Hello!/Grey Parrot/Midlands IFA

Uncertaininvestor

Hello all, I’m new here, I’m looking for a bit of advice at what feels like a bit of a financial crossroads in my life.

I’m 59 1/2, still working part time, and I have a partner who’s about to retire. She’s well provided for with a LGP and state pension. I have a number of DC pensions from previous employment totalling around £360k in value, a DB pension to kick in at 66 (not super impressive, but worth having), and state pension at 67. I’d like to taper off work fairly soon before actually finishing entirely, subsidising my reduced salary with money from the pensions, that in the ideal world I would be able to access in variable amounts to top up any shortfall in my earnings.

As is often the way, I’ve started being bombarded with adverts on social media offering to help me with this conundrum. After a false start when I was put in touch with a Saint James‘s place agent via an online service called Your Local Financial Advice, which a quick read up on this forum helped enormously with dissuading me from continuing, I’m faced with a choice of finding an IFA that is local and on my wavelength, which I’m happy to do, but one of the adverts that I saw that did seem quite relevant and useful was for a company called Grey Parrot Financial Planning. Before I engage with them to see in a bit more depth what their deal would be, does anybody have any firsthand experience with them, either good or bad? I guess they’re are a lot smaller than Saint James‘s Place and so don’t have quite the profile online but I haven’t had a lot of luck in finding reviews other than those linked to on their website.

Also, if anyone can recommend an IFA in the Warwickshire area that sounds like they might be a good fit for my situation I’d be very happy to take any personal recommendations. Thanks in advance for any advice. 

Cheers!

tacpot12

You are likely to be able to retire now, or partially retire as you suggest. I retired 5 years ago with a pension pot of £360k, a rental (that produces about £4k a year) and two small DC pensions that will pay £4k pa from 2030 and a full state pension from 2032.

I can't help with an IFA in Warwickshire, but well done for avoiding St. James Place. 

cfw1994

Also unable to help with IFA - like a few here, we DIY.

If you do choose an advisor, be sure to make sure they are fully *Independent* - the ‘I’ in IFA.  

Others (like SJP), will dance around that topic but essentially be offering funds from a limited selection.

Before you speak with any - have you sat down and figured out what you want for income?

Do a proper ‘budget’ - write down what your essential outgoings are (to live, run home/car/s, etc).  
Then add in your discretionary spend (holidays, hobbies).

Only when you know “Your Number” can you have a proper conversation abut how to achieve it in the years ahead!
Have a browse through the sticky thread here for broad views on other people’s….but you need to know yours 👍

Robin9

Sit down and make a list of what investments/bonds/savings/ maturity dates you have ; ditto your liabilities

Albermarle

Be aware that IFA's are heavily controlled by regulation and therefore in terms of solutions offered, they will not deviate from the norm too much.
Also dealing with clients like your self is bread and butter business for any IFA, so you do not need to look for one with special qualifications or based in fancy offices.
It is more about finding one you feel comfortable with ( and vice versa as many are very busy and not minded to take on clients who might prove difficult) and one that has reasonable charges.

LHW99

This one?

https://register.fca.org.uk/s/firm?id=0014G00002pnZJwQAM

They are an "appointed representative"

Uncertaininvestor

LHW99 - Yes, that’s the bunch. I wonder who they are representing?

Uncertaininvestor

Thanks for your input so far, all. 

I’ve been pondering this change for a while, and have run the numbers to figure out my outgoings. In broad brush terms, I’m looking at £30k gross / £24k net to maintain my current lifestyle. Once my state & DB pensions kick in at 66/67 they will contribute the vast proportion of that, around £26.5k gross. I’m happy with that aspect of it, it’s more the actual mechanics of bringing the pensions together in an appropriate account that will allow flexible drawdown, while growing in a useful, fairly non-volatile way in the meantime. Whilst not completely financially inept, the subject has never really interested me so I feel I have a lot of learning to do, and wouldn’t be confident to go DIY without a fair amount of learning / hand-holding. 

LHW99

Uncertaininvestor said:

LHW99 - Yes, that’s the bunch. I wonder who they are representing?

If you open the links at the arrows further down the page, it shows you

dunstonh

Uncertaininvestor said:

LHW99 - Yes, that’s the bunch. I wonder who they are representing?

2plan wealth management is the network.

This means that the appointed rep has to follow the rules, systems, and controls that are put in place by 2plan Wealth Management.    

It isn't necessarily a bad thing to be under a network but if the network is catering for the lowest common denominator, it could restrict more advanced advisers dealing with more advanced clients.   It usually means having to work with a pre-approved funds/portfolio/MPS list created by the network and using the software and tools that the network has approved.   Usually, the network sets the configuration for the tools or has a restricted or cut down version of the full version removing features/options that they don't want their members to have access to.    The FCA requires member firms of a network to work the same way.

These restrictions do not apply to directly authorised firms in respect of having another firm dicate how they do things.  Directly authorised firms set their own systems and controls based on the size of their firm and their target market and control the software and tools they purchase.

xylophone

You could try

https://adviserbook.co.uk/

Tick confirmed independent and other options required when the menu comes up.