Tax, NI and SIPP investment

[Lance]

The vast majority of IFAs are crooks, mis-selling you high cost products and adding no value beyond what you can Google yourself. I'd never use one.

But that's just my opinion.

IFAs are very heavily regulated these days.
If you have any evidence of mis-selling in the recent past then pleas provide a citation.
As is proven on here time and time again, most people cannot Google.

[northernladuk]

The vast majority of IFAs are crooks, mis-selling you high cost products and adding no value beyond what you can Google yourself. I'd never use one.

But that's just my opinion.

Bit like people googling umbrellas and finding ones that offered 85% take home, or when you google your cough and find out you've got a brain aneurysm?

[Lance]

Saying it is "bad advice" outright is short-sighted. As the poster above me has mentioned, it's a matter of opinion.

I disagree. Bad advice is telling someone they shouldn't use an IFA.
I never said they should, I just said you're advice was bad. You stated something out-right, I just said that was bad advice.

You might not have used an IFA. It might work out well if the OP doesn't. Doesn't make it good advice though, just your opinion

[Protagoras]

The vast majority of IFAs are crooks, mis-selling you high cost products and adding no value beyond what you can Google yourself. I'd never use one.

But that's just my opinion.

I don't currently use the services of an IFA.

I did have an IFA review my retirement planning strategy and spreadsheet of projected 25 year annual income. He confirmed that I was correctly applying rules, agreed that my approach was appropriate, proposed only that I consider the impact of a significant market shock.
I was expecting to pay fees for his services but in the end he didn't actually charge me.

One of Mrs Protagoras's friends worked for a number of years in the public sector as a social worker and built up a defined benefit pension. Her 'advisor' was suggesting cashing this in.
I expressed concern about that approach; she took further advice and decided to retain the defined benefit pension. I think in her case the initial advice was rather poor.

I think that it's important to be clear what one wants from any professional advisor.
I prefer to buy professional services on the basis of fees, rather than product commission.

[BigLadFromBeeston666]

I disagree. Bad advice is telling someone they shouldn't use an IFA.
I never said they should, I just said you're advice was bad. You stated something out-right, I just said that was bad advice.

You might not have used an IFA. It might work out well if the OP doesn't. Doesn't make it good advice though, just your opinion

Who are you to be the arbiter of what consitutes good and bad advice?

There is skepticism about the value IFAs bring. So if OP goes to somewhere like St James Place and gets fleeced on entry and exit fees, and gets sold high fee funds is that a good outcome for them?

So maybe you can strengthen your argument by telling us what benefit you've received against how much you've paid? Maybe there's something I'm missing regarding their value?

How much did they charge you to consolidate your pensions?