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IFA recommendations?

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    IFA recommendations?

    I am looking to move some money out of an old company pension into my SIPP but need to confirm that I have taken financial advice. It's not that I need anything in depth, just an acknowledgement that the choice is right.

    Funds are currently in an ex-employee pension which I can't add to, has no defined benefits, no employer contribution and will need to shift anyway as options for drawdown are limited. Consolidating into my SIPP which is mainly in Vanguard / Scottish Mortgage etc will make things easier to manage and also introduce lower fees.

    I just don't want to be paying an IFA thousands to tell me that or at the same time, try to sell me their favoured managed fund of the moment. Any advice / recommendations?

    #2
    You probably know this, but just in case - have you checked you absolutely HAVE to take financial advice? eg, the pot is worth more than £30K.

    https://www.pensionwise.gov.uk/en/tr...nancial-advice

    If it is more than £30K, i don't think you can avoid having to get advice from a regulated IFA and they're not cheap as they know you have to use someone (can typically be anywhere between 1-3% - some might have a fixed fee + a percentage of pot value)

    (sorry, i can't recommend and IFA though)
    Last edited by Paralytic; 8 June 2021, 15:41.

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      #3
      Ian Wilson at Forum Wealth

      Comment


        #4
        Originally posted by Paralytic View Post
        You probably know this, but just in case - have you checked you absolutely HAVE to take financial advice? eg, the pot is worth more than £30K.

        https://www.pensionwise.gov.uk/en/tr...nancial-advice

        If it is more than £30K, i don't think you can avoid having to get advice from a regulated IFA and they're not cheap as they know you have to use someone (can typically be anywhere between 1-3% - some might have a fixed fee + a percentage of pot value)

        (sorry, i can't recommend and IFA though)
        Yeah just over £300K. I’m not paying someone that percentage just to rubber stamp.

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          #5
          Originally posted by ladymuck View Post
          Ian Wilson at Forum Wealth
          Thanks LM.

          Is it these guys? http://forumwealth.com
          Last edited by fatJock; 8 June 2021, 16:35.

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            #6
            Originally posted by fatJock View Post

            Thanks LM.

            Is it these guys? http://forumwealth.com
            Yep. He can talk the hind leg off a donkey but he does know what he's talking about. I've mentioned in other posts the level of service I get and I am nowhere near being considered HNW.

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              #7
              Originally posted by ladymuck View Post

              Yep. He can talk the hind leg off a donkey but he does know what he's talking about. I've mentioned in other posts the level of service I get and I am nowhere near being considered HNW.
              Cheers - I’ve asked for a call back. Past ones I’ve spoken to have been annoying (and expensive).

              Quite happy making my own investment choices in SIPP so hopefully this won’t be a drama just to get it out of a dormant fund and into SIPP.

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                #8
                Please let us know how you get on. My previous experiences with ifas have not been good and seem to want to sell their funds only which of course they get a kickback on and refuse to talk about etfs

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                  #9
                  Originally posted by NowPermOutsideUK View Post
                  Please let us know how you get on. My previous experiences with ifas have not been good and seem to want to sell their funds only which of course they get a kickback on and refuse to talk about etfs
                  Will do - mine hasn’t been great either. Happily running my SIPP, annoyed that I have to consult someone else to make a decision I’m comfortable in making.

                  I get that there has been mis-selling etc but I’m not swapping a final salary scheme for magic beans.

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                    #10
                    Originally posted by ladymuck View Post

                    Yep. He can talk the hind leg off a donkey but he does know what he's talking about. I've mentioned in other posts the level of service I get and I am nowhere near being considered HNW.
                    Didn't you use and also recommend the accounting firm of which Darren Upton's was a recent illegal presence within?

                    This isn't having a go at you but is rather a recommendation for anybody to dig deep and do your own research before taking a recommendation from anybody. Your SIPP and financial health are going to be more valuable and important the older you get, costing a lot of money if advice is incorrect. Get recommendations, but do extensive due diligence. Making a mistake could cost you a multiple of the cost of your house and is likely to be the most expensive and important financial choice you ever make.

                    I don't see much difference between certain recommendations and an MLM scheme that relies upon the same recommendation to propagate. Do your own research, read the T&Cs three times, and ask how the IFA is paid. What referral fees and payments do they get for recommending particular services. Transparency is key.
                    Last edited by agentzero; 9 June 2021, 14:02.

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