EFTs

Nor for that matter choosing OEICs or UTs

Where can I find more info on these

Albermarle

Thanks Albermarle

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

I can not remember the names but maybe another poster can help.

As you seem pretty confused about investments, it sounds like it will be worth paying for some kind of advice, either from an IFA or Vanguard as you mention.

dunstonh

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

I do not have current knowledge on choosing EFTs
Nor for that matter choosing OEICs or UTs
Where can I find more info on these

When they said vanguard did they mean on an advised basis or a DIY basis.

Vanguard is a fund house that offers a range of funds.  They make these available to the whole of market (so IFAs and DIY can use them).   They also offer them direct via their own restricted platform (offers only its own funds).

Vanguard also has a basic advised option that only uses the Vanguard platform and vanguard funds.  Their portfolios are bespoke to that service but are made up of Vanguard funds. i.e. you cannot buy that portfolio without the advice unless you happen to know what it is and try to recreate it.

I wouldn't worry about investment universes at this point.  Only if you DIY do you need to get into that.   If you use an advised service (IFA, FA or basic guidance) they will take care of that.

DoneWorking

Albermarle said:

Thanks Albermarle

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

I can not remember the names but maybe another poster can help.

As you seem pretty confused about investments, it sounds like it will be worth paying for some kind of advice, either from an IFA or Vanguard as you mention.

I'm rapidly coming to that conclusion

DoneWorking

dunstonh said:

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

I do not have current knowledge on choosing EFTs
Nor for that matter choosing OEICs or UTs
Where can I find more info on these

When they said vanguard did they mean on an advised basis or a DIY basis.

Vanguard is a fund house that offers a range of funds.  They make these available to the whole of market (so IFAs and DIY can use them).   They also offer them direct via their own restricted platform (offers only its own funds).

Vanguard also has a basic advised option that only uses the Vanguard platform and vanguard funds.  Their portfolios are bespoke to that service but are made up of Vanguard funds. i.e. you cannot buy that portfolio without the advice unless you happen to know what it is and try to recreate it.

I wouldn't worry about investment universes at this point.  Only if you DIY do you need to get into that.   If you use an advised service (IFA, FA or basic guidance) they will take care of that.

Thanks Dunstonh

They suggested a non advised Vanguard

But I do not feel happy in selecting and setting up such an investment

I'm beginning to comes to term with the fact that I need to use an advised service

The question now is what option

IFA seems good but most I have spoken to who are at a fair cost are suggesting that after costs I would be looking at a 4% return max subject to variation depending on market conditions

I have not had a quote as yet from a FA or an advised service

Though it looks like a basic advised service could be less costly

coyrls

DoneWorking said:

dunstonh said:

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

I do not have current knowledge on choosing EFTs
Nor for that matter choosing OEICs or UTs
Where can I find more info on these

When they said vanguard did they mean on an advised basis or a DIY basis.

Vanguard is a fund house that offers a range of funds.  They make these available to the whole of market (so IFAs and DIY can use them).   They also offer them direct via their own restricted platform (offers only its own funds).

Vanguard also has a basic advised option that only uses the Vanguard platform and vanguard funds.  Their portfolios are bespoke to that service but are made up of Vanguard funds. i.e. you cannot buy that portfolio without the advice unless you happen to know what it is and try to recreate it.

I wouldn't worry about investment universes at this point.  Only if you DIY do you need to get into that.   If you use an advised service (IFA, FA or basic guidance) they will take care of that.

Thanks Dunstonh

I have not had a quote as yet from a FA or an advised service

If you are looking at projected returns as quotes, you are looking in the wrong place.  You should be comparing on the basis of service, relationship and fees.  I would suggest that if you choose on the basis of who offers you the best projected returns, you are almost guaranteed to make a bad choice.

DoneWorking

coyrls said:

DoneWorking said:

dunstonh said:

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

A forum poster suggested I go with a Vanguard Investment

I assumed these were EFTs

I do not have current knowledge on choosing EFTs
Nor for that matter choosing OEICs or UTs
Where can I find more info on these

When they said vanguard did they mean on an advised basis or a DIY basis.

Vanguard is a fund house that offers a range of funds.  They make these available to the whole of market (so IFAs and DIY can use them).   They also offer them direct via their own restricted platform (offers only its own funds).

Vanguard also has a basic advised option that only uses the Vanguard platform and vanguard funds.  Their portfolios are bespoke to that service but are made up of Vanguard funds. i.e. you cannot buy that portfolio without the advice unless you happen to know what it is and try to recreate it.

I wouldn't worry about investment universes at this point.  Only if you DIY do you need to get into that.   If you use an advised service (IFA, FA or basic guidance) they will take care of that.

Thanks Dunstonh

I have not had a quote as yet from a FA or an advised service

If you are looking at projected returns as quotes, you are looking in the wrong place.  You should be comparing on the basis of service, relationship and fees.  I would suggest that if you choose on the basis of who offers you the best projected returns, you are almost guaranteed to make a bad choice.

I realise that projected return is not a firm figure

So I would certainly not take that into account

It's the other factors that I am most interested in.

adindas

DoneWorking said:

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

I think you will need to define what you want ?. Are you looking for first class service or to grow your money with the least expensive option ?

DoneWorking

adindas said:

DoneWorking said:

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

I think you will need to define what you want ?. Are you looking for first class service or to grow your money with the least expensive option ?

I'm looking for some kind of investment to try to protect my funds from inflation as best I can after fees 
It would need to be medium risk

Preferably ESG