For help, advice and discussion about stuff not related to aviation. Play nice: no religion, no politics and no axe grinding please.
#1836762
When I moved my money purchase scheme into a SIPP, then drawdown, my financial advisor just said go for it, if you don't mind selecting your own funds.

Mind the value wasn't huge, and he well earned a large fee for moving my closed 'final salary' scheme with a fantastic result for me - the best was when the annuity company got a medical report from my GP :( :( :-D :-D

KE
#1836777
My question stems from looking at my current pension statement. A chunk of my pot comes from an older pension I transferred in in a lump, and through the years I've also dropped some lump sums in from my business.

Whilst the growth is fairly good, the annual fees the advisor receives for managing it are now just about equal to my annual contributions. It is now reliant on performance alone rather than contribution.
#1836954
townleyc wrote:I would go and find a good IFA here.

My understanding is @Sooty25 already has an IFA and in fact the problem is with the fees and not a request for financial advice. :D

townleyc wrote:Advice on hear is only worth what you pay for it!

Now that, of course, is a much used incorrect presupposition which ironically is in fact valueless. Or so I hear! :wink: :tongue:
Flyin'Dutch' liked this
#1836960
I am currently in dispute with a financial advisor company whose help I haven’t needed for many years: Stuff just ticked along nicely.

However when I got notification from SIPP provider that having reached a ‘certain age’ I needed to make certain decisions, I contacted the Advisor s company to be told they have not been providing financial advice to individuals since 2013 .

Yet they had happily been taking payments from my Pension managers . Should be interesting .......
Getting info of sums paid from the ISA company is proving somewhat protracted.....
#1837010
Miscellaneous wrote:
townleyc wrote:I would go and find a good IFA here.

My understanding is @Sooty25 already has an IFA and in fact the problem is with the fees and not a request for financial advice. :D

townleyc wrote:Advice on hear is only worth what you pay for it!

Now that, of course, is a much used incorrect presupposition which ironically is in fact valueless. Or so I hear! :wink: :tongue:


Oops :oops:

The point I was making is that a 'good' IFA is worth his fees..

KE
Miscellaneous liked this
#1837073
I got more bothered as returns came down - if you add the advisor fee to the fund fees it's a significant fraction of the return. What they're doing is using a set of recommended fund holdings to spread the risk and I'm trying to work out what extra value I'm getting over a normal pension provider.
#1837084
townleyc wrote:The point I was making is that a 'good' IFA is worth his fees..

Indeed. :thumright:

In @Sooty25's scenario that is either not the case, or he is making very low annual contributions if it takes the contribution to cover the IFA's fee. :wink:

Pete L wrote:I got more bothered as returns came down - if you add the advisor fee to the fund fees it's a significant fraction of the return. What they're doing is using a set of recommended fund holdings to spread the risk and I'm trying to work out what extra value I'm getting over a normal pension provider.

Normal pension provider? :?

I think you have it, many IFAs go with standard recommendations to everyone in a risk profile and IME very seldom actively manage. IE change from a particular fund/share by way of hands on individual management.

If you are happy with the funds you could always go with a SIPP and invest in the same funds. :D

Personally I consider the best use of an IFA is the up to date knowledge of legislation rather than advising on specific products.
#1838639
Sooty25 wrote:Just curious as to what level of fees percentage wise, are typically paid to financial advisers that manage personal pensions.

I am not sure that anyone has actually answered the question, so I will pitch in that ongoing IFA fees are typically in the 0.25% to 1% of assets under management and will depend on the services provided and level of activity. There may also be performance related fees.

Personally, I take (and ignore) advice from an employer funded IFA once a year but manage my various pension pots myself. I enjoy doing the research though, which I appreciate not everyone does.
Sooty25 liked this
#1838654
Paying someone 1 or 2% when returns are 15 or 16 % doesn't seem too bad. When returns are 1 or 2 % it feels iniquitous.

This week's pension cock-up.

When filling in the forms How much do you want to withdraw? £X. How do you want to receive this? - monthly. In other words I want to receive a total of £X in 12 instalments.

Instead I started receiving payments of £X per month which has gone solidly into the 40% bracket.

Trying to sort this out.........