Pension advice - Jones & Co Financial Advice

dunstonh

Thanks for this. Regarding tracking things, I mean without the IFA, how would I do this on my own?

It looks like their portfolio is one that requires you to use the IFA.  If you choose not to employ them on an ongoing basis, they would need to use alternative investments.    That is a guess based on the fact that most DFM MPS portfolios are "agent as client" and that the IFA retains liability and responsibility for the portfolio which only works if ongoing servicing is in place.

Most platforms give you valuation and returns data.   

The actual fee to the IFA is 1%, the additional amounts are the other charges.

With £100k, that is in the ballpark.

Interestingly, the IFA didn't seem to think it was worthwhile for me to go with them.

You are at the lower end of what is typical for an ongoing servicing relationship with an IFA.   Some IFAs have £250k  or £500k as their minimum.    Different firms will have pricing to target different types of client.   The adviser charges seem reasonable for the amount but the product/provider/investment charges are very very high.

InhaleMood

Sorry if I'm not being clear. 
I'm wondering if I don't engage the IFA at all, how do I look to consider fund performance and whether I need to make change? Or do I just stick it in a moderate risk tracker and hope it's ok? 

Yes, that sounds about right. So, I guess a middle ground would be asking them to pick a low cost tracker and get annual advice on whether to change it? 

LHW99

They are certainly a registered limited company

https://find-and-update.company-information.service.gov.uk/company/07144521

However I have been unable to find their FCA registration, with several searches. Possibly someone else may do better?

sandsy

Their FCA registration number is at the bottom of their home page (804499). FCA link:

https://register.fca.org.uk/s/firm?id=0010X0000485lSGQAY

Interesting note on the page about not keeping their details updated.

dunstonh

sandsy said:

Their FCA registration number is at the bottom of their home page (804499). FCA link:

https://register.fca.org.uk/s/firm?id=0010X0000485lSGQAY

Interesting note on the page about not keeping their details updated.

That is the first time I have seen that message.  Nice to see the annual attestation actually does something (or rather not doing it does something).    

It's also the first time I have seen the deed poll requirement on a firm, which I believe is the FCA's anti-Phoenixing requirement.

barnstar2077

InhaleMood said:

Sorry if I'm not being clear. 
I'm wondering if I don't engage the IFA at all, how do I look to consider fund performance and whether I need to make change? Or do I just stick it in a moderate risk tracker and hope it's ok? 

Yes, that sounds about right. So, I guess a middle ground would be asking them to pick a low cost tracker and get annual advice on whether to change it? 

How old are you, how long until you want to access these funds?  The longer the time frame the higher proportion of equities that are recommended.

Could you keep the pension where it is but change funds?  What are you paying costs wise at the moment? 

LHW99

dunstonh said:

sandsy said:

Their FCA registration number is at the bottom of their home page (804499). FCA link:

https://register.fca.org.uk/s/firm?id=0010X0000485lSGQAY

Interesting note on the page about not keeping their details updated.

That is the first time I have seen that message.  Nice to see the annual attestation actually does something (or rather not doing it does something).    

It's also the first time I have seen the deed poll requirement on a firm, which I believe is the FCA's anti-Phoenixing requirement.

"the FCA's anti-Phoenixing requirement" - what does that mean? Something to do with reviving a company that closed down?

InhaleMood

Ok, so I guess instead of specifically this company, I think I'm trying to understand whether me using a financial advisor is worthwhile. 
Is putting my pensions/S&S ISAs into an index tracker with a moderate/high risk (7 or 8/10) and checking on it annually, good enough?

The added confusion is that both my partner and I are hoping to retire early. So the first few years will be accessing savings/personal pensions, before the state pension kicks in.

dunstonh

LHW99 said:

dunstonh said:

sandsy said:

Their FCA registration number is at the bottom of their home page (804499). FCA link:

https://register.fca.org.uk/s/firm?id=0010X0000485lSGQAY

Interesting note on the page about not keeping their details updated.

That is the first time I have seen that message.  Nice to see the annual attestation actually does something (or rather not doing it does something).    

It's also the first time I have seen the deed poll requirement on a firm, which I believe is the FCA's anti-Phoenixing requirement.

"the FCA's anti-Phoenixing requirement" - what does that mean? Something to do with reviving a company that closed down?

The industry has had problems with individuals misselling under one company and then setting up with or joining another.   With the old one closing and dumping its liabilities on the FSCS whilst the new one has a clean history.  Some have done that multiple times. Hence they term phoenixing.

A couple of decades after phoenixing was first realised to be a problem, the FCA finally did something about it and they are now much more stringent on advisers leaving one firm to join another.   They look at past history and will either not grant the permissions or they require the adviser to retain past liability.

So, the message is not necessarily a bad thing, as genuine advisers moving from one firm to another could have that message.  In the case of this firm, I can't actually see why it would be there as the adviser history appears to be an appointed rep who went to directly authorised. Normally, the networks retain the liability for past sales.  So, phoenixing wouldn't apply.

Ok, so I guess instead of specifically this company, I think I'm trying to understand whether me using a financial advisor is worthwhile. 
Is putting my pensions/S&S ISAs into an index tracker with a moderate/high risk (7 or 8/10) and checking on it annually, good enough?

If the solution matches your objectives then yes it is fine.   However, there is no index tracker with a risk rating of 7 or 8 on a 1-10 scale.    You can get a collection of index trackers to come out at 7 or 8 but not a single one.
 Annually is also fine.  It is important not to look at these things too often as an inexperienced investor can get spooked by short term volatility and make bad decisions because of it.

I would just be on guard with this firm at they appear very very expensive.  Not the initial, which seems fine,  but the ongoing costs.  

InhaleMood

If the solution matches your objectives then yes it is fine.   However, there is no index tracker with a risk rating of 7 or 8 on a 1-10 scale.    You can get a collection of index trackers to come out at 7 or 8 but not a single one.

 Annually is also fine.  It is important not to look at these things too often as an inexperienced investor can get spooked by short term volatility and make bad decisions because of it.

I would just be on guard with this firm at they appear very very expensive.  Not the initial, which seems fine,  but the ongoing costs.  

That's helpful thanks. 
After looking at a bit of research, I'm thinking of finding funds that match this strategy:

- Global Equities 60-70% 
     - North America 40-50%
     - UK 10-15%
     - Europe 15-20%
     - APAC 10-15%
     - Emerging Markets 10-15%
- Bonds 15-25%

     - Government Bonds 5-10%

     - Corporate Bonds 5-10%
- Commodities 10-15%

FMC of up to 0.5% which will probably be the passive/index funds.

Does that look sensible?

Thanks,