Superbia

DancingBadger

The firm of financial advisers we use has sold out to Superbia and changed beyond recognition, bar its name.  The managing director has retired, the older directors have disappeared, and what remains of the company has relocated to managed offices.  The people I recognise on their website now are our adviser and his assistant - who was apparently working towards qualification, but is now grandly titled Head of Operations.

So what, some may ask; so long as you're happy with the advice you've received from your IFA, surely those changes don't matter?  

The problem is that we've just met for our annual review and the adviser has suggested moving one of our larger funds to something called Asset Intelligence Portfolio Management (AIPM) Core Alpha 70.  AIPM is part of the Superbia Group which has just taken over our adviser firm.

I have reservations about this recommendation because it no longer feels as if our adviser is independent - more like SJP.

I'd really appreciate some reassurance (or otherwise) about Superbia and whether our adviser's recommendation is ethical and in our best interests, because we're really considering finding another adviser.

Brie

I'd be waiving between the adviser having insider knowledge and being coerced into promoting something for a bonus.

Never heard of the organisation but if you have liked and trusted the advise in the past why not ask direct questions about this?

masonic

Questions to ask would be the cost of this new product, is it a coincidence the acronym starts with AI, what reason there is to make a change, is their advice still based on whole of market?

boingy

Even if you can ignore the dreadful name Superbia, which sounds like it belongs in a sitcom, Asset Intelligence were one of the two founders of the business in 2019:

"The group formed in 2019, when Furnley House and Asset Intelligence joined forces as The Superbia Group." 

So I think your IFA may no longer be very "I". 

I'd certainly be asking some awkward questions and looking to see if another IFA would best suit my needs.

The first awkward question you should ask is "how come you never recommended this fund before you were taken over?"

hotncold47

Sounds very similar to what True Potential were doing, i wonder if the retiring MD will make a similar 8% if you transfer?

Eyeful

1. For the fund they are suggesting you should now switch to, find out:
(a) What is actually in this find?
(b) How much are the fund charges.
(c) What will the total management charges you will be paying.
(d) What is the index this fund will be comparing itself against.
(e) How long has this fund actually been running (so you can look at its track record).
(f) Why did they not advice switching to this fund before they were taken over.

2. Then compare the performance and charges of this new suggested fund, against a simple Major World Index Fund such as HMWO or VWRL. 
https://monevator.com/best-global-tracker-funds/

3. Then compare performance and charge against a simple Multi Asset Fund. You can pick one from the list below:
https://monevator.com/passive-fund-of-funds-the-rivals/

4. Ask them directly, if they are still an IFA or are now an FA.

jimjames

DancingBadger said:

So what, some may ask; so long as you're happy with the advice you've received from your IFA, surely those changes don't matter?  

Another question, if you've received the advice do you need to continue paying or could you DIY from this point and save yourself even more?

DancingBadger

jimjames said:

DancingBadger said:

So what, some may ask; so long as you're happy with the advice you've received from your IFA, surely those changes don't matter?  

Another question, if you've received the advice do you need to continue paying or could you DIY from this point and save yourself even more?

We have a grasp of the basics of investing, but acknowledge we fall into the category of investors who could lose more than they save by not paying for advice.  That said, our SIPPs are set up and running with passive funds on Transact, and I don't think we'd lose too much at this stage by asking the adviser to switch off his services and coasting while we work out a way forward.  

The company still describes itself as an independent, but it's a far cry from what it was when we signed up over 10 years ago.  Much as I'd like to ask some of the searching questions recommended above, I don't have the appetite for awkward conversations, as we're pretty much done with the new incarnation and, perhaps more importantly, no longer entirely trust our adviser.

cockerWalker

Ask for the fund factsheet. This should have risk, charges, performance, etc. Look for reviews or ratings for it (e.g. Morningstar). 
If you really distrust your financial advisor then leave them. The alternative will be poor for both of you 

DancingBadger

cockerWalker said:

Ask for the fund factsheet. This should have risk, charges, performance, etc. Look for reviews or ratings for it (e.g. Morningstar). 
If you really distrust your financial advisor then leave them. The alternative will be poor for both of you 

The fund factsheet was sent by our advisor.  Ongoing charges are stated at 0.73% (as calculated by Morningstar).  For some reason, I can't copy and paste the factsheet - which is annoying as I don't have the knowledge to fully understand it.

I did, however, find this press release on the Superbia website.  I infer from that the clients of the independent firms they're acquiring are now clients of a group which seems to be modelling itself on SJP; definitely not what we want or need.

https://www.superbiagroup.co.uk/news/post/the-superbia-group-acquires-william-stclare1