Investment Wealth Management opinions?

sometime_soon

Hello knowledgeable forumites! 
We needed to get some financial advise as self employed , no pension ( in our 50s!) and just savings. So after trying loads of IFA could only get 1 response so far and also 1 wealth management company. We were advised to start a pension obviously, and then look at the investments and ISAs. Basically it is over £350k ( currently in ISAs and 6 Easy Access savings a/c ) and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

hotncold47

Just put in Saint James Place in the search bar and you will see people opinions.

TheMilkmansDad

sometime_soon said:

Hello knowledgeable forumites! 
We needed to get some financial advise as self employed , no pension ( in our 50s!) and just savings. So after trying loads of IFA could only get 1 response so far and also 1 wealth management company. We were advised to start a pension obviously, and then look at the investments and ISAs. Basically it is over £350k ( currently in ISAs and 6 Easy Access savings a/c ) and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Avoid like the plague.

dunstonh

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

sometime_soon

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

Middle_of_the_Road

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

https://www.moneysavingexpert.com/pensions/how-pensions-work/

You can start a pension without the services of an IFA, it is not difficult to set up with lots of providers nowadays.
Here's just one option.
https://www.hl.co.uk/pensions/tax-relief

sometime_soon

Middle_of_the_Road said:

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

https://www.moneysavingexpert.com/pensions/how-pensions-work/

You can start a pension without the services of an IFA, it is not difficult to set up with lots of providers nowadays.
Here's just one option.
https://www.hl.co.uk/pensions/tax-relief

Thankyou. Yes I had looked at doing this with either HL or A J Bell but felt nervous about doing it myself incase I got it wrong given in terms of SIPP as it is only for a short while before we actually retire so talked myself out of it but just going to have to do it! 

Middle_of_the_Road

sometime_soon said:

Middle_of_the_Road said:

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

https://www.moneysavingexpert.com/pensions/how-pensions-work/

You can start a pension without the services of an IFA, it is not difficult to set up with lots of providers nowadays.
Here's just one option.
https://www.hl.co.uk/pensions/tax-relief

Thankyou. Yes I had looked at doing this with either HL or A J Bell but felt nervous about doing it myself incase I got it wrong given in terms of SIPP as it is only for a short while before we actually retire so talked myself out of it but just going to have to do it! 

I know how you're feeling, I was the same. I only opened mine (late 50s) 3 years ago.
You don't have to invest in anything to start with, or at all if you don't want to.

The cash held in a SIPP will usually benefit from interest, paid monthly in the case of the HL SIPP

It's no more difficult than opening a savings account, and each time you pay in the platform claim the tax relief, which gets added around six weeks later.

sometime_soon

Middle_of_the_Road said:

sometime_soon said:

Middle_of_the_Road said:

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

https://www.moneysavingexpert.com/pensions/how-pensions-work/

You can start a pension without the services of an IFA, it is not difficult to set up with lots of providers nowadays.
Here's just one option.
https://www.hl.co.uk/pensions/tax-relief

Thankyou. Yes I had looked at doing this with either HL or A J Bell but felt nervous about doing it myself incase I got it wrong given in terms of SIPP as it is only for a short while before we actually retire so talked myself out of it but just going to have to do it! 

I know how you're feeling, I was the same. I only opened mine (late 50s) 3 years ago.
You don't have to invest in anything to start with, or at all if you don't want to.

The cash held in a SIPP will usually benefit from interest, paid monthly in the case of the HL SIPP

It's no more difficult than opening a savings account, and each time you pay in the platform claim the tax relief, which gets added around six weeks later.

Thankyou kindly. That’s great to hear - I knew I had to anyway just need less conversations in my head about these sort of things!

Albermarle

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

One problem could be that after the initial charge, normally the IFA will charge an ongoing fee on invested funds, but they will get nothing from money in savings accounts.
If your intention is to put most of these savings into a pension, then you will be limited on how much you can add each year, mainly dependent on your earnings.
Are you ( and your partner) both self employed? Or are you actually a Director of a small Ltd company ?

sometime_soon

Albermarle said:

sometime_soon said:

dunstonh said:

 and the initial fees are 3%. Is this high in people’s opinions as we have absolutely NO experience and also does anyone have thoughts on St James Place as this is where it will go through?

Percentages always need context with the amount.  So, if the amount being invested is £350k, then 3% of that is £10,500.     That is obscene but typical for SJP.      £3k-£5k should be target ballpark and with an IFA and not a sales rep of a provider.

Its not just the initial either.   SJP have high ongoing fees as well. 

A lot of the search engines for adviers show the national/regional firms and not your small local independents.    Those smaller firms cannot afford to appear on many of those lead generation sites (like vouchedfor or unbiased).   Its a costs a small fortune to get listed on those and that is partly why those firms on there are so expensive.

So, take a look at the smaller IFAs in your IFA.   Often they are 1-5 advisers operating out of home offices or old barns etc.  They stll dominate the advice distribution but tend to have little or no internet footprint but can be found (such as not using the lead generation method on unbiased but the location search and unticking the box at the bottom of the page to show all firms).

Thankyou. I had tried just phoning around the local IFA only but only 1 has responded and couldn’t help! I guess I will just keep on trying as to be honest I nearly dropped when I saw the fees!. I was just anxious to get the pension part running for this tax year asap especially for tax purposes. 

One problem could be that after the initial charge, normally the IFA will charge an ongoing fee on invested funds, but they will get nothing from money in savings accounts.
If your intention is to put most of these savings into a pension, then you will be limited on how much you can add each year, mainly dependent on your earnings.
Are you ( and your partner) both self employed? Or are you actually a Director of a small Ltd company ?

Hello. Yes both self employed ( sole trader partnership) not Ltd and higher rate tax so the idea was to try and make it work better for us with expert advice but I think we will just start a pension and max it and come back to the savings as the whole 3% initial charge plus ongoing fees seemed a lot for our small amount.