SIPP/Financial Advisor

Retired_I.F.A.

The Ed should take up knitting brigade instead march on and on.

jem16

whiteflag wrote: »

Your case being?


Instead of rolling your eyes, it may be better you opened them wider and then you might see the PP beats the "best" SIPP, Standard Life SIPP and the "worst" SIPP on both a full commission and nil commission basis?

No Ed will come back and say that the best SIPP on nil commission basis will beat the PP on full commission - she always does.

averageguy11

Well said Ed...so many bods on this thread are so biased against sipps...a poster asks a question ..asking for a factual answer and then part of the answer is the posters own biased opinion from the likes of whiteflag who clearly dont like sipps and seem somewhat 'touchy'..as clearly evidenced by there replies...its a pity as they can/do offer very gd advice/help (free!)

whiteflag_3

averageguy11 wrote: »

Well said Ed...

Can you just clarify what was well said by Ed?

FYI - Im not anti SIPP , im anti people who clearly know nothing about investment, being recommended a SIPP as the best and "cheapest" pension option.


Question for you average guy_

If familyguy posted on here that he was taking his family on a driving holiday through the Alps, in his car with dodgy brakes. However despite knowing nothing about mechanics he was taking the cheap option and fixing the brakes himself on the recomendation of someone he have never met!

What advice would you give to family guy?

purch

...so many bods on this thread are so biased against sipps...

Well I have a SIPP, so no one could accuse me of being biased against the product, but I think, as always Ed is trying very hard to muddy the argument, and is totally wrong to continue to try and make the argument that a SIPP holding just Unit Linked Funds will be a cheaper product than a good PP or 'Insured' hybrid arrangement.

A SIPP is a product for an investor who wants to hold Investments that cannot be held in a conventional PP

I love my SIPP...I love being able to hold Gilts, Bonds, Stocks, Warrants, ETF's, Investment Trusts

If I just wanted to hold Unit Trusts/OEIC's I'd choose another 'cheaper' wrapper.

I guess some tw*t will now say I'm biased against SIPP's :rotfl: :rotfl: too !!!!

EdInvestor

purch wrote: »

it is totally wrong to continue to try and make the argument that a SIPP holding just Unit Linked Funds will be a cheaper product than a good PP or 'Insured' hybrid arrangement.

Some will, some won't.You need to compare like with like.

A SIPP is a product for an investor who wants to hold Investments that cannot be held in a conventional PP

That used to be the case.Now SIPPs are the flavour of the month for investors who don't know their gilt from their equity .Who's responsible for this? IFAs.

I don't disagree that a SIPP holding bog standard insurance co pension funds would be a worse deal than a PP holding the same.But if you want quality unit trusts, you are better off in a low cost SIPP. A PP will not usually offer the pure U/T but rather a more expensive mirror fund, and will usually charge a higher AMC than a low cost SIPP. Of course some SIPPs could be more expensive again.

I'm afraid the picture has been quite muddy for some time.

robnoblewarren

Is it acceptable to post here a link to an online course which would teach bgh914 how to consolidate his pensions into a SIP and deal with the investment options? I ask because although the course is educational and free, I am linked to the organisation that developed it.

EdInvestor

Post it by all means, it would be interesting to see what it says.This is exactly the kind of thing investors need to understand.

averageguy11

Hey i jus tell it as I see it...i hadnt even mentioned your name purch..but hey if u thnk tht it applies to u then so be it

Re Witeflag if i really thought u'd bother to take any notice i wud post all the comments Ed made tht i think r 'wel sed' ..however somehow i dont think u wud make much notice

bgh914

Thanks for all the comments and guidance. As a result of what I've read here and picked up on related posts elsewhere in the forum I've canned my IFA and am now pursuing the transfer of the majority of my personal pensions over to to the HL Vantage SIPP. I've noted a lot of comments suggesting that using a SIPP as a wrapper is too expensive but the HL option seems to be fairly low cost (notably 0% for transfers compared to my IFA's 4%..); offers a good range of investment options and associated advice; can be effectivley managed online and offers a drawdon facility which I think I will use.I have a couple of Standard Life pensions which I will leave alone rather than stick into the SIPP (for now at least) since they seem to be performing pretty well and I'd like to retain the 'eggs in several baskets' option. If anyone reading this thinks I am bonkers going down this route I'll be pleased to hear their further views.

The exercise has also encouraged me to revise the investments I have within my current company scheme to make them work a bit harder which has been a useful by product of what I've read here.

Again - thanks for the input. And any final comments welcome....

Brian