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M&G Wealth / Openworks Pension Advisor charges
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Hi all, I finally found an IFA in my area and they have been looking through my stuff. They are in the top five here so I feel reasonably confident about the service they can provide:
Who are Britain's top 20 financial advisers? - FTAdviser
They obviously recommend a switch, but not sure if from the frying pan into the fire...
The below are from the most adventurous portfolio and on face value look reasonable.
There is a one off 2% initial advisor fee, and then an ongoing adviser fee of 0.75%. With the platform (Fidelity) and fund charges it would equate to 1.4% more or less a year, a saving of 0.75% I believe.
Any comments would be much appreciated.0 -
Are they providing a full financial plan, including a cash flow model?marky9074 said:Hi all, I finally found an IFA in my area and they have been looking through my stuff. They are in the top five here so I feel reasonably confident about the service they can provide:
Who are Britain's top 20 financial advisers? - FTAdviser
They obviously recommend a switch, but not sure if from the frying pan into the fire...
The below are from the most adventurous portfolio and on face value look reasonable.
There is a one off 2% initial advisor fee, and then an ongoing adviser fee of 0.75%. With the platform (Fidelity) and fund charges it would equate to 1.4% more or less a year, a saving of 0.75% I believe.
Any comments would be much appreciated.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.0 -
It is worth nothing that the vast majority of advice firms not considered for this list. Plus, its main measures are sales not quality.marky9074 said:Hi all, I finally found an IFA in my area and they have been looking through my stuff. They are in the top five here so I feel reasonably confident about the service they can provide:
Who are Britain's top 20 financial advisers? - FTAdviser
There are several on that list that you wouldn't want to use and a bunch that nobody has heard of.The below are from the most adventurous portfolio and on face value look reasonable.There are several in that list that are not attractive and most have alternatives available that can be more attractive.There is a one off 2% initial advisor fee, and then an ongoing adviser fee of 0.75%. With the platform (Fidelity) and fund charges it would equate to 1.4% more or less a year, a saving of 0.75% I believe.2% is fine but you would expect to see it taper or cap once the figure gets above a certain amount. 0.75% is not bad for smaller figures but its a lot for larger ones. Fidelity platform is ok but its not the best value.Be careful of marketing lists that are dressed up to indicate something they are not.
Any comments would be much appreciated.
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.0 -
OK, sounds like I am back to square one. None of you guys fancy taking me on as a remote client?!dunstonh said:
It is worth nothing that the vast majority of advice firms not considered for this list. Plus, its main measures are sales not quality.marky9074 said:Hi all, I finally found an IFA in my area and they have been looking through my stuff. They are in the top five here so I feel reasonably confident about the service they can provide:
Who are Britain's top 20 financial advisers? - FTAdviser
There are several on that list that you wouldn't want to use and a bunch that nobody has heard of.The below are from the most adventurous portfolio and on face value look reasonable.There are several in that list that are not attractive and most have alternatives available that can be more attractive.There is a one off 2% initial advisor fee, and then an ongoing adviser fee of 0.75%. With the platform (Fidelity) and fund charges it would equate to 1.4% more or less a year, a saving of 0.75% I believe.2% is fine but you would expect to see it taper or cap once the figure gets above a certain amount. 0.75% is not bad for smaller figures but its a lot for larger ones. Fidelity platform is ok but its not the best value.Be careful of marketing lists that are dressed up to indicate something they are not.
Any comments would be much appreciated.0 -
Going through the 5 pages of posts on this topic, I'm struggling to see why you need an IFA.Unless you've not mentioned something, your situation seems straightforward, you have a decent understanding of what you are trying to achieve & I guess you're not completely time poor.In your position, I'd open up a low cost SIPP with II & depending on your risk appetite / proximity to retirement either put everything into a global tracker fund like HSBC FTSE All World Index (ACC), or add a mix of bonds to reduce the risk. It's risen by 74% over the past 5 years, which is better than lot of the 'high performing / high risk' funds mentioned in this thread to date, partly as it's not being dragged down by costs.Plenty of vids on Youtube talking about the benefits of passive index trackers & the folly of trying to beat the market.I'd also look to move money out of the nest pension occasionally into the new SIPP, assuming the scheme allows you to do so.You can do all of this yourself.I'm not knocking the use of IFAs for those with complicated affairs, or the lack of time / ability to manage their investments.0
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Thanks for that. I was just about to open up an II account anyway for an ISA, so think I will move the Nest straight away. Any reason why you stated occasionally? I don't believe there are any charges to move the money out.0
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Just an update on this. Am transferring my Nest pot to Interactive Investor and am intending to split into:
- Fidelity Index World P Acc
- HSBC FTSE All-World Index C Acc
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I would criticise the use of IA Flexible investment as a comparison as that is not risk specific. Its a catchall sector for flexible investment funds across the risk scale. So, by default, a higher equities portfolio would outperform the sector average as that is dragged down by the lower equity funds that are in that sector.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.0
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Have you seen 10 year graphs? 5 years is a bit short for investments.
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