SIPP/Financial Advisor

averageguy11

Thanks for letting us know...end of day its your money and u hav to make the 'informed' decision, which u state u have, so really no one should be calling u bonkers.

Hope all works out well for u

EdInvestor

I'm sure you won't regret taking charge of your investment.The markets are very low at the moment so it's actually a good time to buy in when everything is cheap, even though there may be some volatility for a while.

There's plenty of good free info around about investing, anyone who takes an interest can get the idea quite quickly without spending a lot of time.

Good luck and I hope you enjoy the investing experience .

Retired_I.F.A.

Thing is methinks you've looked at this with blinkers on. Only considering the initial charge as a £ amount and not the effect of the annual % charge. Had you met with a 1/2 decent IFA you'd have done a SIPP or a PP had all the benefits you speak of and a lower total charge, aka reduction in yield but hey you've told one cowboy IFA to get lost so good on you. Just remember in the future your dependent on the free advice of muppetts like Ed unless you teach yourself.

purch

If anyone reading this thinks I am bonkers going down this route I'll be pleased to hear their further views.

I doubt anyone would think that, and it is certainly a far better option than the one originally advised by your 'Independant Financial Conman'

Hopefully you will feel confident and knowledgable enough to use some of the additional investment options available to you in time, which could make the SIPP a great option for you.

P.S. Note that the HL Vantage SIPP does not offer advice, rather views and opinions on the Funds that they discount and receive trail commission for.

whiteflag_3

averageguy11 wrote: »

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

Quality! :rotfl:

Gatser

:beer: Well done Brian, if you have made a decision!
I am in a similar boat and rowing slowly in the same direction.

I do hear what the pro-PP guys are saying about lower AMC's with PP's
but I still feel that a SIPP is the best way to go, with Unit Trusts, Inv Trusts, Gilts in it. (Still got to decide which is "the Best SIPP" though !)

It's going to be HL vs SIPPDEAL for me I think...

dunstonh

I do hear what the pro-PP guys are saying about lower AMC's with PP's
but I still feel that a SIPP is the best way to go, with Unit Trusts, Inv Trusts, Gilts in it. (Still got to decide which is "the Best SIPP" though !)

We are not pro PP. We are pro best advice. When the SIPP is best, then go with the SIPP. When the PP is best go with that. Its all about making the right choice knowing that the SIPP is not the cheapest option.

For example, lets say you used the HL SIPP and you used funds. You know HL are going to be making 0.5% pa. trail commission on those. If you approached a fee based IFA for execution only on a fund supermarket PP or PP that allows drawdown then you could save on that 0.5% p.a. Now, with a small fund, it may not be worth the effort but for a large fund that 0.5% p.a. can make a difference.

Gatser, you have said you want to use direct investments so a SIPP seems logical in that case. We have seen people post on the forums in the past that they have gone to HL's SIPP and put their money in HL's multimanager funds (or just one fund in some cases). Now thats just a complete waste of money and an IFA on full commission (let alone lower commission or fee basis) could come in with cheaper and better options that that. Yet, they have seen posts on the forum saying SIPPs are best, SIPPs are cheapest etc and fallen for it. It is those that we are more concerned about and they do make up the greater population.

EdInvestor

dunstonh wrote: »

We have seen people post on the forums in the past that they have gone to HL's SIPP and put their money in HL's multimanager funds (or just one fund in some cases).

This refers to one particular individual who had had some of the the worst luck in financial services I have ever seen ( zombie endowments, Equitable Life, you name it) and who had been treated like a gullible idiot by various advisors over the years.

By the time he arrived here he had grown totally to distrust them, was very angry and was desperate to get out of their clutches. So he moved to HL's SIPP into the MM funds in the first instance.Who knows what his money is invested in now - we advised him to reorganise it later when he had some time to study up on investment, as he planned to do.

It's wrong to quote this fairly unusual case as being representative of people looking for help on MSE.It's also wrong IMHO to suggest that most people are incapable of learning about investment, as though it's some kind of rocket science.Most advisors haven't even been to university, after all.

Retired_I.F.A.

"Most advisors haven't even been to university, after all."

Thank god for that. Uni Graduates are the thickest of the thick bar teachers as they neverc leave the classroom and find out what life is like in the real world.

. Many university graduates are taken on in the life insurance industry with their degees in biology, physics, engineering, art, and physocobable. Everyone of them is a thick as two short planks and have no idea of the real world. Insurance companies like them like that though as all the qualification means is they have some apptitude to learn and knowing nothing about finance other than the price of a pint in the uni bar they never question what they are taught.

The best IFA's have a grade 1 CSE maths like me. (5th year) and 1 0 level in English Lit (lower 6th) too busy earning money part time to study but I did manage to watch the films Wuthering heights and Romeo and Juliet.

Retired_I.F.A.

Oh and by the way, Your average Equitable Lfe policyholder was "well educated" with more of them having been to uni than any other companies policyholder, found his way to Equitable life via referals from solicitors and the like and believed the bulshit that they were the best as they never paid an IFA a penny and where did it get them?