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SIPP Management?
Comments
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The point to be aware of is than many platforms do something similar, but unlike an advisor they are not looking at the wider picture of your overall finances, personal situation, objectives, tax position etc.
It is as simple as
Client has decided themselves to invest in a S&S ISA, SIPP etc .
So we offer some crude guidance on which if our funds to invest in, based only on a few questions about their risk tolerance with very little info about what that really means, and no questions about whether investing in a SIPP etc is the right thing for them.
It's fine, but you have to be clear it is not the same as personal financial advice ( which costs money ), or having a fuller understanding yourself of the issues.
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RSTime said:A friend took out a SIPP using a local financial advisor a few years ago. She had a handful of company pensions and the advisor transferred into an AJ Bell SIPP. She is paying the advisor 1% a year. Should she look to manage the SIPP herself? I use Vanguard for my ISAs and their SIPP seems to be inexpensive and they also have a managed SIPP.
My questions are i) what does her financial advisor do for his commission once the SIPP is set up and ii) how easy is it to transfer a SIPP and is there any merit in staying with AJ Bell or moving to a lower cost platform such as Vanguard.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/891 -
i) what does her financial advisor do for his commission once the SIPP is set upProvides ongoing advice, support, portfolio work etc. i.e. the adviser does everything for her.
If she wants to DIY and take on that responsibility, then yes, she will save on charges. However, will she get a better outcome?Pot is £300k, she is not that confident in managing her own investments but I am happy to help. Vanguard offer an inexpensive managed fund which I thought would be ideal for her.And are you aware that Vanguard offer the same strategy via IFAs that has consistently performed better than the version you are referring to? So, you could be putting her in a worse position.
Why have you selected an option with home bias?Pot is £300k
1% pa is on the higher side for a fund of that size. She could try and negotiate to 0.75%.I would concur with Ablermarle on that. She is in the value range where some tiering would be expected.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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