Retirement Phase Financial Advice

[Rupert58]

After years of putting money away in ISA, SIPPs & other investment accounts it's now time for me to reorganise everything to start generating income as I am no longer working. I could just hand it all over to Hargreaves Lansdown but while their platform is very slick (especially when compared to some others) I think their charges are going to be a significant drag on annual performance over the next 25-30 years.

I've had a few financial advisors over the years who have all happily sucked up a percentage of my total investment value every year & currently they are making more out of my investments than I do, hence I would want to investigate fixed fee arrangements. I don't doubt that an advisor should be compensated, but I no longer want to play the annual commission game.

While there will be those who might say I could make these changes myself I'm not really confident that I can plan the optimum path in the unsettled times hence my posting here. Can anyone point to recommended advisors or other organisations that I can approach? There seem to be some very knowledgeable posters on here & any pointers would be most welcome. If it's of any relevance then I'm in the Newbury area & I need to manage a mix of ISAs. SIPPs, DC pensions & general investment accounts.

[ellroy]

While I work for a firm that does work for fixed fees I’m not going to to tout for business on here.

If you have a look at the likes of ‘vouched for’, unbiased etc you should be able to narrow your search criteria. Or alternatively ask friends/colleagues for suggestions?

Good luck.

[Derek Chevalier]

Rupert58 said:

I could just hand it all over to Hargreaves Lansdown but while their platform is very slick (especially when compared to some others) I think their charges are going to be a significant drag on annual performance over the next 25-30 years.

If you are a typical private investor, I would suggest that the biggest drag on your returns will be your investing behaviour.

Rupert58 said:

I've had a few financial advisors over the years who have all happily sucked up a percentage of my total investment value every year & currently they are making more out of my investments than I do.

A good adviser should do so much more than "manage your money". Providing peace of mind is key, IMO.

Rupert58 said:

hence I would want to investigate fixed fee arrangements.

While the fixed fee model is great marketing, your main goal must surely be to get value for money. (There is nothing to stop your adviser offering you a fixed fee and hiking it the following year.)

Rupert58 said:

I don't doubt that an advisor should be compensated, but I no longer want to play the annual commission game.

Fixed fee, percentage, hourly or retainer, you'll still have to pay if you want an ongoing service.

Rupert58 said:

anyone point to recommended advisors or other organisations that I can approach?

It might be worth speaking to a few local financial planners (Unbiased or VouchedFor could be worth a go). They will typically give you an hour of two of their time to see if they could add value to your situation and to discover whether you would be happy working together.
This meeting, IMO, should be all about discussing your and your situation, and finding out how you want to fill your days now that you are no longer working. What do you want do in early retirement that you won't be able to when older? Any big ticket items planned? Do you plan to gift to children/grandchildren and be around to see them benefit from it? Will you downsize? Do you want to budget for later life care? (Lots of other question they may ask)

Obviously not running out of money is a big objective, but (surely) so is dying with too much. I've seen a fair few people with advisers where they have more than enough money but are still taking much more risk than they need to - great in a bull market but why have unnecessary worry in a downturn?

If the adviser starts taking about solutions or their investment products in the first meeting it may be worth going elsewhere, IMO.

Rupert58 said:

I need to manage a mix of ISAs. SIPPs, DC pensions & general investment accounts.

Managing money is the easy part, managing people is when it gets tricky

[Ginge R]

Rupert58 said:

After years of putting money away in ISA, SIPPs & other investment accounts it's now time for me to reorganise everything to start generating income as I am no longer working. I could just hand it all over to Hargreaves Lansdown but while their platform is very slick (especially when compared to some others) I think their charges are going to be a significant drag on annual performance over the next 25-30 years.

I've had a few financial advisors over the years who have all happily sucked up a percentage of my total investment value every year & currently they are making more out of my investments than I do, hence I would want to investigate fixed fee arrangements. I don't doubt that an advisor should be compensated, but I no longer want to play the annual commission game.

While there will be those who might say I could make these changes myself I'm not really confident that I can plan the optimum path in the unsettled times hence my posting here. Can anyone point to recommended advisors or other organisations that I can approach? There seem to be some very knowledgeable posters on here & any pointers would be most welcome. If it's of any relevance then I'm in the Newbury area & I need to manage a mix of ISAs. SIPPs, DC pensions & general investment accounts.

There are two aspects to this - first, technical insight, secondly, personal tailored strategising.

Contact TPAS (https://www.pensionsadvisoryservice.org.uk) to arrange a free phone appointment to give you insight into the first.

[selmahoose]

Rupert:

You might find this interesting, at least in a what NOT to do sort of way. :

https://pension-life.com

Mind you, if you read some of the blog section you might end up buying one of these big boxes that fit under a bed