Getting Advice

calcotti

I need to finally get to grips with sorting out simplifying my finances with multiple pension pots (although defined contribution schemes but some are old RAC policies) and ISAs etc (a fortunate position to be in). Primarily I need to sort things out to make it easier for my executors.

I am not interested in actively managing a SIPP myself. I'm looking for simple solutions and am quite happy to deal with institutional pension companies with managed funds. 

I think I'm going to need an IFA to help but am finding very hard to get my head around choosing somebody. I'm aware of Unbiased and Vouchedfor but my mind just glazes over looking at the list names produced. It also seems to produce individuals who are one person teams with the numbers of people helped being quite short. Bigger firms that one might find on other directories don't appear to appear on Unbiased.

Has anyone got any tips? No doubt been covered many times already.

cfw1994

Only to make 100% certain whoever you find is an IFA, not just a FA….

Have you searched this topic?
A thread with ideas at https://forums.moneysavingexpert.com/discussion/6333784/clueless-pension-newb-is-unbiased-the-only-way-to-find-an-ifa

calcotti

cfw1994 said:

Only to make 100% certain whoever you find is an IFA, not just a FA….

Thanks for highlighting - yes I understand the distinction.
Thanks for that link - I'll have a read through. (I do feel guilty starting a new thread when I know the subject will have been done before.)
It's so much easier helping with other people's questions than dealing with my own affairs!

i am intrigued to how these directories get made. There are lots of established companies that simply don't seem to appear in such lists - am thinking of the bigger national firms that I am sure are perfectly respectable.

xylophone

Have you tried

https://adviserbook.co.uk/

Tick "confirmed independent" and such other specialisms required when the menu comes up.

Then it's a case of ringing round for initial discussions on services/fees etc.

calcotti

xylophone said:

Have you tried

https://adviserbook.co.uk/

Tick "confirmed independent" and such other specialisms required when the menu comes up.

Then it's a case of ringing round for initial discussions on services/fees etc.

That's a site I hadn't found so will definitely look. Unfortunately the "ringing round for initial discussions on services/fees etc" is the off putting and tedious bit!

I know I need to update because many of my old policies will only allow funds to be drawn as annuities and have none of the modern flexibilities.

dunstonh

I'm aware of Unbiased and Vouchedfor but my mind just glazes over looking at the list names produced.

Unbiased includes FAs and wealth managers.   In our area, not a single IFA appears in the list locally.    And vouchedfor has nothing for 30 miles despite there being dozens of firms in the locality.     Vouchedfor is expensive and firms that don't need to advertise won't use it.   Unbiased is not as expensive but they changed from being an IFA directory to a lead generation site some years back and many IFAs stopped paying for the entry.

 It also seems to produce individuals who are one person teams with the numbers of people helped being quite short. Bigger firms that one might find on other directories don't appear to appear on Unbiased.

IFAs are mostly small firms of 1-5 advisers.    Large firms are mostly FAs or salesforces.

Has anyone got any tips?

Google is more effective at finding firms that do not pay to advertise.  However, expect most IFA firms to be small.  That is a good thing. Not a bad thing.

calcotti

Thanks dunstonh

cfw1994

calcotti said:

xylophone said:

Have you tried

https://adviserbook.co.uk/

Tick "confirmed independent" and such other specialisms required when the menu comes up.

Then it's a case of ringing round for initial discussions on services/fees etc.

That's a site I hadn't found so will definitely look. Unfortunately the "ringing round for initial discussions on services/fees etc" is the off putting and tedious bit!

I know I need to update because many of my old policies will only allow funds to be drawn as annuities and have none of the modern flexibilities.

That ‘tedious bit’ is the most important thing you can do at this stage.

I prefer to DIY, since ‘managing money’ is something I quite enjoy (crazy, I know 🤣), but if I were in the shoes of someone who had zero interest and really wanted to pay someone to manage it for them, I would very much spend time building a good summary of my position.

Build a 1-page summary showing savings (ISA, general investments), pensions, other income (hobby business, BTL, etc).
Figure out *your* number, so you know what you want to live on.  Start anywhere on this thread for ideas!

Try to picture how your might hope the next 20-30 years to look, and in particular have a 5 year plan for the immediate future.  
Clearly things can and will change, but you know what they say - failing to plan is planning to fail 🤣

Only then would I be ready to have that ‘tedious chat’.

Remember that you are a very desirable asset to an IFA, so remember that YOU are interviewing THEM for a very important job, and one that you will pay them handsomely to execute.  

You will invariably have a free discussion with them for maybe an hour.  Build up your own questions and criteria so you can compare them.
Select three as a minimum and get to it!

They will be very adept at making you feel comfortable with them being your advisor….you need to able to see past the genial niceties and drill down to what they will actually do for you.

Oh, have a skim past the short videos at https://kroijer.com - might give you an interesting take on investing…..

wjr4

I was previously on VouchedFor and only had around 20 client reviews even though I’ve helped hundreds of people in 8 years. 

I’d contact a few local firms, ask their approximate fees, whether they are independent, how many platforms/providers they use, do they use Discretionary Fund Managers or their own model portfolios, do they provide holistic advice (you’d be surprised of the amount of firms who only concentrate on investment management and not the bigger financial plan) & do they use a cashflow planning system as it seems you will benefit from this. 

calcotti

cfw1994 said: That ‘tedious bit’ is the most important thing you can do at this stage.

I know that's the reality.

cfw1994 said:
Figure out *your* number, so you know what you want to live on.  Start anywhere on this thread for ideas!

Think I've got a fairly good idea on that. I have spreadsheets of exactly what we spend every year, what our income is etc (although I do need to update things for current rates of inflation). Fortunately I know I have enough.

cfw1994 said:Try to picture how your might hope the next 20-30 years to look, and in particular have a 5 year plan for the immediate future.  

Not going to last that long which is why I need to deal with it and make it easier for those that follow.

Appreciate the input.

Albermarle

Just to add to the above. Not sure of your family situation ( any children for example) but normally an IFA will look at your family financial situation as a whole, not just you. Although that would be your choice I guess.
Also if you are still working they will need details of salary, work pension and any tax issues.

I am not interested in actively managing a SIPP myself. I'm looking for simple solutions and am quite happy to deal with institutional pension companies with managed funds. 

There is often some confusion over this .With a SIPP, yes you have a massive range of investments to choose from ,if you want to. Otherwise you can just buy one simple ready made fund, or as many as you like.

With a traditional pension provider ( like Aviva, Standard Life etc) you will have less choice, but still probably about 200 to 300 funds available. You will still have to choose which funds to invest in.

Nowadays there are some even simpler pension providers, with maybe only between 3 and 10 funds and some guidance on which to choose.

The point is that whatever type of pension you choose, at some point you have to decide what investment(s) to go in the pension. It can be from then on you do not have to anything else for years, but you have to make the initial decision(s). The pension providers will not offer you any personal advice on what to do.

I appreciate you will most likely work with an IFA, so you might think that means you do not have to look into the subject yourself. However the more you understand about pensions and investing, the more you can have an informed discussion with the IFA. It is like when you go to a garage and talk to the mechanic. It is better when you have some basic knowledge about cars, rather than just blindly agreeing to whatever they suggest.

Another recent IFA thread.

Drawdown - is the fee I am being charged by a Financial Advisor too high? — MoneySavingExpert Forum