A 'not fully' independent financial adviser

tickledpink1

jimjames said:

tickledpink1 said:

"100% equities at 59 might be a bit volatile." Meaning don't do what?

I'm ok with managing my ISAs and moving them around etc but don't know much about pensions.

If you're happy managing ISAs then pension is no different. SIPP wrapper vs ISA wrapper but exactly the same investments inside them so nothing you've not been dealing with already. Pensions seem to alien to some but they are just a wrapper for investments just like ISAs.

They are cash ISAs not stocks and shares. Is managing a SIPP as easy as a cash ISA?

Marcon

tickledpink1 said:

jimjames said:

tickledpink1 said:

"100% equities at 59 might be a bit volatile." Meaning don't do what?

I'm ok with managing my ISAs and moving them around etc but don't know much about pensions.

If you're happy managing ISAs then pension is no different. SIPP wrapper vs ISA wrapper but exactly the same investments inside them so nothing you've not been dealing with already. Pensions seem to alien to some but they are just a wrapper for investments just like ISAs.

They are cash ISAs not stocks and shares. Is managing a SIPP as easy as a cash ISA?

No - but if you're not happy managing investments, are you sure you want a SIPP rather than an ordinary (ie non-SIPP) personal pension, with much simpler investment options you might be more confident choosing? It's going to be a while before £600 a month builds up to the sort of pot where an adviser might really be able to add value on any sort of ongoing basis, so possibly a one-off session to set you off on the right foot might be all you need at this stage?

Albermarle

tickledpink1 said:

jimjames said:

tickledpink1 said:

"100% equities at 59 might be a bit volatile." Meaning don't do what?

I'm ok with managing my ISAs and moving them around etc but don't know much about pensions.

If you're happy managing ISAs then pension is no different. SIPP wrapper vs ISA wrapper but exactly the same investments inside them so nothing you've not been dealing with already. Pensions seem to alien to some but they are just a wrapper for investments just like ISAs.

They are cash ISAs not stocks and shares. Is managing a SIPP as easy as a cash ISA?

No it is not but it is a lot simpler than it used to be. 

As mentioned in a previous thread, you can buy a simple low cost multi asset fund.
They are basically a mix of equities ( shares) and bonds.
Basically higher the % of equities, the more long term growth but more ups and downs along the way.
Typically most go for a medium risk 60:40 split.
once you have chosen the one you want , there is probably no need to change it for years.

MallyGirl

tickledpink1 said:

"100% equities at 59 might be a bit volatile." Meaning don't do what?

@tickledpink1 that was my response to "go with a SIPP and buy a low cost off the peg world tracker fund". That would be a 100% equity fund which is quite high risk if it is your only pension.

Vanguard LifeStrategy (VLS) have a range of 'flavours' based on the split of equity / non equity. e.g VLS60 is 60% equities, 40% bonds/cash/other. The equities give growth and the non-equity give a bit of stability. At a high level the higher the percentage of equity the higher the risk but the higher the growth potential. Equities can go up or down though so the higher the percentage of them the more of a rollercoaster you can find yourself on. There are VLS 20/40/60/80/100. They handle the balancing to keep the percentages fixed - you just buy the one that feels the right risk level for you.
or
HSBC Global Strategy take a more risk based approach rather than a fixed split between equities and other. Funds have names like Balanced, Dynamic, Adventurous and you choose the one that feels a reasonable fit after a bit of reading.

There are others in this market space but you can search on here for plenty of comment about these 2. Either would be a reasonable choice when starting out and finding your way.

kempiejon

tickledpink1 said:

I'm trying to find an independent financial adviser regarding starting up a pension. I am 59 and self employed. I had an online meeting with an adviser at Fairstone, who operate across the country. Their website says they are completely independent but he said he was not fully independent. Are they fully independent or not?

Fairstone as you've discovered is not independent, they talk their own book. It might be an OK book, I don't know.
If you want someone to suggest how you finesse your affairs and you're just embarking on a pension plan a professional opinion might well suit you.
I took control of my pension plans 10 years ago having collected a few from previous employments. I also had been buying trackers and shares in my ISA since 2001. I enjoyed learning about and still enjoy engaging in the process of investing - this is not for everyone and I have concluded I don't add much value doing it myself. However I don't pay anyone else to do it for me.
I also do some home maintenance, plumbing, work on my car and so on. I can change a radiator, light fitting, tyre, gardening. I like doing things and learning how to do things, I'm practical, logical and enjoy maths. Investing is a skill and a muscle I enjoy flexing.
I pay for expertise outside my skills, tool stock or competence, you know dentistry, surgery, roofing, central heating, MOTs and so on. 
With the inclination I feel people could DIY their pensions and save a few quid. I take responsibility for my choices. Some would not like to take that on, a financial advisor will, it's their living.

tickledpink1

I've been reading about pensions for days and have seen one IFA and one 'not fully' FA. I just seem to be learning that I know very little, and getting nowhere. What about opening a personal pension with Pensionbee?

LHW99

You are just starting. Pensionbee isn't necessarily the greatest - nor is it the worst.

Get going with them, and learn a bit more from people here while you do so. Once you have a few thousand under the belt, transferring to somewhere else, should you wish, is not that difficult.

It's the first installments that have longest to grow!

dont_use_vistaprint

tickledpink1 said:

I'm not sure that I'm happy managing my own investment portfolio. That's why I'm looking for an independent financial adviser.

If I were you I’d just call the free pension number then Aviva , of course the latter is not independent but they have great managed  products  and platform &  have made me huge returns, 16.4% over the last 12 months alone. 

Or you can do what others are saying , it might work too 

artyboy

dont_use_vistaprint said:

tickledpink1 said:

I'm not sure that I'm happy managing my own investment portfolio. That's why I'm looking for an independent financial adviser.

If I were you I’d just call the free pension number then Aviva , of course the latter is not independent but they have great managed  products  and platform &  have made me huge returns, 16.4% over the last 12 months alone. 

Or you can do what others are saying , it might work too 

Given what the last 12 months have been like in the markets, 16.4% isn't really that huge a return. 

If you'd invested in HMWO (one of the very cheap global equity trackers often mentioned here), you'd be looking at a 26.6% increase. Obviously this is not something that will be sustained year on year, and you have to have the nerve to weather the fluctuations that go with an equity fund, but it's a very simple 'invest and forget' option if it fits your risk tolerance...

incus432

They are cash ISAs not stocks and shares. Is managing a SIPP as easy as a cash ISA?

No they're not but it does NOT need to be complicated.  There is a lot of mystification about pensions which is unhelpful. Choose a platform with low costs (I have used Vanguard and AJ Bell), put some cash in and then choose investments. The investments can be the same as in a stocks and shares ISA. The simplest option -as others have said - is to start with a CHEAP all world index tracker which tracks world stock (share) markets , or a fund like Vanguard Lifestyle which comes in differenbt mixes of shares  and bonds (which may be less volatile than 100% shares).

Speaking for myself I would avoid financial advisers like the plague at this stage.

https://monevator.com/compare-uk-cheapest-online-brokers/