Who manages my SIPP?

purch

Should I try to do it myself? Not that I know much about it...

The S in SIPP doesn't mean 'Somebody Else'

The person(s) who 'persuaded' you to take the monumental step of moving your pensions into a SIPP clearly did not explain to you the risks and responsibilities of this decision.

If I was you I'd go round and kick their A*s*

handiyman

My IFA just called me back and told me he thinks the portfolio is still on track. Property is still a good place to be. Recommends no change.
O well, in for a penny in for £200k!

david78

Best to monitor performance yourself and then "prompt" your IFA if you think changes are necessary. He/She may disagree however.

Footsie_2

No offence but your IFA would say that anyway, if he admits liability now you can take action. Personally I'd get all your information and go and see another IFA and ask for their opinion, actually, personally I'd see two other IFAs to get a broad spectrum of advice.

dunstonh

Hold on a moment, we know nothing about the advice given apart from 24 funds in a SIPP. 24 funds suggests a spread and that is a good thing.

The markets have fallen back to Spring 06 prices and there is little anyone can do about that. So to start criticising advice the IFA in question based on little information known on an investment that has only been in place 2 years is a little on the harsh side.

IFAs are not some crystal ball readers who can magically make a portfolio increase in value when the asset prices are going down. No-one is. The OP has said he is back to Spring 06 prices and that is about right for a medium risk spread.

Footsie_2

I just think it's best to gather as much information as possible. Shop around is the best mentality and as I said, a broad spectrum of advice. That advice may well support what the original IFA has recommended and if that is the case, great. If not it's good to get a fresh set of eyes on the situation.

handiyman

Problem is of course which IFA has the best knowledge?
I have been to some IFAs in the last 20 years and always had a bad experience. The next IFA then tells me, "O, I wouldn't have done it like that you are better off with ... (me)".

My concern was that the largest fund in my portfolio is property and the UK and US equities. After that they are all small ones, Far East, European equity and balanced managed. Some of these have done very well, but as they only represent some 1.5% or so, it doesn't really pull up the losers.
But, anyway. Thanks all of you for your input. I will have to stick with my current IFA's advice as I don't know who else to ask.
I had potentially a lot of business for him, but have put that into fixed interest savings and NS&I savings. His loss...

dunstonh

I had potentially a lot of business for him, but have put that into fixed interest savings and NS&I savings. His loss...

Most decent IFAs earn into 6 digits per year and wouldnt give a damn. Indeed, NS&I index linked certs are a major favourite of IFAs even though they dont pay a penny.

My concern was that the largest fund in my portfolio is property and the UK and US equities. After that they are all small ones, Far East, European equity and balanced managed. Some of these have done very well, but as they only represent some 1.5% or so, it doesn't really pull up the losers.

Have you considered your risk profile? US and UK are lower risk than far east. Do you want to move your portfolio to a higher risk spread?

I have been to some IFAs in the last 20 years and always had a bad experience. The next IFA then tells me, "O, I wouldn't have done it like that you are better off with ... (me)".

IFAs only came into existence (as IFAs) 20 years ago. There have been a lot of changes, such as increased qualifications. I wouldnt measure any profession on what took place 5 years ago let alone 20.

To get the best out of an adviser you need to communicate. You are telling all these things to us but how about you tell them to your adviser? How can the adviser give you best advice if they dont know what you are thinking?

jamesd

The IFA is probably right about property being a good long term choice and we just don't know enough about the rest of the funds used to have a decent opinion. Back to 2006 values isn't a surprise.