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Is it time to change from a wealth Manager aka True Potential to IFA or go DIY?

Options
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Comments

  • Hi all I was with true potential for over 3 years found them far to expensive …the funds they invest in are nothing special UBS And a few other are rated Below average.
    They also charge a performance fee on top of the high fee of 1.73 % 
    I’ve  found the vanguard lifestratagy passive funds out perform anything TP does.

    I’ve moved over using the a j bell platform having a mixture of 10 funds 1 passive fund vanguard liftstrategy 60
    and 3 income funds along side of 7 acc funds.

    I’ve never looked back and I book 3 ski holidays a year on the difference in fees.

  • TallGirl
    TallGirl Posts: 6,180 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 15 February 2024 at 1:21PM
    Update Feb 24

    I have now spoken to Reeves again and got a full assessment of my options as our plans have changed and we are now looking to retire to Denmark my country of birth. Obviously that throws a whole host of issues but I wanted to get a bit more clarity on options. 

    Reeves suggested the following:
    • Stay with True Potential and London Royal until closer to the date we wish to move (this is 3 to 4 years and we need to sell a house first so could be flexible). 
    • Once we have a move date move my pension to an international pension recognised in Denmark (I assume this is to protect and growth from tax). This is likely to attract a 1% fee so higher than a UK one. 
    • As ISA's are not recognised in Denmark move them to my pension before I move (obviously in line with how much I can put in each year) and take the full 25% tax free. (I will be 55+ by this time) 
    • The fee would be £9K then they would pass me over to an adviser in Denmark to do the ongoing advice but that would not attract any ongoing fee just standard rates. 
    I could obviously DIY this and move to an international pension myself and then if I want advice in Denmark just pay at that point. They did say it is likely to cost more to take advice in Denmark which I can well believe but as I speak to the language etc I can obviously check that out. 

    Reeves did say that what I had with TP was performing suitably and although the platform charges were higher than others the advice fee at 0.5% is lower. They also suggested I move my works pension into a better risk category as that one is not performing that well. Finally we talked about my final salary scheme which is not that big to be honest. They said as it was a local authority one it can be moved into a SIPP getting the 20% uplift and obviously only after taking advice. I would loose the inflation uprates and I like having a guaranteed income.  

    I was actually quite impressed with the advise as it was free and it has certainly helped me move forward. I am going to double check how much I can pay into my pension and then make a decision. That would also get the money away from TP and their fees plus I get the 20% uplift which is obviously the main reason for doing this. 


    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • wjr4
    wjr4 Posts: 1,305 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    TallGirl said:
    Update Feb 24

    I have now spoken to Reeves again and got a full assessment of my options as our plans have changed and we are now looking to retire to Denmark my country of birth. Obviously that throws a whole host of issues but I wanted to get a bit more clarity on options. 

    Reeves suggested the following:
    • Stay with True Potential and London Royal until closer to the date we wish to move (this is 3 to 4 years and we need to sell a house first so could be flexible). 
    • Once we have a move date move my pension to an international pension recognised in Denmark (I assume this is to protect and growth from tax). This is likely to attract a 1% fee so higher than a UK one. 
    • As ISA's are not recognised in Denmark move them to my pension before I move (obviously in line with how much I can put in each year) and take the full 25% tax free. (I will be 55+ by this time) 
    • The fee would be £9K then they would pass me over to an adviser in Denmark to do the ongoing advice but that would not attract any ongoing fee just standard rates. 
    I could obviously DIY this and move to an international pension myself and then if I want advice in Denmark just pay at that point. They did say it is likely to cost more to take advice in Denmark which I can well believe but as I speak to the language etc I can obviously check that out. 

    Reeves did say that what I had with TP was performing suitably and although the platform charges were higher than others the advice fee at 0.5% is lower. They also suggested I move my works pension into a better risk category as that one is not performing that well. Finally we talked about my final salary scheme which is not that big to be honest. They said as it was a local authority one it can be moved into a SIPP getting the 20% uplift and obviously only after taking advice. I would loose the inflation uprates and I like having a guaranteed income.  

    I was actually quite impressed with the advise as it was free and it has certainly helped me move forward. I am going to double check how much I can pay into my pension and then make a decision. That would also get the money away from TP and their fees plus I get the 20% uplift which is obviously the main reason for doing this. 


    Advice is never free, guidance is.
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
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